15th January 2020 – Global Talent
Management Software Market is anticipated to reach USD 24.03 billion by
2025. Talent Management Software (TMS) is a technology that human resource
management experts use to record employee’s lifecycle that includes
development, strategic hiring, and performance management. The factors that
propel the growth of the Talent Management Software Market include development
in automation, extensive research and development activities, rising need for
cloud-based talent management software, and surge in the e-learning market.
On the other hand, there are factors
that may hamper the growth of the market including budget limitations and lack
of awareness. Talent Management Software industry is anticipated to grow at a
significant CAGR in the upcoming period as the scope, product types, and its
applications are increasing across the globe. HR experts need to rethink the
way they manage the rising number of laborers shifting to freelance and
contract modes of employment. HR-tech will prove to be important in order to
assist workers, maintain networks across boundaries, help managers lead their
teams, and drive association.
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Talent management software industry may
be explored by deployment, verticals, organization size, and geography. The
market may be explored by deployment as Cloud and On-premise. The “Cloud-Based
Services” segment led the talent management software market in 2016 and is
anticipated to maintain its dominance by 2025. The key factor that could be
attributed to the growth of market includes increasing acceptance of
cloud-based services. Also, features including flexibility, agility of the
solutions and on-demand services might contribute greatly to the market growth.
The industry could be explored based on
vertical as Manufacturing, BFSI, IT & telecom, Recruitment Consultancies,
E-commerce and Others. The “IT and telecom” segment led the talent management
software industry in 2015 and is anticipated to maintain its dominance by
2025.The key factor that could be attributed to the growth of market includes
surging demand from a diverse set of businesses. The market may be analyzed by
organization size as Mid-size organizations, Small organizations and Large
organizations.
North America accounted for the major
share of the Talent Management Software Market Size in 2017 and will continue
to lead in the forecast period. The factors that could be attributed to the
growth include rapid technological developments in the industry verticals
across different economies and presence of a large number of mid-sized and
small enterprises. North America is likely to be followed by the Asia-Pacific
region.
Some of the key players that fuel the
growth of the talent management software industry comprise Oracle Corp, IBM
Corporation, SAP, Workday, Inc., Halogen Software Inc., and Cornerstone On
Demand. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
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