Skills Management Software Help Companies to Evaluate and Develop their Employees' skills and Knowledge to help them Utilize their Workforce fully and Efficiently

The global Skills Management Software Market was valued at US$ 328.5 Mn in 2021 and is expected to reach US$ 800 Mn by 2032, find Future Market Insights (FMI) in a recent market survey. As per the findings of the report, Large Companies, among all other companies will garner significant demand in the market as the bulk of revenue will be generated through them.

The need to organize the workforce in the most efficient way propels the Global Demand for Skills Management Software

Post pandemic the need to organize the new workforce is one of the most important and difficult challenges faced by most organizations. Post pandemic, nearly 69% of firms are focusing more on skills management than they did pre-pandemic.

This increased the demand for Skills Management software in the market. The survey also says that since the end of 2019, more companies are increasing their investments in Skills Management Software. For most companies, the investment in skills management software is more than a one-time investment.

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Skills Management Software Market: Competition Insights

The key companies operating in the Skills Management Software Market are Softworks, AG5, Gloat, Skillnet, Retain, Kahuna, CABEM Technologies, Centranum, MuchSkills, Pluralsight, Visual Workforce, SkillsTX, TalentQuest, CompetencyCore, SkillStation, viSkills, EmployPlan, TalentGuard, iCombine, WebMentor Skills, Sympa, PickYourSkills,

Some of the recent developments by the key providers of Skills Management Software are as follows:

In May 2022, AG5's team raised US $ 1.4 Mn in their recent investment round from Tech Investor Peak. They plan on using the fund to develop their skill management software further and make it available worldwide.
In May 2022, EmployPlan introduced EmployPlan 2.0, the most user-friendly multi-project resource planning platform available. EmployPlan reduced the amount of time-consuming administrative work required to handle resource management to a minimum by using a responsive modern user interface.

In June 2021, Gloat secured US$ 57 Mn in funding, which it will use to continue business development as well as to add more features to its own platform. For instance, it will use this money to expand into more contractor openings, create more opportunities for secondments at other companies, and include front-line positions in addition to the knowledge worker roles that the AI is currently optimized for.
In October 2021, Real-time skills gap analysis has become much simpler because of MuchSkills' most recent release of skills and competency mapping software. The MuchSkills 3.1 upgrade makes it simple for teams and organizations to spot skill shortages that can have an impact on performance with the aid of intelligent filters and meaningful data visualizations. They can then utilize this information which includes the number of employees by skill and skill level to find chances for upskilling, reskilling, or hiring.

In September 2021, Skillnet announced the expansion of their geographical territories with the launch of their Mexico Subsidiary. The company believes that it will help them expand their customer base as they can now serve customers in Mexico and Central and Southern America.
In March 2021, Intelligent Role Studio (IRS), an Artificial Intelligence powered solution that combines deep subject matter expertise with algorithmic intelligence, was launched by TalentGuard.

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Competitive Landscape

The market for Skills Management Software is highly competitive with several key companies dominating the market.

The key companies operating in the Skills Management Software Market are Softworks, AG5, Gloat, Skillnet, Retain, Kahuna, CABEM Technologies, Centranum, MuchSkills, Pluralsight, Visual Workforce, SkillsTX, TalentQuest, CompetencyCore, SkillStation, viSkills, EmployPlan, TalentGuard, iCombine, WebMentor Skills, Sympa, and PickYourSkills

Key Segments Covered In Skills Management Software Market Survey

Skills Management Software Market by Type:

On Premises
Cloud-Based
Skills Management Software Market by Application:

Large Companies
Small and Medium-Sized Companies
Skills Management Software Market by Region:

North America
Europe
APAC
MEA
Latin America

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years

This release was published on openPR.