Pune, April 29, 2020 (GLOBE NEWSWIRE) -- The global talent management software market size is projected to reach USD 11.09 billion by 2026, owing to the introduction and increasing popularity of mobile technology worldwide. This is the technology used by human resource management professionals to utilize for managing employees in terms of hiring, developing, and retaining talented employees. According to a recent report published by Fortune Business Insights™ titled, “Talent Management Software Market Size, Share & Industry Analysis, By Component (Solution and Services), By Solution (Performance Management, Talent Acquisition, Learning Management, Compensation Management, and Others), By Enterprise Size (SMEs and Large Enterprises), By Deployment (Cloud and On-premise), By Industry (IT and Telecommunication, BFSI, Government, Healthcare, Education, Manufacturing, and Others), and Regional Forecast, 2019-2026,” the market value was USD 5.19 billion in 2018 and will exhibit 10.0% CAGR in between 2019 and 2026.
Highlights of the Report?
The report offers a 360-degree overview of the market and emphasizes significant factors promoting, repelling, challenging, and creating opportunities for the market in the forecast duration. The report also lists the names of key players operating in the market and the strategies adopted by them to earn the lion’s share in the market. It also offers interesting insights into the market, current talent management software market trends, and major industry developments of the market. The report also discusses the table of segmentation in detail and lists the names of the leading segment with its attributed factors. It is available for sale on the company website.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Market Drivers
Implementation of Big Data Analytics will Boost Growth
Mobile technology had a positive influence on the world in many terms. This, coupled with the increasing trend of big data analytics in the human resource (HR) industry are considered major talent management software market growth drivers. Big data analytics helps in implementing plot trends, data-driven programs, and patterns to enterprises and will help to attract more revenue to the market. Besides this, the rising need for enhancing factors such as reducing nursing turnover, employee productivity, and patient satisfaction in the healthcare industry is further expected to boost the overall market. Moreover, the growing demand for flexible and anticipatory talent sourcing also led to the adoption of this software, thus, boosting the overall market growth in the coming years.
Additionally, cloud-based software offers enhanced user experience and are therefore aiding to the expansion of the market. Furthermore, career and success plan solutions provided by the talent management software and application of succession management by large organizations will also fuel the demand for this software in the coming years. Furthermore, increasing demands from Telecommunication and IT industries will also help the market gain traction in the coming years.
Regional Segmentation:
Advent of Digitization will Help Asia Pacific Market Grow Rapidly
Based on region, North America earned USD 2.02 billion in 2018 and emerged dominant on account of their early adoption of cloud computing applications and solutions. A study conducted by Cornerstone OnDemand Inc., says North America is the largest buyer of cloud HCM solutions due to the presence of major companies such as Oracle Corporation, HCM Technology, and IBM Corporation among others.
On the other side, Asia Pacific will witness significant growth in the coming years on account of the increasing urbanization, the advent of digitization, and the expansion of multinational companies and IT companies in the emerging economies. Furthermore, the increasing inclination towards automated business processes, coupled with the growing initiatives taken by developing nations such as “Digital India” projects will help augment the overall regional market growth in the coming years.
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Competitive Landscape:
Major Emphasis on Product Development by Players will Bode Well for Market
The competitive landscape of the global talent management software market is fragmented in nature with the presence of many companies. With a major objective of obtaining the highest market revenues, companies are engaging in joint ventures, contracts and agreements, mergers and acquisitions, and other collaborative strategies. Besides this, companies are also investing huge sums into product development and are focusing on geographical expansion to gain a competitive edge in the market in the forecast duration.
List of Notable Players Functioning in Talent Management Software Market include:
- Learning Technologies Group Inc. (Peoplefluent)
- Workday, Inc.
- Saba Software
- SumTotal Systems, Inc.
- Infor
- SAP SE
- IBM Corporation
- Cornerstone OnDemand, Inc.
- Oracle Corporation
- Other vendors
Significant Industry Developments of the Talent Management Software Market include:
February 2020 – Talentlink Solution by Saba Software was chosen by Orion Novotus for enhancing its range of services and custom recruitment processes.
April 2019 – Breezy HR, a provider of recruitment software was acquired by Learning Technologies Group Inc. for enhancing Peoplefluent Talent Acquisition in collaboration with the products from Breezy HR.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Talent Management Software Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Solution
- Performance Management
- Talent Acquisition
- Learning Management
- Compensation Management
- Others (Career & Succession Planning, Reward Management)
- Services
- Solution
- By Enterprise Size (Value)
- SME’s
- Large Enterprises
- By Deployment (Value)
- Cloud
- On-Premise
- By Industry (Value)
- IT and Telecommunications
- Healthcare
- Banking, Financial services, and Insurance (BFSI)
- Government
- Education
- Manufacturing
- Others (Retail, Energy and Utilities)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
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