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.
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.
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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.
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 region.