The market for talent as a service is expected to reach USD 1,173.6 Million by 2032, growing at a CAGR of 11.7% from its estimated value of USD 387.0 Million in 2022.
The rising penetration rate of cloud-based platforms, as well as the adoption of mobile-based personnel management systems, are major drivers driving market expansion. Organizations and HR professionals are increasingly turning to talent-as-a-service (TaaS) platforms to automate the scouting, identifying, and hiring of new talent from talent pools, as well as the retention of existing employees.
| Report Attribute | Details |
|---|---|
| Talent as a Service Market Value (2022) | USD 387.0 Million |
| Talent as a Service Market Anticipated Value (2032) | USD 1,173.6 Million |
| Talent as a Service Market CAGR (2022 to 2032) | 11.7% |
Organizations are producing enormous volumes of data as a result of digitalization, and pressure is mounting to use that data to their advantage to remain competitive. Agencies are increasingly using cloud-based technologies to transform enormous amounts of data into actionable knowledge. For significant players, talent as a service is proven to be a crucial competitive advantage.
Due to the numerous flexible payment and plan alternatives, businesses are switching to cloud-based software. Additionally, the accessibility of customized packages depends on a variety of factors, including the hours of operation, the quantity of users, and others. This feature lowers the cost of the program and increases accessibility for small businesses. As a result, cloud-based talent as a service provides businesses with a model that is tailored to their requirements and includes analytical features and people management skills.
The majority of businesses still have a long way to go in terms of talent analytics, even though data and analytics have long been utilized to guide business choices. One of the main problems impeding the growth of talent in the service industry is a lack of awareness of the advantages of the technology. Furthermore, there may be considerable resource, time, and financial implications associated with talent management. To map out the talent requirements at all levels of the business, talent as a service requires the use of tools, which can be costly. Due to their limited resources, small and medium-sized firms (SMEs) find it challenging to invest in cutting-edge technologies. As a result, talent as a service technician is not widely used by businesses.
As per Future Market Insights, the talent as a service market increased from USD 266.3 Million in 2018 to USD 351.5 Million in 2021, growing at a CAGR of 12.3%.
In its most basic form, talent as a service is an extremely efficient, affordable alternative to a completely manual hiring process. If you need to acquire new employees but don't have the time or resources to do so, outsourcing your hiring process is the solution. have the choice to outsource your hiring process to a capable group of recruiters at a highly affordable price with talent as a service. These factors are likely to surge the market which is anticipated to grow at a CAGR of 11.7% to reach a valuation of USD 1,173.6 Million till 2032
Due to digital competition, an unstable economy, and a new generation of customers with detailed knowledge and high expectations, the IT and telecom business is currently experiencing enormous difficulties. As a result, there is a greater need for both sophisticated recruitment strategies and a workforce that is better trained.
In response to the requirement for acceptance criteria, talent management systems deliver comprehensive insights and effective business strategies. The shifting dynamics of employee connections and the increasing reliance of the industry on digitization for management are driving the demand for management solutions across BFSI.
The USA has dominated the market and is expected to remain so in the foreseeable future. The USA is a potentially developed location for adopting talent management, core HR, and recruiting technology, according to a survey conducted by Cornerstone OnDemand, Inc. The existence of significant HCM software providers such as Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation, among others, is helping to drive market expansion.
During the forecasted period, Europe is expected to grow at a rapid pace. Demand for robust talent management software for staff selection, mobility, and assessment is expected to be generated by active government activities and legislation connected to talent management. Such policies are being implemented by the European Union to create a competent, trained, adaptive, and networked workforce at the service of Europe. European companies will eventually need to develop source initiatives, obtain, and retain talent internationally when the talent shortages in other regions of the world are combined with misconceptions about the European labor market.
Due to an increase in regional governments' digitalization activities, Asia-Pacific is predicted to experience significant development between 2022 and 2032 at a CAGR of 10.5%.
The Japan region is predicted to grow at the fastest rate. The market's expansion may be attributed in large part to enterprises adopting innovative technology. A significant change in organizational management technology is driving demand throughout the industrialized world. Due to the active ecosystems, SMEs are expected to drive the use of this software in countries such as Japan, India, and Australia. Large enterprises in IT and telecom, BFSI, manufacturing, education, and other sectors, on the other hand, are expected to produce considerable income.
Some of the market's major players are Talentsoft, IBM Corporation, Oracle Corporation, Cisco Systems, Inc., CornerStone OnDemand, Inc., and others. These businesses are now providing innovative solutions that are combined with cutting-edge technology such as AI, cloud computing, and others. Furthermore, the intense market rivalry is prompting significant businesses to rely on acquisition strategies to improve their positions.
Trakstar, a SaaS-based employee engagement, and performance management firm, announced the integration of its prior modular solutions into the Trakstar Platform in June 2021. Furthermore, Oracle Corporation introduced Oracle Analytics, a cloud-based HCM platform, in May 2020 to enhance the decision-making powers of HR teams and boost business performance.
