Talent Management Software Market Overview:
The global talent management software market is showing immense growth; mainly due to the growing need for real-time employee engagement. Increasing demand for cloud based talent management software module and suites is one major factor driving the growth of talent management software market. Steep increase in the adoption of talent management software solutions across various industry verticals such as BFSI, IT & telecommunication, healthcare, media & entertainment and government among others is one major factor driving the growth of talent management software market. Emergence of social media platforms is further responsible for fuelling the growth of global talent management software market
Halogen Software, Taleo Corporation, Cornerstone OnDemand, Kenexa, and Sumtotal Systems, Inc. are the major investors in the talent management software market. Growing trend of predictive analytics is one major factor driving the market growth. With the advent of cloud technology, Talent Management Software Markethas gained much popularity over the time. Also, increasing deployment of cloud based applications is another factor responsible for driving the growth of talent management software market. Growing demand for big data analytics in the human resource department is one major factor which could help in driving the growth of talent management software market.
By organization size, the large enterprises sub segment is expected to hold the largest market share of the global talent management software market. This is owing to the huge data support system and sufficient capital to deploy such business optimizing software in order to automate the entire process.
According to a recent study report published by Market Research Future, the global market of talent management software is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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Major Key Players:
- Halogen Software (Canada)
- Taleo Corporation (U.S.
- Cornerstone OnDemand (U.S.)
- Kenexa (U.S.)
- Sumtotal Systems, Inc. (U.S.)
- iCims, Inc. (U.S.)
- Skillsoft (U.S.)
- Talentsoft (France)
- Lumesse Ltd. (U.K.)
- Saba Software (U.S.)
Talent Management Software Market Regional Analysis:
North America is expected to witness a significant growth and hold the largest market share during the forecast period. U.S and Canada are anticipated to drive the growth of the talent management software market in North America owing to the presence of a large number of established key players such as Halogen Software, Taleo Corporation, Cornerstone OnDemand, Kenexa, Sumtotal Systems, Inc., iCims, Inc., Skillsoft and Saba Software among others. Also, U.S. is leading the market in North America due to the technological advancements and growing need for real time employee engagement in the region.
Talent management software market in Asia Pacific is expected to grow at a substantial CAGR during 2017 to 2023 owing to increasing demand for cloud based applications and growing adoption of social media platforms in China, Japan, and India in the region. Whereas, the Europe market for talent management software is expected to grow at a considerable CAGR (2017-2023).
May 2017 – Saba Software has completed the acquisition of Halogen Software. Together they are now one of the largest independent talent management companies in the world, with 1,000 employees serving more than 4,000 customers in 195 countries globally.
October 2017 – SumTotal has announced the latest version of the SumTotal Talent Expansion Suite. The suite incorporates gamification, xAPI and talent acquisition capabilities to maximize talent engagement and will help in transforming the modern workforce.
Talent Management Software Market Competitive Analysis:
The market of talent management software appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape.
Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Talent Management Software Market Segmentation:
The talent management software market can be classified into 5 key segments for the convenience of the report and enhanced understanding;
Segmentation by Component: Solution and Services. The solution segment is further segmented into Workforce planning, Learning Management, Compensation Management, Talent Acquisition and Performance Management. The service segment is further segmented into Professional Services, Training and Education and Support and Maintenance
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Segmentation by Deployment: Cloud and On Premise
Segmentation by Organization Size: SMEs and Large Enterprises
Segmentation by Application: BFSI, Healthcare, IT & Telecommunication, Manufacturing, Retail, Education, Media & Entertainment and Government among others
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
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