Top companies in the global talent management software market are ABB Ltd, IBM Corporation, Cornerstone OnDemand, Workday Inc ., Learning Technologies Group plc, Applied Training Systems, Inc., Talentsoft, Lattice, BambooHR LLC, 15Five, Inc., Hi bob Inc., Oracle Corporation, SAP SE, Culture Amp Pty Ltd, Betterworks Systems, Inc., Kazoo, Inc., Infor Inc., Sumtotal Systems, LLC
Pune, India, May 23, 2021 (GLOBE NEWSWIRE) -- The global talent management software market size is projected to reach USD 13.21 billion by 2028, exhibiting a CAGR of 9.4% during the forecast period. The market is driven by the rising popularity of mobile technologies worldwide, states Fortune Business Insights™ in a report titled, “Talent Management Software AG Market, 2021-2028,” the market value was USD 6.45 billion in 2020.
Company Layoffs to Reduce Product Demand amid Coronavirus Pandemic
Many companies were badly hit by the pandemic crisis, which resulted in layoffs and stop on hiring processes. This factor has severely impacted the adoption of talent management solutions during the COVID-19 pandemic. The HR departments have faced challenges related to maintaining optimum business operations and managing the health of the workforce. There were several difficulties concerning new guidelines to support employees to work from home, and enforce legal changes regarding payroll and sick pay. However, the adoption of digital technologies has significantly increased the need for talent management software during the pandemic. This factor will augur well for this market.
To get to know more about the short-term and long-term impact of COVID19 on this market,
Highlights of the Report?
The report offers a 360-degree overview of the market and emphasizes significant factors promoting, repelling, challenging, and creating opportunities for the market in the forecast duration. The report also lists the names of key players operating in the market and the strategies adopted by them to earn the lion’s share in the market. It also offers interesting insights into the market, current talent management software market trends, and major industry developments of the market. The report also discusses the table of segmentation in detail and lists the names of the leading segment with its attributed factors. It is available for sale on the company website.
Implementation of Big Data Analytics to Boost Growth
Mobile technology had a positive influence on the world in many terms. This, coupled with the increasing trend of big data analytics in the human resource (HR) industry are considered major talent management software market growth. Big data analytics helps in implementing plot trends, data-driven programs, and patterns to enterprises and will help to attract more revenue to the market. Besides this, the rising need for enhancing factors such as reducing nursing turnover, employee productivity, and patient satisfaction in the healthcare industry is further expected to boost the overall market. Moreover, the growing demand for flexible and anticipatory talent sourcing also led to the adoption of talent management software, thus, boosting the overall market growth in the coming years. The high utilization of this type of management software in hiring, developing, and retaining talented employees will boost the market.
Additionally, cloud-based software offers enhanced user experience and are therefore aiding the expansion of the market. Furthermore, career and success plan solutions provided by the talent management software and application of succession management by large organizations will also fuel the demand for this software in the coming years. Furthermore, increasing demands from Telecommunication and IT industries will also help the market gain traction in the coming years.
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Advent of Digitization will Help Asia Pacific Market Grow Rapidly
Based on region, North America stood at USD 2.49 Billion in 2020. The growing adoption of cloud computing applications and solutions will aid expansion in the region. A study conducted by Cornerstone OnDemand Inc., says North America is the largest buyer of cloud HCM solutions due to the presence of major companies such as Oracle Corporation, HCM Technology, and IBM Corporation among others.
On the other hand, Asia Pacific will witness significant growth in the coming years on account of the increasing urbanization, the advent of digitization, and the expansion of multinational companies and IT companies in the emerging economies. Furthermore, the increasing inclination towards automated business processes, coupled with the growing initiatives taken by developing nations such as “Digital India” projects will help augment the overall regional market growth in the coming years.
Major Emphasis on Product Development by Players will Bode Well for Market
The competitive landscape of the global market is fragmented in nature with the presence of many companies. With a major objective of obtaining the highest market revenue, companies are engaging in joint ventures, contracts and agreements, mergers and acquisitions, and other collaborative strategies. Besides this, companies are also investing huge sums into product development and are focusing on geographical expansion to gain a competitive edge in the market in the forecast duration.
List of Notable Players Functioning in the Global Market include:
Significant Industry Developments:
February 2021 - Learning Technologies Group plc announced the plan to acquire the United Kingdom-based Bridge from Instructure Inc . The acquisition was made to help Learning Technologies Group plc grow its talent and learning portfolio in the crucial mid-scale enterprise market.
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Major Table of Contents:
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