Global Talent Management Software Market is anticipated to reach USD 24.03 billion by 2025. Talent Management Software (TMS) is a technology that human resource management experts use to record employee’s lifecycle that includes development, strategic hiring, and performance management. The factors that propel the growth of the Talent Management Software Market include development in automation, extensive research and development activities, rising need for cloud-based talent management software, and surge in the e-learning market.
On
the other hand, there are factors that may hamper the growth of the market
including budget limitations and lack of awareness. Talent Management Software
industry is anticipated to grow at a significant CAGR in the upcoming period as
the scope, product types, and its applications are increasing across the globe.
HR experts need to rethink the way they manage the rising number of laborers
shifting to freelance and contract modes of employment. HR-tech will prove to
be important in order to assist workers, maintain networks across boundaries,
help managers lead their teams, and drive association.
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Talent
management software industry may be explored by deployment, verticals,
organization size, and geography. The market may be explored by deployment as
Cloud and On-premise. The “Cloud-Based Services” segment led the talent
management software market in 2016 and is anticipated to maintain its dominance
by 2025. The key factor that could be attributed to the growth of market
includes increasing acceptance of cloud-based services. Also, features
including flexibility, agility of the solutions and on-demand services might
contribute greatly to the market growth.
The
industry could be explored based on vertical as Manufacturing, BFSI, IT &
telecom, Recruitment Consultancies, E-commerce and Others. The “IT and telecom”
segment led the talent management software industry in 2015 and is anticipated
to maintain its dominance by 2025.The key factor that could be attributed to
the growth of market includes surging demand from a diverse set of businesses.
The market may be analyzed by organization size as Mid-size organizations,
Small organizations and Large organizations
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North
America accounted for the major share of the Talent Management Software Market
Size in 2017 and will continue to lead in the forecast period. The factors that
could be attributed to the growth include rapid technological developments in
the industry verticals across different economies and presence of a large
number of mid-sized and small enterprises. North America is likely to be
followed by the Asia-Pacific region.
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