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Talent Management Software Companies

Talent management software companies provide software solutions that help organizations manage their human resources and talent effectively. These solutions include features for recruiting, onboarding, performance management, and workforce planning. Talent management software enhances HR processes, supports employee development, and ensures organizations have the right talent to achieve their strategic goals.

Talent Management Software Companies

 


Competitive Landscape of Talent Management Software Market:


The talent management software market is a rapidly evolving space, experiencing significant growth due to the increasing awareness of the importance of effective talent acquisition and retention strategies. This market is fragmented with a large number of players, each offering solutions catering to specific needs and budgets. Understanding the competitive landscape is crucial for any organization looking to invest in talent management software.


Key Players:



  • Halogen Software (Canada)

  • Workday Inc.

  • Lumesse Ltd. (U.K.)

  • Saba Software (U.S.)

  • Cornerstone OnDemand (U.S.)

  • Kenexa (U.S.)

  • Taleo Corporation (U.S.)

  • iCims Inc. (U.S.)

  • Sumtotal Systems Inc. (U.S.)

  • Cegid (Talentsoft) (France)

  • Haufe Group

  • Learning Technologies Group (Peoplefluent)

  • Oracle Corporation

  • SAP SE

  • UKG Inc


Emerging Companies:


While established players hold a significant market share, new and emerging companies are constantly innovating and offering niche solutions. Some promising entrants include:



  • BambooHR:¬†Offers a user-friendly and affordable talent management solution for small and medium-sized businesses.

  • Greenhouse:¬†Provides a comprehensive talent acquisition platform with a strong focus on candidate engagement and experience.

  • Gusto:¬†Offers a cloud-based payroll and HR platform with integrated talent management features.

  • Culture Amp:¬†Provides a culture and engagement platform that helps organizations improve employee experience and retention.

  • Hiretual:¬†Offers a data-driven talent acquisition platform that helps organizations identify and attract top talent.


Strategies Adopted:


Key players are adopting various strategies to gain a competitive edge in the market, including:



  • Specialization:¬†Focusing on specific industries or verticals to cater to their unique needs.

  • Product Innovation:¬†Continuously innovating and evolving their solutions to address emerging trends and customer demands.

  • Partnerships:¬†Collaborating with other technology providers to offer more comprehensive solutions.

  • Acquisitions:¬†Acquiring smaller companies with niche expertise to expand their product portfolios.

  • Cloud-based solutions:¬†Offering their solutions as cloud-based services to improve accessibility and scalability.


Factors for Market Share Analysis:


Understanding the competitive landscape requires analyzing key factors that influence market share, such as:



  • Product portfolio:¬†Breadth and depth of features offered by the software.

  • Target market:¬†Specific industries or verticals the software caters to.

  • Pricing strategy:¬†Cost of the software and subscription models offered.

  • Customer service:¬†Quality of support provided to customers.

  • Technology stack:¬†Underlying technology and platform used to develop the software.

  • Brand reputation:¬†Recognition and trust associated with the software provider.


Current Investment Trends:


Current investment trends in the talent management software market highlight the growing focus on specific areas, including:



  • Artificial intelligence (AI) and machine learning (ML):¬†Leveraging AI and ML to automate tasks, improve decision-making, and personalize the employee experience.

  • Talent analytics:¬†Utilizing data and insights to optimize talent acquisition, development, and retention strategies.

  • Learning and development:¬†Providing comprehensive learning and development programs to upskill and reskill employees.

  • Employee engagement:¬†Implementing strategies to improve employee engagement and satisfaction.

  • Remote work and flexible work arrangements:¬†Offering solutions that cater to the needs of a remote workforce.


Latest Company Updates:



September 2023,


Workday and ADP signed a partnership deal to deliver enhanced global payroll, compliance, and HR for all the joint customers. With this partnership between two leaders of the talent management software market, customers will be able to navigate increasing payroll and HR Complexities in the overall changing world of work.New research done by Cornerstone revealed that organizations aren't meeting the employee development needs as specified by the employees. Findings from the research showed that employees want more development opportunities from their organizations, which most of the time aren't offered to them.


Recent Development


Real-time data analysis is a new technology that enables organizations to collect and analyze data in real time which allows them to make data-driven decisions regarding talent management.



Talent Management Software Market Overview


Talent Management Software Market Size was prized at USD 142.1 billion in 2022. The talent management software market is projected to grow from USD 165.2 Billion in 2023 to USD 407.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.26% during the forecast period (2024 - 2032). Process automation, the next generation of high-performing individuals, and employers' growing demand for improved performance management are the major market drivers enhancing market growth. Other significant variables influencing the Talent Management Software Market include team communication, feedback, and aligning individual goals with businesses' goals.


Figure 1: Talent Management Software Market Size, 2023-2032 (USD Billion)


Global Talent Management Software Market Overview.


