Talent Management Software Market is expected to reach USD 21.7 billion by 2032 | Kenexa, SuccessFactors, Oracle Taleo, Cornerstone

The global talent management software market was valued at USD 7.1 billion in 2022 and it is anticipated to grow further till USD 21.7 billion by 2032, at a CAGR of 11.8% during the forecast period.

Talent management software is a tool used by businesses to identify, attract, develop, and retain top employees. This type of software typically includes modules for performance management, recruiting, succession planning, and learning and development. Talent management software can help businesses to improve their overall performance by ensuring that they have the right people in the right roles. Additionally, this software can help businesses to identify potential leaders and high-potential employees, and develop and retain these individuals.

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Market Drivers and Trends

Some of the key trends in Talent Management Software technology include:

Increased focus on employee engagement and retention: With the war for talent becoming increasingly fierce, organizations are placing a greater emphasis on employee engagement and retention. Talent management software can help organizations identify and retain top talent by providing tools for tracking employee engagement and performance.
Greater integration with HR systems: As talent management software becomes more sophisticated, organizations are seeking to integrate it more closely with their HR systems. This integration can help improve the accuracy of data and ensure that talent management processes are aligned with the organization's overall HR strategy.

Increased use of analytics: Organizations are increasingly using data analytics to drive their talent management decisions. Talent management software can provide insights into employee performance, engagement, and other factors that can help organizations make better decisions about hiring, development, and retention.

Increased focus on global talent: With the globalization of the economy, organizations are placing a greater emphasis on attracting and managing global talent. Talent management software can help organizations identify and assess global talent, as well as manage the complexities of international assignments.

Major Players in the Global Talent Management Software Market

The key players in the report are Kenexa, SuccessFactors, Oracle Taleo, Cornerstone, Saba Cloud, PeopleFluent, People matter, Ultimate Pro, Lumesse ET Web, and Sum Total Systems among others.

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COVID-19 Impact

Depending on the specific end-user impact, the COVID-19 pandemic's short-term effects on the size of the global talent management software industry are complex. The epidemic has a detrimental effect on organisations since they have been forced to reduce their personnel, which also means less hiring opportunities. These regulations have impeded the widespread use of talent management tools. The COVID-19 epidemic has presented a variety of challenges for HR departments, including ensuring efficient corporate operations and keeping track of employee health.

HR departments must also help employees who wish to work remotely and analyse and implement any law amendments affecting sick leave and payment. The decrease in capital expenditures has resulted in a large increase in HR's workload. For the time being, this aspect will have a detrimental impact on the implementation of talent management solutions.

Following the COVID-19 problem, firms are predicted to concentrate on implementing cutting-edge technologies to improve corporate operations and reduce expenses, which would probably lead to lucrative opportunities. Furthermore, AI-enabled systems are expected to be highly sought-after in the near future due to a number of benefits.

Market Segments
By Component
Solution
Services
By Deployment Mode
Cloud
On-Premise
By Organization Size
Large Organizations
Small and Medium Businesses

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