A key factor driving the growth of the market is the growing importance of talent management in terms of evaluation criteria. Talent management is imperative in the current business scenario, as with the increase in diverse competencies, growth of specialized needs in human resources, and rising sophistication in the management of talent, organizations need a structured and systematic human resource management software. The process identifies the competency gaps and lays down the competencies that are required for the effective growth of the organization.
This market research report on the global talent management software market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the emergence of cloud computing services as one of the key emerging trends in the global talent management software market:
Global talent management software market: Emergence of cloud computing services
The introduction of cloud computing has improved and simplified the capabilities of talent management software. Cloud computing enables the central administration and control of all resources, including HR-related activities. Cloud computing eliminates the need for users to update and maintain their IT infrastructure. Services and maintenance are provided by vendors of talent management software. Service-level agreements (SLAs) ensure reliable delivery, management, and maintenance.
“Organizations worldwide are adopting cloud computing to reduce the cost of managing enterprise IT infrastructure. With cloud computing services, end-users can concentrate on the organizational core activities rather than manage IT applications. Further, enterprises can establish the rapid deployment model, which enables applications to be scaled quickly to address changing requirements,” says a senior analyst at Technavio for research on enterprise application.
Global talent management software market: segmentation analysis
This market research report segments the global talent management software market by geographical regions to include APAC, EMEA, and the Americas.
The Americas led the market with the largest share in 2017. The region accounted for 49% of the market followed by EMEA and APAC. The dominance of the Americas can be attributed to the maturity and growth of IT and manufacturing sectors in the region. The strong presence and penetration of key vendors and the presence of favorable compliance standards will further drive the market in the region. Although APAC held the smallest share of the market it is expected to witness the maximum increase in its market share over the forecast period, while the other two regions will witness a decline in their market shares.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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