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Talent Management Software Market Trends

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

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Talent Management Software Market Trends

Companies with a global presence needed software that could handle different languages, currencies, and compliance requirements across various regions, making global talent management more efficient. Software providers globally have been focusing on innovation by adding new features, improving user interfaces, and enhancing user experiences, driving the adoption of newer and more advanced talent management solutions.

For instance, TalentGuard WorkforceGPT, launched in March 2023, is a first-of-its-kind innovative product designed to transform the way organizations approach upskilling, reskilling, career pathing, succession planning, performance management, and more. It leverages a customized version of OpenAI's latest GPT model, fie-tuned with a decade's worth of customer data and real-time labor market data.

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.