The latest report by IMARC Group, titled “Talent Management Software (TMS) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global talent management software (TMS) market size reached US$ 10.4 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 25.8 Billion by 2027, expanding at a CAGR of 16.8% during 2022-2027.
- 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.
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