Global Talent Management Software Market to Grow at a CAGR of 4.10% During 2024-2032, Driven by the Adoption of AI Tools for Talent Management

To support the core talent management processes such as recruitment, employee onboarding, learning and professional development, performance management, compensation management, and succession planning, the demand for talent management software is increasing. The talent management software manages the end-to-end employee related functions, from acquisition through succession planning. Currently, this software is used by several companies all around the world and across all industries to facilitate the skilling, upskilling and reskilling of employees, implement diversity, carve candidate development program, and provide new interaction models to support the accommodation of remote workers, thereby supporting the talent management software market growth.

With use of technologies becoming increasingly critical for organisations to build operational resilience, the demand for cloud-based, AI-driven end-to-end talent management software is expanding. Cloud based talent management software help enterprises with support that is available anytime, anywhere, and from any device. Cloud-based talent management solutions are dynamic and flexible, which can constantly be updated to provide better and deeper insights.

The major talent management software providers are constantly adding new innovations and collaborating with other companies to improve their offerings. In October 2023, TalentQuest, LLC introduced its feature ‘SmartProfiles’ which extends the real-time, broader, and comprehensive talent insights from candidates across companies, industries, and occupations. In May 2022, EY and IBM (NYSE: IBM) announced an alliance expansion to help businesses around the world address workforce challenges including employee recruiting, retention, upskilling and the need to transform HR systems technology. Both companies have established a Talent Center of Excellence (COE) which will create data-driven AI and hybrid cloud solutions. These solutions include talent, HR, mobility, and payroll transformation services.

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Market Analysis by Component, Deployment Mode, Organisation Size, Industry Vertical, and Region:

• The talent management software market on the basis of component can be divided into solutions and services. Solutions are sub-divided into workforce planning, talent acquisition, performance management and learning management. Services include support and maintenance, training and education, and professional services.

• Based on deployment mode, the market can be divided into on-premises and cloud.

• The different organisations on the basis of size that use talent management software encompass small and medium enterprises as well as large organisations.

• Industry verticals that employ talent management software encompass banking, financial services, and insurance, IT and telecommunication, manufacturing, retail, education, government, healthcare, and media and entertainment, among others.

• The regional markets for talent management software include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The leading talent management software are becoming more powerful, intelligent, and dynamic. These solutions are making it easier for organisations of all sizes to extract greater insights into their talent, along with streamlining the processes like hiring and training.

• The demand for artificial intelligence driven talent management is gaining popularity. With the help of AI, organisations can create more accurate job postings, which are further advertised to the prospective candidates. Additionally, it can increase the efficiency in screening applicants to select the most suitable candidates.

• Offering the employees with learning and development opportunities is a critical aspect of talent management. Talent management software provides personalised learning recommendations for employees based on their performance and engagement analytics. It aids creation of learning content within minutes and tracks the learner’s progress.

• For workers working from home, tools such as communication tools and time management applications, can help organisations to better manage, track and report the tasks of these workers.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for talent management software for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the component, deployment mode, organisation size, industry vertical, and regions of talent management software.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global talent management software market are Oracle Corporation, IBM Corporation, SAP SE, Saba Software, Workday inc., TalentQuest, LLC, Cegid Group, ADP, Inc, Ceridian HCM, Inc., Zoho Corporation Pvt. Ltd., and UKG Inc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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