Global talent management software market is anticipated to witness growth owing to increasing need to streamline human resource function. These tools improve the operational efficiency of an enterprise and cover functionalities such as talent acquisition, performance & learning management, compensation, workforce planning, and succession & leadership planning. Cost, innovative solution, and technological development are anticipated to be the major industry drivers over the next seven years.
Integrated solution that manages all the HR needs may drive the demand over the forecast period. Increasing importance of employee-centric culture and labor policies may contribute to market growth.
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Rising need to provide customized solutions considering the local needs, culture, workforce dynamics, and language to companies with global presence may drive revenue growth. Increasing need of companies to hire and retain quality workers along with optimizing hiring process may contribute to the popularity of these solutions over the forecast period. Cloud-based solution is an emerging trend and is anticipated to drive the demand of these solutions over the next seven years.
IT budget constraint, cost advantage, and insufficient time to build in-house software may drive cloud-based solution growth over the forecast period. Small and medium enterprises are expected to increasingly prefer these solutions owing to its low investment. Social media is gaining popularity as an effective recruitment tool among many companies, which may also favor the market demand. Rising mobile penetration has generated new avenue and has led to the development of mobile applications for better communication and functionality.
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Selection of solution that can be linked directly to exiting human resource software application and share uninterrupted data is a time-consuming process. Integration across various talent management solutions is expected to hinder industry growth over the forecast period. Lack of awareness and use of traditional methodologies may obstruct growth. The need of such solutions to repeatedly customize to comply with changing labor policies may also hinder industry growth over the forecast period.
Industry can be classified based on the type and the breadth of solution offered into administration and assisting solutions. Assisting solution helps in recruitment, measuring performance, training, business intelligence, and succession management. Administration solution is used to perform tasks such as management of time, payroll, benefit, and attendance. Industry can also be classified as small, medium, and large enterprise.
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