Talent management software market analysis report by Future Market Insights shows that global sales of talent management software market in 2023 was held at USD 9,691.8 million. The projected market growth during 2023 to 2033 is expected to be 8.7%. IT & Telecom is expected to be the highest revenue-generating segment, projected to grow at a CAGR of around 8.9% during 2023 to 2033.
| Attributes | Details |
|---|---|
| Global Talent Management Software Market Size (2023) | USD 8,691.8 million |
| Global Talent Management Software Market Size (2033) | USD 20,450.8 million |
| Global Talent Management Software Market CAGR (2023 to 2033) | 8.9% |
| United States Talent Management Software Market Size (2033) | USD 4700 million |
| United States Talent Management Software Market CAGR (2023 to 2033) | 8.4% |
| Key Companies Covered | Cornerstone OnDemand, Inc.; HireIQ; IBM Corporation; SumTotal; Oracle Corporation; Verint; Lattice; Talentsoft; ABB Ltd.; Workday, Inc.; BambooHR LLC; SAP SE |
Revenue Of Talent Management Software Market From 2018 to 2022 Compared to Demand Outlook For 2023 to 2033
As per the Talent Management Software Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of the talent management software market increased at around 6.8% CAGR.
Due to its expanding application reach in practically all human capital-centric businesses, the worldwide talent management software industry is predicted to rise significantly. The industry is changing, with several new technologies affecting labor management in enterprises, the most visible of which being cloud and data analytics.
The fast transition toward web-based services and applications and digitalization is the primary driver of the growing market for software solutions, while the rate at which various sectors embrace talent management solutions and tools is expected to result in an infusion of new and improved products in the marketplace.
The sector is rapidly developing for a variety of reasons, including considerable R&D efforts, an optimistic investment environment, and the growing interest of global technology corporations in industry advancements.
The market for various products is also an important factor in shaping future trends, as some companies seek standalone functionalities, such as recruitment management or performance management, whereas large organizations seek solutions that provide all necessary functionalities in a single integrated offering.
In recent years, the global population has grown dramatically. This has increased the need for paid employees to improve their economic background, which has increased the employment ratio in the worldwide market. As per the World Bank data, the share of paid workers has increased significantly in the worldwide market.
For example, the growth rate of paid employees increased from 52% in 2016 to 55% in 2020. This development is likely to accelerate throughout the projection period due to increased demand for paid workers across all industries.
This creates a significant demand for Talent Management software for a variety of enterprise solutions such as workforce planning, recruiting management, training and education, performance management solutions, support and maintenance, and many others, which will drive market growth over the forecast period.
Upping the attractiveness of the gaming software market is the progressive adoption of cloud-based platforms, as well as the rising acceptance of cloud-based people management systems among employees. SaaS solutions are being extended to companies and human resource (HR) professionals to help them automate scouting, identifying, and acquiring new talent, as well as preserving existing personnel.
Talent management software can also provide assistance in streamlining business processes, improve workplace culture, offer agile learning opportunities, and recognize effective personnel. With analytical inputs and transactional actions, the software makes use of optical trackers to track individuals and observe distinct patterns.
Moreover, the prevalent necessity for cutting edge talent management strategies so as to maximize resource usage and enhance the quality of recruiting decisions is set to boost the industry even more during the projected timeline.
During the projected period, North America held the largest share in the global Talent Management Software Market with a market size of over USD 5000 million. The market is predicted to gain pace as a substantial number of enterprises across various sectors set up for cloud services and use SaaS infrastructure to minimize upfront costs in the recruiting process and workforce management.
As per World Bank Reports, North America will account for 92.9% of total employees in salaried services in a recent study. During the projection period, there will be a high need for talent management software for performance management and workforce planning solutions.
Furthermore, the growing spread of Big Data analytics, cloud computing, and the development of the Internet of Things (IoT) in North America are the primary reasons that have contributed to a large increase in the demand for talent management software in this region.
The market in Asia Pacific is also expected to attain higher growth. The market's expansion can 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 active marketplaces, SMEs are expected to drive the use of this software in countries such as India, Japan, and Australia. The market in Europe, on the other hand, is predicted to grow at a rapid pace throughout the forecasted period.
Active government actions and legislation relating to talent management are expected to drive demand for powerful talent management software for staff selection, assessment, and mobility. Such policies are being implemented by the European Union to create a competent, trained, adaptive, and networked working population for the services of Europe.
The United States is expected to have the highest market share of USD 4700 million by the end of 2033 with an expected CAGR of 8.4% by the end of 2033. The increased adoption of innovative technologies and the rising digitization of industries are the primary drivers of market expansion in this area. The region is home to the bulk of talent management solutions suppliers, including Cornerstone, ADP LLC, and Oracle, among others.
Market revenue through Performance Management Analytics is forecasted to grow at the highest CAGR of around 8.8% during 2023 to 2033. The need to obtain insights and anticipate trends from vast volumes of data, as well as the rise in the pervasiveness of metrics-driven corporate performance assessment and simplified operations, are the primary factors driving this segment.
Furthermore, the increased necessity for prioritizing resources has been fueling the market expansion.
The IT & Telecom segment is forecasted to grow at the highest CAGR of around 9.2% during 2023 to 2033. Due to digital rivalry and an unpredictable economy, IT and telecommunications acquire the largest market share.
Through digital competitiveness, an unstable economic situation, and a younger generation of consumers with accurate knowledge and high demands, the IT and telecom business is experiencing enormous challenges. Consequently, there is a greater demand for a highly skilled workforce as well as enhanced recruitment strategies.
In addition to the requirement for relevant criteria, talent management systems give efficient business strategies and comprehensive insights.
Some of the market's top companies are IBM Corporation, Talentsoft, Oracle Corporation, CornerStone OnDemand, Inc., Cisco Systems, Inc., and others.
Some of the key recent developments in the talent management software market include:
Similarly, recent developments related to companies in the talent management software market have been tracked by the team at Future Market Insights, which are available in the full report.
The market is estimated to achieve USD 20,450.8 million by 2033.
The market is forecast to register a CAGR of 8.9% through 2033.
From 2018 to 2022, the global market exhibited a 6.8% CAGR.
The market is to reach USD 8,691.8 million by the end of 2023.
The United States market is to exhibit at a CAGR of 8.4%.
A staggering CAGR of 8.8% is predicted for the performance management analytics segment from 2023 to 2033.
Explore Vertical Solution Insights
Talent Management Software Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
