Press release
Benefits of Efficient HR Tasks Boosts Adoption of Talent Management Software Market
Talent management software serves to help various aspects of HR actions in corporate environments. It helps maintain employees’ details right from date of joining to date of termination of service. It also incorporates HR activities such as career pathing management, talent management, compensation management, succession planning, assessment and other core HR tasks. Talent management software helps to enhance the productivity of HR personnel by providing self-service web interfaces.
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The global talent management software market has been segregated in terms of enterprise, solution, deployment, end-use, and region. Depending upon deployment, the segments into which the market has been divided are cloud and on-premise. In terms of enterprise type, small and medium enterprises (SMEs) and large enterprises are the segments into which the market has been bifurcated. Large enterprises account for considerable revenue contribution to the talent management software market as it is cost effective, improves security measures, and aids in compliance management.
By solution, the talent management software market has been bifurcated into performance management analytics, succession planning software, career pathing management software, assessment software, and compensation management in this report. By end use, the market has been classified into BFSI, government, education, manufacturing, telecom and IT, healthcare, retail, and others.
By geography, the talent management software market has been segmented into North America, Asia Pacific, the Middle East & Africa, Europe, and South America. Of them, North America stood as the leading market for talent management software in the recent past. The region held close to one-third of the overall market and is predicted to continue its leading position through 2025.
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Asia Pacific displayed rapid growth in the recent past buoyed by rising adoption of digitalization in talent management. Going forward, however, the region is witnessing hurdles in the growth of this market. Factors such as varying regulatory compliances and limited efficient internet networks allude to potential growth slag.
The report discusses the talent management software market on the competition front as well. It identifies and profiles key companies operating in this market. Cornerstone OnDemand Inc., HireIQ, SumTotal, Synergita, PeopleFluent, SAP SE, Talentguard, Halogen Software Inc., IBM Corporation, Lumesse, Oracle Corporation, Saba Software Inc., Paylocity, and ELMO Cloud HR & Payroll are top companies operating in the talent management software market.
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Executive Summary
The global talent management market to grow from USD 6.46 billion in 2016 to USD 17.57 billion by 2023, at a CAGR of 15.37%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023.
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