Talent Management Software Global Market Reach $27.61 Billion at a CAGR of 16.0% By 2028, Key Factors behind Market's Exponential Growth

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Talent Management Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $27.61 billion In 2028 At A CAGR Of 16.0% :

The talent management software market size has grown rapidly in recent years. It will grow from $13.16 billion in 2023 to $15.24 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to vendor innovation and market competition, user-friendly interfaces, shift to cloud-based solutions, performance and goal management.

The talent management software market size is expected to see rapid growth in the next few years. It will grow to $27.61 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to shift to hybrid work models, focus on employee well-being, skills gap and talent scarcity, diversity, equity, and inclusion (dei), continuous performance management. Major trends in the forecast period include talent mobility and internal mobility, employee well-being and engagement, integration with hr ecosystem, security and compliance features, succession planning and leadership development, integration with hris and erp systems.

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Talent Management Software Market Major Segments
The talent management software market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: On-Premise, Cloud
3) By Organization Size: SMEs, Large Enterprises
4) By Industry Vertical: BFSI, IT & Telecom, Manufacturing, Government, Healthcare, Education, Retail, Other Industry Verticals

Key Driver - Surge In Social Network Site Usage Boosts Demand For Talent Management Software Market

The increased use of social network sites is driving the demand for the talent management software market going forward. Social network sites refer to the web-based service that enables users to create a public or semi-public profile inside of a confined system, build a list of other users with whom they have a connection, and read and navigate both their list of connections and those made by other users within of the system. Social media sites in particular are a great way to promote an employer's brand and are used by employers to access a large number of telents. For instance, in October 2021, according to the statistics published by Backlinko, a US-based, advertising services and SEO training company, globally, 4.48 billion individuals wereactively accessing social media 2021, up from 3.69 billion in 2020, a 13.13% annual rise. Therefore, the increased use of social network sites will drive the growth of the talent management software market.

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Prominent Trend - Technological Advancements Propel Growth In The Talent Management Software Market

Technological advancement is a key trend gaining popularity in the talent management software market. Major players in the talent management software sector are focused on technological advancement to sustain their marketplace. For instance, in October 2021, CEIPAL Corp; a US-based software development company, launched an AI-driven talent management platform, to address diversity, equity, and inclusion. With the use of cutting-edge AI technology, CEIPAL's ground-breaking, patent-pending DEI solution gives hiring organizations total access to their workforce and hiring procedures and assists in closing any diversity gaps. This AI-driven tool gives HR and talent acquisition professionals the ability to automatically identify important demographic gaps while defining a precise and achievable route to accomplish particular DEI targets.

Talent Management Software Market Players
Major companies operating in the talent management software market report are Cornerstone OnDemand Inc., International Business Machines Corporation, Lumesse Limited, Oracle Corporation, PeopleFluent Holdings Corp., Skillsoft Corporation, Cornerstone OnDemand Inc., SAP SuccessFactors, TalentSoft SA, Halogen Software Inc., SumTotal Systems LLC, Workday Inc., TalentGuard Inc., Kenexa Corporation, Taleo Corporation, Haufe Group GmbH & Co. KG, Ultimate Software Group Inc., PageUp People Limited, Automatic Data Processing Inc., Eightfold AI Inc., Deltek Inc., ClickUp Inc., Cornerstone Growth Acquisition Corp., Deel Technologies Inc., Dun & Bradstreet Corporation), Paycor Inc., Remo First Oy, Cegid Group SA, Rippling Inc., Sage HR

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Largest And Fastest Growing Region In The Market
North America was the largest region in the talent management software market share in 2023. The regions covered in the talent management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Talent Management Software Market Report Structure
3. Talent Management Software Market Trends And Strategies
4. Talent Management Software Market - Macro Economic Scenario
5. Talent Management Software Market Size And Growth
…..
27. Talent Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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