The global sales of talent management software market reached US$ 9,691.8 million in 2023. Looking ahead, the market is expected to experience a growth rate of 8.7% from 2023 to 2033. Within this sector, the IT & Telecom industry is anticipated to be the top revenue generator, with a projected compound annual growth rate (CAGR) of around 8.9% during the same ten-year period.
The rising market share of cloud-based technologies and the adoption of mobile-based people management systems are key factors driving the market expansion. As companies and various businesses are concentrating on organic growth HR professionals are rapidly turning to software-as-a-service (SaaS) solutions to automate the scouting, identifying, and recruitment of new people from talent pools, as well as retention of existing staff.
Talent Management Software also aids in the streamlining of the hiring process, the reinforcement of workplace culture, the provision of adaptive educational experiences, and the identification of top performers. Various technological developments, such as using artificial intelligence and machine learning, are also helping the economy grow.
Trakstar, a SaaS-based employee involvement, and performance management firm, for example, announced the merging of its former modular solutions into a single Trakstar Platform in June 2021. Trakstar Hire is now available for improved recruiting, and it has become available for quicker employee development and onboarding. It has also become available for continuous performance tracking and involvement.
Furthermore, the key firms are developing numerous talent management systems that help in people management and provide employees with appropriate growth chances. Talent management software has grown in popularity among businesses due to the rising requirement to streamline HR processes.
Competitive Landscape:
Various firms in the talent management software market are focusing on organic growth strategies such as new product releases, product approvals, as well as other items such as patents and events. Inorganic growth techniques noted in the sector included acquisitions, partnerships, and collaborations. Some of the market’s top companies are IBM Corporation, Talentsoft, Oracle Corporation, CornerStone OnDemand, Inc., Cisco Systems, Inc., and others.
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