LONDON--(BUSINESS WIRE)--The global talent management software market size is expected to grow by USD 5.41 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Talent management software automates various HR processes to improve business value and help organizations to reach their goals. It helps develop skill sets of employees by providing training and relevant learning courses. Talent management software also allows HR managers to track employees’ performance, review skills and goals, and monitor career aspirations. This improves employee engagement as well as employee satisfaction. Many such benefits offered by talent management software are increasing its adoption among organizations, which is driving the growth of the market.
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The global spread of coronavirus is expected to have a mixed impact on the information technology sectors over the next few years. While several industries are expected to be impacted negatively, the global talent management software market will witness positive growth. This positive growth can be primarily attributed to the growing emphasis on remote working and the growing need to manage the workforce efficiently.
As per Technavio, the rise in the adoption of cloud-based software will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Talent Management Software Market: Rise in the Adoption of Cloud-based Software
Enterprises are increasingly adopting cloud-based talent management software owing to its flexibility and cost-benefits. Cloud-based solutions allow enterprises to scale workload based on their requirements, thereby eliminating the need for setting up data centers that require high capital investments. It also eliminates the need for buying, upgrading, and managing the underlying hardware and software. Moreover, cloud-based solutions allow employees to access the data from anywhere at any time as the data is stored on the cloud. With the increasing adoption of cloud-based talent management software, the growth of the market will accelerate significantly during the forecast period.
“Growing use of social media as a real-time data source for talent management software and strategic partnerships and collaborations among market participants will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Talent Management Software Market: Segmentation Analysis
This market research report segments the talent management software market by deployment (cloud-based and on-premise) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the talent management software market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing adoption of advanced technologies and the rapid digitalization of industries in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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