Global Talent Management Software (TMS) Market to Reach US$ 47.3 Billion by 2032, Propelled by Rising Adoption of Cloud-Based Platforms

July 18, 2022 | Technology & Media

The latest report by IMARC Group, titled “Talent Management Software (TMS) Market Report by Component (Solutions, Services), Deployment Type (On-premises, Cloud-based), End User (Small and Medium Enterprises, Large Enterprises), Vertical (BFSI, Healthcare, IT and Telecom, Retail, Manufacturing, Education, Government, Media and Entertainment, and Others), and Region 2024-2032,” finds that the global talent management software (TMS) market size reached US$ 14.2 Billion in 2023. Talent management software (TMS) is an integrated platform that automates core talent management processes, such as performance management, strategic hiring, and employee development. It assists organizations in setting goals, identifying and closing skill gaps, offering personalized development plans, and facilitating appraisals. It provides tools that enable employers to accurately manage, evaluate, and compensate based on employee performance. It also helps streamline the recruitment process, reinforces a culture of career development, provides agile learning opportunities, and identifies the top performers. As a result, TMS finds extensive applications across various industries, including banking, financial services and insurance (BFSI), healthcare, information technology (IT), and manufacturing.

Global Talent Management Software (TMS) Market Trends:

The rising adoption of cloud-based platforms coupled with rapid digitization represents the primary factor driving the market growth. In addition, there have been a significant shift toward software-as-a-service (SaaS) human resource tools to automate scouting, identify and hire new talent from the talent pools, and retain the existing talent. Along with this, the growing need to replace traditional talent management methods to optimize the utilization of resources and enhance the quality of hiring decisions has augmented the demand for TMS. Furthermore, the leading manufacturers are embedding TMS with optical trackers to facilitate the monitoring of individuals and analyze market trends and patterns through transactional activities and analytical inputs. In line with this, recent product innovations, such as the integration of TMS with advanced technologies, such as machine learning (ML) and artificial intelligence (AI), have accelerated the product adoption rate. Other factors, including the surging popularity of mobile-based personnel management systems, increasing penetration of social media platforms, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 47.3 Billion by 2032, expanding at a CAGR of 13.7% during 2024-2032.

Market Summary:

  • The market has been segmented based on the component into solutions (workforce planning, learning management, compensation management, talent acquisition, and performance management) and services (professional services, training and education, and support and maintenance). 
  • Based on the deployment type, the market has been bifurcated into on-premises and cloud-based.
  • On the basis of the end user, the market has been classified as small and medium, and large enterprises. 
  • The market has been divided based on the vertical into BFSI, healthcare, IT and telecom, retail, manufacturing, education, government, media and entertainment, and others. 
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been examined, with some of the key players being Cornerstone Ondemand Inc., International Business Machines Corporation, Oracle Corporation, SilkRoad Technology, Inc., Skillsoft Corporation, Talentguard Inc., Talentsoft (Cegid Group), Ultimate Software Group, Inc., and Workday Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Deployment Type, End User, Vertical, Region
Region Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Cornerstone Ondemand Inc., International Business Machines Corporation, Oracle Corporation, SilkRoad Technology, Skillsoft Corporation, Talentguard Inc., Talentsoft, Ultimate Software and Workday Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Talent Management Software (TMS) Market to Reach US$ 47.3 Billion by 2032, Propelled by Rising Adoption of Cloud-Based Platforms
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