Recent Developments in the Talent as a Service Market
| Attribute | Details |
|---|---|
| Forecast period | 2022 to 2032 |
| Historical data available for | 2018 to 2021 |
| Market analysis | USD Million in value |
| Key regions covered | North America; Europe; Asian Pacific |
| Key countries covered | USA, Germany, France, Italy, Canada, The United Kingdom, Spain, China, India, Australia |
| Key segments covered | Training type, End-use, Region |
| Key companies profiled | Cisco Systems, Inc. (USA); IBM (USA); Siemens (Germany); Microsoft (USA); Hitachi Ltd. (Japan); Schneider Electric (France); Huawei Technologies Co., Ltd (China); Intel Corporation (USA); NEC Corporation (Japan); ABB (Switzerland); Itron Inc., (USA); Oracle (USA); Fujitsu (Japan); Honeywell International Inc.,(USA); Accenture (Ireland); SAP SE (Germany); Sensoneo (Finland); Big belly solar, LLC (USA) |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2017 to 2032
Table 2: Global Market Value (US$ Million) Forecast by Organization Size, 2017 to 2032
Table 3: Global Market Value (US$ Million) Forecast by Verticals, 2017 to 2032
Table 4: North America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 5: North America Market Value (US$ Million) Forecast by Organization Size, 2017 to 2032
Table 6: North America Market Value (US$ Million) Forecast by Verticals, 2017 to 2032
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 8: Latin America Market Value (US$ Million) Forecast by Organization Size, 2017 to 2032
Table 9: Latin America Market Value (US$ Million) Forecast by Verticals, 2017 to 2032
Table 10: Europe Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 11: Europe Market Value (US$ Million) Forecast by Organization Size, 2017 to 2032
Table 12: Europe Market Value (US$ Million) Forecast by Verticals, 2017 to 2032
Table 13: Asia Pacific Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 14: Asia Pacific Market Value (US$ Million) Forecast by Organization Size, 2017 to 2032
Table 15: Asia Pacific Market Value (US$ Million) Forecast by Verticals, 2017 to 2032
Table 16: MEA Market Value (US$ Million) Forecast by Country, 2017 to 2032
Table 17: MEA Market Value (US$ Million) Forecast by Organization Size, 2017 to 2032
Table 18: MEA Market Value (US$ Million) Forecast by Verticals, 2017 to 2032
Figure 1: Global Market Value (US$ Million) by Organization Size, 2022 to 2032
Figure 2: Global Market Value (US$ Million) by Verticals, 2022 to 2032
Figure 3: Global Market Value (US$ Million) by Region, 2022 to 2032
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2017 to 2032
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2022 to 2032
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2022 to 2032
Figure 7: Global Market Value (US$ Million) Analysis by Organization Size, 2017 to 2032
Figure 8: Global Market Value Share (%) and BPS Analysis by Organization Size, 2022 to 2032
Figure 9: Global Market Y-o-Y Growth (%) Projections by Organization Size, 2022 to 2032
Figure 10: Global Market Value (US$ Million) Analysis by Verticals, 2017 to 2032
Figure 11: Global Market Value Share (%) and BPS Analysis by Verticals, 2022 to 2032
Figure 12: Global Market Y-o-Y Growth (%) Projections by Verticals, 2022 to 2032
Figure 13: Global Market Attractiveness by Organization Size, 2022 to 2032
Figure 14: Global Market Attractiveness by Verticals, 2022 to 2032
Figure 15: Global Market Attractiveness by Region, 2022 to 2032
Figure 16: North America Market Value (US$ Million) by Organization Size, 2022 to 2032
Figure 17: North America Market Value (US$ Million) by Verticals, 2022 to 2032
Figure 18: North America Market Value (US$ Million) by Country, 2022 to 2032
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 22: North America Market Value (US$ Million) Analysis by Organization Size, 2017 to 2032
Figure 23: North America Market Value Share (%) and BPS Analysis by Organization Size, 2022 to 2032
Figure 24: North America Market Y-o-Y Growth (%) Projections by Organization Size, 2022 to 2032
Figure 25: North America Market Value (US$ Million) Analysis by Verticals, 2017 to 2032
Figure 26: North America Market Value Share (%) and BPS Analysis by Verticals, 2022 to 2032
Figure 27: North America Market Y-o-Y Growth (%) Projections by Verticals, 2022 to 2032
Figure 28: North America Market Attractiveness by Organization Size, 2022 to 2032
Figure 29: North America Market Attractiveness by Verticals, 2022 to 2032
Figure 30: North America Market Attractiveness by Country, 2022 to 2032
Figure 31: Latin America Market Value (US$ Million) by Organization Size, 2022 to 2032
Figure 32: Latin America Market Value (US$ Million) by Verticals, 2022 to 2032
