The market for global skills management software was predicted to be worth about US$328.5 million in 2021. By the end of 2032, the market for skills management software is predicted to be worth roughly US$ 800 million, with a projected CAGR of 8.2% over the five-year period from 2022 to 2032. This is due to the growing investments made in this software by several enterprises throughout the world.
The need to organize the workforce in the most efficient way propels the Global Demand for Skills Management Software
Post pandemic the need to organize the new workforce is one of the most important and difficult challenges faced by most organizations. Post pandemic, nearly 69% of firms are focusing more on skills management than they did pre-pandemic.
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This increased the demand for Skills Management software in the market. The survey also says that since the end of 2019, more companies are increasing their investments in Skills Management Software. For most companies, the investment in skills management software is more than a one-time investment.
Skills Management Software Market: Competition Insights
The key companies operating in the Skills Management Software Market are Softworks, AG5, Gloat, Skillnet, Retain, Kahuna, CABEM Technologies, Centranum, MuchSkills, Pluralsight, Visual Workforce, SkillsTX, TalentQuest, CompetencyCore, SkillStation, viSkills, EmployPlan, TalentGuard, iCombine, WebMentor Skills, Sympa, PickYourSkills,
Some of the recent developments by the key providers of Skills Management Software are as follows:
- In May 2022, AG5’s team raised US $ 1.4 Mn in their recent investment round from Tech Investor Peak. They plan on using the fund to develop their skill management software further and make it available worldwide.
- In May 2022, EmployPlan introduced EmployPlan 2.0, the most user-friendly multi-project resource planning platform available. EmployPlan reduced the amount of time-consuming administrative work required to handle resource management to a minimum by using a responsive modern user interface.
- In June 2021, Gloat secured US$ 57 Mn in funding, which it will use to continue business development as well as to add more features to its own platform. For instance, it will use this money to expand into more contractor openings, create more opportunities for secondments at other companies, and include front-line positions in addition to the knowledge worker roles that the AI is currently optimized for.
- In October 2021, Real-time skills gap analysis has become much simpler because of MuchSkills’ most recent release of skills and competency mapping software. The MuchSkills 3.1 upgrade makes it simple for teams and organizations to spot skill shortages that can have an impact on performance with the aid of intelligent filters and meaningful data visualizations. They can then utilize this information which includes the number of employees by skill and skill level to find chances for upskilling, reskilling, or hiring.
- In September 2021, Skillnet announced the expansion of their geographical territories with the launch of their Mexico Subsidiary. The company believes that it will help them expand their customer base as they can now serve customers in Mexico and Central and Southern America.
- In March 2021, Intelligent Role Studio (IRS), an Artificial Intelligence powered solution that combines deep subject matter expertise with algorithmic intelligence, was launched by TalentGuard.
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Key Segments Covered In Skills Management Software Market Survey
Skills Management Software Market by Type:
- On Premises
- Cloud-Based
Skills Management Software Market by Application:
- Large Companies
- Small and Medium-Sized Companies
Skills Management Software Market by Region:
- North America
- Europe
- APAC
- MEA
- Latin America
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