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Talent Management Software Market

Talent Management Software Market
Talent Management Software Market to expand at a CAGR of approximately 11.8%
during the forecast period from 2018 to 2026
According to a new market report published by Transparency Market Research,
the global talent management software market is expected to reach a value of US$
12,211.9Mn by 2026, supported by rising adoption of compliance initiatives,
improved operational efficiency, and controlled workflow. The market is projected to
expand at a CAGR of 10.3% during the forecast period from 2018 to 2026. Increasing
demand for integrated talent management, growing trend of mobile workforce,
coupled with multiple benefits offered by talent management software are
encouraging the higher adoption of talent management software. In addition, rising
penetration of mobile devices is boosting the global demand for mobile based talent
management software. Asia Pacific is anticipated to be the fastest growing region for
the market during the forecast period which is expected to be followed by Europe.
Talent management software is experiencing flourishing growth in terms of adoption
across different industry verticals around the globe. Increase in the implementation of
big data analytics and artificial intelligence offered by vendors is further contributing
to the growth of the talent management software market.
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Growing list of HRM solution vendors likely to boost the growth of talent
management solutions over the forecast period
Adoption of talent management software by small and medium-sized enterprises
(SMEs) is increasing mainly due to cost efficiency as well as limited capital
investment required for subscription based (cloud) services. Installing talent
management software in an organization for cost cutting and time savings (process
optimization) is fuelling the growth of the market substantially with the trend
expected to be maintained during the forecast period.
Talent Management Software Market: Scope of the Report
The talent management software market has been segmented on the basis of
parameters such as deployment, enterprise size, solutions, end-use industry, and
geographical regions. In terms of deployment, the market has been segmented into
cloud, and on-premise software. The enterprise size segment includes small & medium
enterprises (SME’s) and large enterprises. While considering the solutions based
segmentation, the market has been divided into performance management analytics,
career pathing management software, succession planning software, compensation
management, and assessment software. In terms of end-user industry, the market has
been segmented into BFSI, telecom and IT, government, healthcare, education,
manufacturing, retail and others. The report covers the analysis of these segments
across North America, Europe, Asia Pacific, Middle East &Africa, and South America,
along with the qualitative analysis for market estimates supplementing the growth of
the talent management software market during the forecast period. Education,
healthcare, and BFSI segments are anticipated to experience lucrative growth
opportunities in the market. In terms of adoption of talent management software, the
BFSI sector is projected to expand at a CAGR of approximately 11.8% during the
forecast period from 2018 to 2026.
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North America and Europe collectively accounted for more than 50% of the global
market share in 2017, with North America holding larger share of the market.
Technological developments and relatively higher maturity in terms of technology
penetration are major drivers of the talent management software market in North
America. Within the Europe talent management software market, Germany held the
largest revenue share in 2017, closely followed by the U.K. Asia Pacific, which
includes China, India, Japan, and Rest of Asia Pacific, is expected to witness the
fastest growth during the forecast period attributed to the rapid technological
developments in various industry verticals across different countries. Moreover,
several emerging economies in the region experiencing growth in their infrastructure
which covers the government sector, IT sector, law firms, chemical industry and
others is further supporting the talent management software market growth in this
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