Figure 33: Latin America Market Value (US$ Million) by Country, 2022 to 2032
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 37: Latin America Market Value (US$ Million) Analysis by Organization Size, 2017 to 2032
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Organization Size, 2022 to 2032
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Organization Size, 2022 to 2032
Figure 40: Latin America Market Value (US$ Million) Analysis by Verticals, 2017 to 2032
Figure 41: Latin America Market Value Share (%) and BPS Analysis by Verticals, 2022 to 2032
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by Verticals, 2022 to 2032
Figure 43: Latin America Market Attractiveness by Organization Size, 2022 to 2032
Figure 44: Latin America Market Attractiveness by Verticals, 2022 to 2032
Figure 45: Latin America Market Attractiveness by Country, 2022 to 2032
Figure 46: Europe Market Value (US$ Million) by Organization Size, 2022 to 2032
Figure 47: Europe Market Value (US$ Million) by Verticals, 2022 to 2032
Figure 48: Europe Market Value (US$ Million) by Country, 2022 to 2032
Figure 49: Europe Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 52: Europe Market Value (US$ Million) Analysis by Organization Size, 2017 to 2032
Figure 53: Europe Market Value Share (%) and BPS Analysis by Organization Size, 2022 to 2032
Figure 54: Europe Market Y-o-Y Growth (%) Projections by Organization Size, 2022 to 2032
Figure 55: Europe Market Value (US$ Million) Analysis by Verticals, 2017 to 2032
Figure 56: Europe Market Value Share (%) and BPS Analysis by Verticals, 2022 to 2032
Figure 57: Europe Market Y-o-Y Growth (%) Projections by Verticals, 2022 to 2032
Figure 58: Europe Market Attractiveness by Organization Size, 2022 to 2032
Figure 59: Europe Market Attractiveness by Verticals, 2022 to 2032
Figure 60: Europe Market Attractiveness by Country, 2022 to 2032
Figure 61: Asia Pacific Market Value (US$ Million) by Organization Size, 2022 to 2032
Figure 62: Asia Pacific Market Value (US$ Million) by Verticals, 2022 to 2032
Figure 63: Asia Pacific Market Value (US$ Million) by Country, 2022 to 2032
Figure 64: Asia Pacific Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 65: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 66: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 67: Asia Pacific Market Value (US$ Million) Analysis by Organization Size, 2017 to 2032
Figure 68: Asia Pacific Market Value Share (%) and BPS Analysis by Organization Size, 2022 to 2032
Figure 69: Asia Pacific Market Y-o-Y Growth (%) Projections by Organization Size, 2022 to 2032
Figure 70: Asia Pacific Market Value (US$ Million) Analysis by Verticals, 2017 to 2032
Figure 71: Asia Pacific Market Value Share (%) and BPS Analysis by Verticals, 2022 to 2032
Figure 72: Asia Pacific Market Y-o-Y Growth (%) Projections by Verticals, 2022 to 2032
Figure 73: Asia Pacific Market Attractiveness by Organization Size, 2022 to 2032
Figure 74: Asia Pacific Market Attractiveness by Verticals, 2022 to 2032
Figure 75: Asia Pacific Market Attractiveness by Country, 2022 to 2032
Figure 76: MEA Market Value (US$ Million) by Organization Size, 2022 to 2032
Figure 77: MEA Market Value (US$ Million) by Verticals, 2022 to 2032
Figure 78: MEA Market Value (US$ Million) by Country, 2022 to 2032
Figure 79: MEA Market Value (US$ Million) Analysis by Country, 2017 to 2032
Figure 80: MEA Market Value Share (%) and BPS Analysis by Country, 2022 to 2032
Figure 81: MEA Market Y-o-Y Growth (%) Projections by Country, 2022 to 2032
Figure 82: MEA Market Value (US$ Million) Analysis by Organization Size, 2017 to 2032
Figure 83: MEA Market Value Share (%) and BPS Analysis by Organization Size, 2022 to 2032
Figure 84: MEA Market Y-o-Y Growth (%) Projections by Organization Size, 2022 to 2032
Figure 85: MEA Market Value (US$ Million) Analysis by Verticals, 2017 to 2032
Figure 86: MEA Market Value Share (%) and BPS Analysis by Verticals, 2022 to 2032
Figure 87: MEA Market Y-o-Y Growth (%) Projections by Verticals, 2022 to 2032
Figure 88: MEA Market Attractiveness by Organization Size, 2022 to 2032
Figure 89: MEA Market Attractiveness by Verticals, 2022 to 2032
Figure 90: MEA Market Attractiveness by Country, 2022 to 2032
The talent as a service market size is assessed to be USD 387.0 Million in 2022.
The talent as a service market size is assessed to be USD 1,173.6 Million in 2032.
The talent as a service market is expected to rise at a CAGR of 11.7%.
The USA is dominating the Talent as a service market.
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Talent as a Service Market
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