The global talent management software (TMS) market experienced double-digit growth rate during 2014-2019. A talent management software (TMS) refers to a workforce management application that involves performance management, strategic hiring and employee development. It enables organizations to track and manage their employees by setting goals, identifying and closing skill gaps, providing personalized development plants and facilitating appraisals. It provides employers with the tools to accurately manage, evaluate, and compensate based on employee performance. This enables organizations to foster a culture of career development and improve the overall performance of the employees. Owing to this, it finds extensive applications across the banking, financial services and insurance (BFSI), healthcare, information technology (IT), retail, and manufacturing industries.
Global Talent Management Software (TMS) Market Trends and Drivers:
The increasing penetration rate of cloud-based platforms, along with the adoption of mobile-based personnel management systems, is one of the key factors driving the growth of the market. Organizations and human resource professionals are increasingly adopting software-as-a-service (SaaS) platforms for automating scouting, identifying and acquiring new talents from the talent pools and retaining the existing talent. A TMS also enables in streamlining the recruitment process, reinforce workforce culture, provide agile learning opportunities and identify the top performers. Additionally, various technological advancements, such as the utilization of machine learning (ML) and artificial intelligence (AI), are also acting as growth inducing factors. The software uses optical trackers to monitor individuals and to identify market trends and patterns through transactional activities and analytical inputs. Other factors, including the growing need to replace traditional talent management methods to optimize the utilization of resources and improve the quality of hiring decisions, are expected to drive the market further. Looking forward, IMARC Group expects the global talent management software market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global talent management software market report, along with forecasts for growth at the global, regional and country level from 2020-2025. Our report has categorized the market based on component, deployment type, end user, vertical and region.
Breakup by Component:
Breakup by Deployment Type:
Breakup by End User:
Breakup by Vertical:
Breakup by Region:
The report has also analysed the competitive landscape of the market with some of the key players being Cornerstone Ondemand Inc., International Business Machines Corporation, Oracle Corporation, SilkRoad Technology, Skillsoft Corporation, Talentguard Inc., Talentsoft, Ultimate Software, Workday Inc., etc.
Key Questions Answered in This Report:
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