Talent Management Software Market – Overview, Industry Analysis, Size, Share, Growth, Recent Trends and Forecast 2023 | Top Players Saba Cloud, PeopleFluent, People matter, Ultimate Pro, Lumesse ET Web, and Sum Total Systems

Talent Management software (TMS) provides solutions for all workforce management needs, which include performance management, strategic hiring, and development. The talent management software package consolidates the four essential pillars of talent management‐recruitment; learning and development; performance management; and compensation management.

Traditionally, human resource management systems (HRM) and enterprise resource planning (ERP) were intended to focus on management of the basic human resources process. However, the talent management software emphasizes on the long-term organizational goals and retention of top talent. Further, it helps to execute a strategic hiring process along with safeguarding of the employee development and selection of the right person for the job.

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The TMS market has reinvented itself through continual adoption of advanced technologies and dynamic human resource practices. The factors that drive the growth in the TMS market are next generation performing employees, process automation, and rising need of better performance management among organizations. In addition, the alignment of the personal goals with the organizations, team collaboration, and feedback are other influential factors affecting the TMS market.

Further, the need of global communication for the workforce, integration with social media for the better management, and real-time workforce engagement will give an uplift to the TMS market in the near future. However, the cost of the TMS hardware and ever-changing talent management practices hamper the growth of global TMS industry.

The TMS market is evolving very rapidly, as small and medium scale organizations are looking to invest in the TMS, owing to the need to implement better employee performance management systems and the cost-efficient advantages of TMS. Various key vendors have launched novel products in the market that cater to this rising need.

For instance, in the year 2017, IBM Corporation launched Kenexa solution that integrates the need of a smarter workforce like employee assessment and IO psychology with various solutions offered by the company. Another example is of the company named People Matters that launched a modular TMS in February 2012, which is focused mainly on the service industry.

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Talent Management Software Market Key Segments:

By Platform Type-

•Solution

-Human Resource Planning
-Talent Acquisition
-Performance Management
-Learning Management

•Services

-Support and Maintenance
-Training and Education
-Professional Service

By Organization Size-

•Large Organizations
•Small and Medium Businesses

By Industry Vertical-

•Banking, Financial Services, and Insurance
•IT and Telecommunication
•Manufacturing
•retailing
•Education
•Government
•Entertainment
•Others (Power, Automotive, and Transport)

By Region-

•North America
•Europe
•Asia-Pacific
•LAMEA

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