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The success of every organization is based on the performance levels and caliber of the employees. Hence it is of utmost importance to identify, acquire and manage the talent base from the recruitment pool. With the advent of information technology, various software solution providers have identified the need for solutions which would enable easy and efficient management of the talent pool for the HR personnel. Furthermore these solutions not only help in management of talent but also cover other functionalities such as recruitment, performance and appraisal management, training and others.
Talent management is more than just attracting and retaining talent. It is about building and enhancing employee potential which automatically supports the organizations in meeting the goals and objectives. Thus building an organization’s capability to manage talent has allowed existing talent systems to be integrated and aggregated into one dashboard providing companies with a single view of their aspects related to talent. The talent management software market has evolved very fast in the past few years and is expected to be on a rise during the forecast years. Companies provide end to end solutions which can be deployed on the cloud as well as on-premises in order to suit the client requirements. Furthermore, leading market players in this market provide highly customized solutions which fit the client needs giving them sharp edge efficiency for their talent management functionalities.
Talent management software has high adoption rate in large enterprise as they have data support system and adequate capital that permit them to invest in this business optimizing software. Also, due to the increase of cloud adoption, the market of SMB’s in talent management software is looking quite promising during the forecast period. The major challenges faced in this market are the integration across various talent management software. Lack of awareness and use of traditional methodologies are acting as a hurdle in the growth of the market. Hence, technical skills need to be incorporated among the software user to analyze the results well.
Further, the market remains to be competitive with the entry of niche players. These players provide innovative integrated software thereby increasing their market bargain capability among the large vendors. The major vendors in the Talent management software market are IBM, Oracle, Lumesse, Cornerstone on demand, People fluent, Sap Success factor, and many others.
The report also segments the market by sub-vertical: government, BFSI, retail, IT and telecom, manufacturing, retail, education, media and entertainment, and others (oil and gas, automotive, and energy and power); and by region: North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The detailed analysis of the key industry players have been done to provide the insight on their product and services, strategies, and recent developments associated with the talent management software market.
MarketsandMarkets forecasts that the global talent management software market is expected to grow from $5,270.3 million in 2014 to $11,367.0 million by 2019, at a Compound Annual Growth Rate (CAGR) of 16.6%. In the current scenario, North America is expected to be the largest market on the basis of spending and adoption of talent management software.
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