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Talent Management Software Market Size

Report ID: GMI6440
Published Date: Aug 2023
Report Format: PDF

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Talent Management Software Market Size

Talent Management Software Market size was valued at USD 10.1 billion in 2022 and is projected to register a CAGR of 12% between 2023 and 2032. The shift towards remote work and the rise of distributed teams has created a need for talent management solutions that could effectively manage and engage employees across various locations, driving market expansion. According to Upwork, by 2025, an estimated 32% of Americans will be working remotely, which equates to about 32.6 million workforces. This forecast indicates a continuous, yet gradual, shift towards remote work arrangements.

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Integration of AI and Analytics into talent management software to enable predictive modeling, identify patterns, and enhance recruitment and performance assessment processes is positively influencing the talent management software market landscape. To that end, in January 2023, Workday announced that it was integrating its AI-powered talent intelligence platform, Workday Prism Analytics, with its talent management software. This integration will allow businesses to use AI to automate tasks, improve decision-making, and gain insights into their workforce.

Talent Management Software Market Report Attributes
Report Attribute	Details
Base Year:	2022
Talent Management Software Market Size in 2022:	USD 10.1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	12%
2032 Value Projection:	USD 30.8 Billion
Historical Data for:	2018 – 2022
No. of Pages:	220
Tables, Charts & Figures:	326
Segments covered:	Solution, Deployment Model, Enterprise Size, End-user
Growth Drivers:	Growing emphasis on strategic HR management Need for efficient recruitment and hiring Rising focus on employee development Need for employee engagement and retention Evolving PR and marketing landscape
Pitfalls & Challenges:	Complex implementation processes Data privacy and security

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However, implementing and integrating talent management software across an organization can be a complex process. It often involves migrating data from existing systems, configuring the software to align with the organization's processes, and providing training to employees. This complexity can result in longer implementation times, increased costs, and potential disruptions to ongoing operations, leading to sluggish market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Talent management software market size reached USD 10.1 billion in 2022 and is set to grow at over 12% CAGR from 2023 to 2032, led by increasing shift towards remote work and the rising number of distributed teams worldwide.

The on-premises segment held over 58% of the talent management software industry share in 2022, owing to increasing emphasis on data security and customization.

North America recorded over 30% of the market share in 2022, due to growing diverse and competitive jobs in the region.

Some of the top companies in the market are Cornerstone OnDemand (Saba Software, Inc.), Workday, Inc., Applied Training Systems, Inc. (Trakstar), Talentsoft, BambooHR LLC, Oracle Corporation, SAP SE, and IBM Corporation.