Talent
Management Software Market Analysis By Regions (North America, Europe,
Asia-Pacific, Latin America and Africa), Product, Size, Share, Trends, Growth
Factors, Revenue By Application And Segment Forecasts To 2027.
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.
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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.
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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