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Talent Management Software Market Trends


Demand for streamlining the hiring process is driving the market growth


Market CAGR for talent management software is driven by the rising demand for streamlining the hiring process. The market is developing due to several important factors, including the rising use of cloud-based platforms and mobile people management systems. Businesses and HR specialists use software-as-a-service (SaaS) platforms to automate employee retention, recruitment of new hires, and talent pool scouting. A TMS may also aid in hiring, support organizational culture, provide flexible learning opportunities, and identify top performers. Among other technological advancements, machine learning (ML) and artificial intelligence (AI) utilization are promoting economic growth. For example, The SaaS-based employee engagement and performance management startup Trakstar announced in June 2021 that its prior modular solutions would be combined into a single Trakstar Platform. Trakstar Learn is now available for quicker onboarding and employee development, Trakstar Perform is now available for continuing performance tracking and engagement, and Trakstar Hire is now available for better hiring.


Organizations are producing massive amounts of data due to digitization, and pressure is growing on them to use that data strategically to stay competitive. Agencies are increasingly using cloud-based technologies to convert massive amounts of data into information that can be used. Talent management has been shown to be a key competitive advantage for major players. Businesses are converting to cloud-based software due to the many flexible payment and plan options. Also, customized packages' availability depends on several variables, such as the number of users and operating hours. For example, IBM OpenPages announced cloud-based data privacy management software in March 2021, enabling businesses to address new data privacy problems. Thus, driving the talent management software market revenue.


Recent Development - Talent Management Software Market


The talent management platform ClearCompany, which enables HR to maximise talent throughout the employee lifecycle, today announced the launching of six new products and eleven updates to its end-to-end platform in 2023. By bringing people, processes, and platforms together and bringing clarity to the whole talent spectrum, ClearCompany enables businesses to maximise talent by empowering individuals to realise their full potential.


The latest product from Paycom Software, Inc., a top provider of HR software, EverydayTM, was released in 2023. It enables users to receive payments daily* without having to pay a high fee to do so, while also ensuring employers are compliant and are not exposed to potential losses from things like early employee departures.


SAP SE announced the introduction of a new partner reward programme in 2022 that will use partner competency and client results as its two main performance metrics. The SAP PartnerEdge Competency Framework highlights the expertise and skill sets of partners to raise vendor, partner, and customer satisfaction.


On May 25, 2023, Salary.com, a leading global provider of cloud-based compensation software and data solutions, announced that Lighthouse Research & Advisory 2023 HR Tech Awards named its pay equity suite - CompAnalyst, as the Best DEI-Enabling Solution in the talent management category. Today, achieving pay equity has become imperative for businesses. Salary.com's CompAnalyst Pay Equity Suite was selected for its ability to examine pay across internal and external factors.


On Apr. 17, 2023, BetterPlace, a leading workforce management Software-as-a-Service (SaaS) platform in Asia, announced the acquisition of Malaysia's leading flexi talent solutions technology player, TROOPERS to strengthen its tech platform and Workforce-as-a-Service (WaaS) capabilities for Southeast Asia's frontline workforce. The acquisition will accelerate BetterPlace's regional presence and establish a stronger foothold in Southeast Asia. The acquisition marks BetterPlace's second major move in 2023, following its MyRobin majority stake acquisition in Indonesia earlier this year.


On May 17, 2023, Avature, a leading provider of innovative Human Capital Management (HCM) software, released details about its upcoming conference, AvatureUpfront China, to be held on Jun. 9 in Shanghai. Avature is a configurable enterprise SaaS platform for talent acquisition and management.


Building on the success of the virtual edition in 2022, the 2023 event will gather over 80 HR executives and technical professionals from large enterprises. With a focus on the latest HR trends and best practices for success, the event will provide a unique opportunity for HR leaders and their teams to explore the strategies, operations, and tools needed to shape the future of work in the region.


Talent Management Software Market Segment Insights


Talent Management Software Component Insights


The Talent Management Software Market segmentation, based on components, includes solution and services. The solution now has the greatest market share for talent management software and is expected to continue to grow. Performance management, talent acquisition, learning management, compensation management, and other categories are used to group solutions. Talent acquisition commanded the greatest market share in 2022 and is expected to keep expanding in the near future. The personnel acquisition process includes all three onboarding, recruiting, and sourcing. On the other hand, it is anticipated to cause the service segment to expand at the highest rate throughout the forecast period because of the need for advising, installation, and training services before and after this software's implementation. Professional services for the organization's future growth include planning, strategy, and software deployment.


Talent Management Software Deployment Insights


The Talent Management Software Market segmentation, based on deployment, includes on-premise and cloud. In 2022, the cloud sector dominated the market. The expansion of the market is being driven by the rising popularity of cloud-based services, which provide numerous additional advantages like on-demand services, flexibility, and agility of the solutions. Because they provide advantages like on-demand services, adaptability, and agility of solutions, cloud-based solutions are widely used. The benefits of cloud-based services and solutions include regular software updates, improved user experience, and improved dashboards and analytics.


