Digital Talent Acquisition Market in Brief
- The global digital talent acquisition market registered a CAGR of 8.6% between 2019 and 2027. The digital talent acquisition market is projected to be driven by growing innovations and technological advancements. As the Big Data analytics industry swiftly grows to include mainstream customers, technologies such as Hadoop and cloud solutions are in demand and they have growth potential. Thus, it is expected to boost the digital talent acquisition market in the near future.
- The global digital talent acquisition market is expected to reach US$ 85.15 Bn by 2027 from US$ 44.08 Bn in 2019. The new generation of advanced technology and accessibility of data continues to drive the demand for digital talent and services within the enterprises, thereby continuously pushing up demand for digital talent acquisition market.
- The digital talent acquisition market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
- North America remains the leading market for digital talent acquisition, with revenues in 2019 estimated at US$ 15.08 Bn. Growth in data volumes drives analytical skills as well as requires software specialists. Therefore, exponential growth in data volumes is likely to drive the digital talent acquisition market in the region.
- Asia Pacific is projected to lead the global digital talent acquisition market during the forecast period. This is attributable to increase in digitization initiatives by governments across the region and rise in the demand from other regions as well.
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North America Digital Talent Acquisition Market – Snapshot
North America region is seen as growth hub for new technology driven enterprises business models, for its start-up ecosystem and quick adoption of technology solutions by enterprises in the region. For the same reason, North America is expected to see highest opportunity addition for the digital talent acquisition market globally, with Asia Pacific being next closest region.
Key Growth Drivers of the Digital Talent Acquisition Market
- Growing Innovations and Technological Advancements – Several technological advancements in Big Data analytics such as IoT and Hadoop are extensively impacting organizations across industries and thus driving the demand for digitally skilled workforce. This is propelling the growth of the digital talent acquisition market across the globe.
- High Demand for Technical and Developer Skills – The key driver in shifting to a digital workforce is reduction in cost, time, and enhanced quality through the elimination of errors.
- Exponential Growth in Data -An enormous amount of structured and unstructured data is available in firms due to increased Internet adoption and they need digitally skilled people to manage the same.
Analysis of Percentage of Digital Talent, by Major Countries – Digital Talent Acquisition Market:
- India has the highest proportion of digital talent, while the global average is 56%.
- Proportion denotes the percentage of digital talent out of 100 in that particular country.
Key Challenges Faced by Digital Talent Acquisition Market Players
- Limited awareness regarding benefits of digital skills is hampering the development of digital talent. Several end-users are still not aware of the importance of digital skills. Despite the evolution of technology, adoption of tools related to digital skills still remains challenging. Therefore, it is restraining the growth of the digital talent acquisition market.
- Resistance to change is another crucial factor which is hindering the growth of the digital talent acquisition market. This is primarily because people do not easily change and are not ready to move away from their comfort zone and learn new technologies.
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Digital Talent Acquisition Market – Competitive Landscape
- In January 2019, Hortonworks, Inc. merged with Cloudera, Inc. With this merger Cloudera, Inc. plans to combine assets and technical expertise in order to provide certifications and create a public cloud-like experience everywhere.
- In 2017, Accenture acquired data analytics company Search Technologies. Accenture is expected to combine the analytical technologies of Search Technologies with its AI and data analytics capabilities.
- In May 2018, IBM announced the acquisition of Armanta, Inc., a provider of analytics and aggregation software to financial services firms. The acquisition is expected to enhance the company’s portfolio and help it acquire digitally trained employees.
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