As stated in our extensive report; the Global Talent Management Software Market accounted forUSD 6.9 Billionin the year 2021.
Talent Management Software is application software that supports talent management processes encompassing recruitment, compensation management, professional development, succession planning, and talent management processes. Organizations always look for a better platform to optimize workload and manage all other business requirements. Therefore, the Talent Management Software is beneficial for organizations as it helps them improve productivity by implementing strategies. Large organizations and small-scale companies are adapting Talent Management Software as it provides workforce planning, learning management, talent acquisition, compensation methods, and other performance management processes.
Cloud-Based platforms and Mobile-Based personalized management systems are gaining popularity. The cloud bases applications are segmented to gain momentum for Talent Management Software Market growth. All large organizations and other small-medium businesses (SMBs) prefer to use (SaaS) software-as-a-service platforms for various talent management processes within the organization. So, SaaS HR tools are gaining more popularity these days. In addition, the increasing number of social media and cloud are contributing to the Global Talent Management Software Market growth.
Technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML) based applications are being adopted by large-scale enterprises on a large scale. AI and machine learning are the factors that are improvising the technological aspect of these Talent Management Software. Such cloud bases and artificial intelligence (AI) based applications are somehow fuelling the demand for Talent Management Software. The increasing demand is further leading to the growth of the Global Talent Management Software Market. The factors such as services, organization size, solutions, deployment type, and regions are segmented to lead the Talent Management Software Market growth in the forecasted period.
North Americaholds the largest share in theTalent Management Software Market and is expected to continue this trend in the forecast period. The increasing number of large enterprises and new start-up companies using the Talent Management Softwaredrive market growth in this region.
Some of the key and prominent players in the Global Talent Management Software Market include- Cornerstone Ondemand INC., IBM Corporation, Lumesse, Oracle Corporation, Peoplefluent, Skillsoft, Saba Software, SAP Successfactors, Talentsoft, Halogen Software, and others.