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Digital Talent Acquisition Market is projected to reach value of US$ 85.15 Bn by 2027
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The global digital talent acquisition market is expected to reach US$ 85.15 Bn by 2027 from US$ 44.08 Bn in 2019. The new generation of advanced technology and accessibility of data continues to drive the demand for digital talent and services within the enterprises, thereby continuously pushing up demand for digital talent acquisition market.
The digital talent acquisition market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe.
North America remains the leading market for digital talent acquisition, with revenues in 2019 estimated at US$ 15.08 Bn. Growth in data volumes drives analytical skills as well as requires software specialists. Therefore, exponential growth in data volumes is likely to drive the digital talent acquisition market in the region.
Asia Pacific is projected to lead the global digital talent acquisition market during the forecast period. This is attributable to increase in digitization initiatives by governments across the region and rise in the demand from other regions as well.
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Digital Talent Acquisition Market Definition
The digital talent acquisition market report provides analysis of the global digital talent acquisition market for the period 2017 - 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
In this report, we analyze the challenges that organizations are facing to acquire the right talent that can cope with the rapidly changing digital world, and also how much organizations are ready to spend on their workforce in order to train them and fill the digital gap.
The digital talent gap is broadening and every organization is acknowledging it. More than 50% of organizations agree that the digital talent gap is hindering their digital transformation plans, and that they are either losing their competitive advantage due to lack of digital talent or they are working toward it by educating their workforce.
North America Digital Talent Acquisition Market - Snapshot
North America region is seen as growth hub for new technology driven enterprises business models, for its start-up ecosystem and quick adoption of technology solutions by enterprises in the region. For the same reason, North America is expected to see highest opportunity addition for the digital talent acquisition market globally, with Asia Pacific being next closest region.
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Key Growth Drivers of the Digital Talent Acquisition Market
Growing Innovations and Technological Advancements - Several technological advancements in Big Data analytics such as IoT and Hadoop are extensively impacting organizations across industries and thus driving the demand for digitally skilled workforce. This is propelling the growth of the digital talent acquisition market across the globe.
High Demand for Technical and Developer Skills - The key driver in shifting to a digital workforce is reduction in cost, time, and enhanced quality through the elimination of errors.
Exponential Growth in Data -An enormous amount of structured and unstructured data is available in firms due to increased Internet adoption and they need digitally skilled people to manage the same.
Analysis of Percentage of Digital Talent, by Major Countries - Digital Talent Acquisition Market:
India has the highest proportion of digital talent, while the global average is 56%.
Proportion denotes the percentage of digital talent out of 100 in that particular country.
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Key Challenges Faced by Digital Talent Acquisition Market Players
Limited awareness regarding benefits of digital skills is hampering the development of digital talent. Several end-users are still not aware of the importance of digital skills. Despite the evolution of technology, adoption of tools related to digital skills still remains challenging. Therefore, it is restraining the growth of the digital talent acquisition market.
Resistance to change is another crucial factor which is hindering the growth of the digital talent acquisition market. This is primarily because people do not easily change and are not ready to move away from their comfort zone and learn new technologies.
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