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Talent Management Software Market to Garner Brimming Revenues by 2025
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Talent Management Software Market: Market Dynamics
Talent management software ensures that they comply with the labor policies across various industries as well as it provides customized solutions according to cultures, languages, localized needs and workforce dynamics which aids in the growth of talent management software market. Companies are working towards getting the right mix of people and the talent sets meeting the requirement and talent management is an important aspect from the company’s perspective and the factor is driving the demand for talent management software market.
Regional Overview
On the basis of geography, talent management software market can be segmented into seven key markets namely North America, Latin America, Western Europe, Eastern Europe, APAC, Japan, Middle East and Africa. Among all the regions, North America is expected to dominate the market of talent management software because of the presence of major companies in the BFSI sector in the region. North America is expected to be followed by Asia-Pacific and Europe region.
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Recruitment being one of the key function offered by talent management software, an increase in demand for automated recruitment process will drive the talent software market. Others factors such as increasing penetration of mobile and app technology among the professionals will encourage more companies to adopt talent management software, supported by increasing usage of mobile and apps by candidates for the job application, because of which more and more recruiters will get attracted towards talent management software. However, challenges such as intense competition, integration issues, and rapid technology advancements are some of the challenges for talent management software market.
Competitive Landscape
Major players in the field of talent management software include IBM Corporation, Oracle Corp, SAP, Workday, Inc., Cornerstone OnDemand, Halogen Software Inc. etc.
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The global talent management market to grow from USD 6.46 billion in 2016 to USD 17.57 billion by 2023, at a CAGR of 15.37%. The year 2016 has been considered as the base year, while the forecast period is up-to 2023.
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