May 2022 TriHealth, a premier integrated health system in Greater Cincinnati, has chosen Oracle Fusion Cloud Human Capital Management (HCM) to consolidate and streamline its existing HR processes. With Oracle Cloud HCM, the company's HR department will be able to reduce manual processes to boost employee engagement, allowing its more than 13,000 employees and physicians to spend less time on administrative tasks and more time caring for patients.


Talent Management Software Organization Size Insights


The Talent Management Software Market segmentation, based on organization size, includes SMEs and large enterprises. Large enterprises dominated the market. To provide services like staff headcount, working hours, and others, large firms are likely to link their talent management systems with developing technologies. Large firms use analytical tools to deal with issues like identifying the risk of high-potential individuals departing for various nations and crucial roles. The talent management technology market is expected to grow at the quickest rate among small and mid-sized businesses. Market players must provide economic solutions resulting in high-quality and valuable outcomes. Similarly, it is anticipated that spending on HR technology will increase significantly in mid-sized businesses in the next years.


Figure 2: Talent Management Software Market by Organization Size, 2022 & 2032 (USD billion)


Talent Management Software Market by Organization Size


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Talent Management Software Regional Insights


By Region, the report provides market insights into Asia-Pacific, Europe, North America, and Rest of the World. The Asia Pacific talent management software market will dominate this market because of the area's willingness to accept cutting-edge and new technologies. Also, a fundamental transformation in the region's organizational management structure is fueling demand in the developing world. China has the fastest-growing cloud computing market in the entire world. Early adopters of cloud computing services include China. The size of the Chinese market for cloud infrastructure services will increase by 45% to USD 27.4 billion in 2021, claims Canalys. Moreover, China’s talent management software market held the largest market share, and the Indian talent management software market was the fastest-growing market in the Asia-Pacific region.


Further, the leading countries studied in the market report are U.S., Canada, German, UK, France, Spain, Italy, Japan, China, Australia, India, South Korea, and Brazil.


Figure 3: TALENT MANAGEMENT SOFTWARE SHARE BY REGION 2022 (%)


TALENT MANAGEMENT SOFTWARE SHARE BY REGION


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Europe talent management software market accounts for the second-largest market share. Strong talent management software for staff selection, mobility, and assessment is expected to be in high demand due to active government initiatives and policies connected to talent management. The European government is implementing such policies to create a capable, skilled, flexible workforce for the benefit of Europe. Further, the German talent management software market held the largest market share, and the UK talent management software market was the fastest-growing market in the European region


The North American Talent Management Software Market is estimated to expand at a rapid rate from 2023 to 2032. North America is a potentially developed region for the adoption of talent management, core HR, and recruitment technologies, according to a survey conducted by Cornerstone OnDemand, Inc. The market is expanding due to well-known HCM software providers like Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation, among others.


Talent Management Software Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the talent management software market, grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the talent management software industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global talent management software industry to benefit clients and increase the market sector. In recent years, the talent management software industry has offered some of the most significant advantages to medicine. Major players in the talent management software market, including Lumesse Ltd. (U.K.), SAP SE, Cornerstone OnDemand (U.S.), Saba Software (U.S.), and others, are attempting to increase market demand by investing in research and development operations.


Ceipal is the creator of a human capital management platform that aims to improve workforce management. With complete alerts, the company's platform helps organizations manage their talent pool and employees by managing job posts, applicant profiles, interviews, feedback, hiring of appropriate applicants, and onboarding. In October 2021, Ceipal introduced the industry's first AI-powered solution for addressing diversity, equality, and inclusion (DEI) across any organization's workforce and all talent acquisition channels. Ceipal's ground-breaking, patent-pending DEI solution uses powerful AI technology to provide recruiting businesses with total visibility into their workforce and hiring processes and then assists in closing diversity gaps.


BambooHR is the premier software vendor fueling the strategic transformation of HR in small and medium businesses, with over 26,000 clients and 2,500,000 employees. BambooHR's cloud-based system provides a simple and cost-effective approach for expanding businesses to handle critical personnel information in a tailored Human Resources Information System (HRIS). In May 2022, BambooHR launched Employee Wellness. Users of the new feature can survey employees to gauge their general well-being and level of career satisfaction. Employee Wellness investigates how employees feel and how organizations help them. Employee Well-being measures employee satisfaction in four areas: happiness, relationships, personal motivators, and company motivators.


Key Companies in the talent management software market include



  • Halogen Software (Canada)

  • Workday Inc.

  • Lumesse Ltd. (U.K.)

  • Saba Software (U.S.)

  • Cornerstone OnDemand (U.S.)

  • Kenexa (U.S.)

  • Taleo Corporation (U.S.)

  • iCims Inc. (U.S.)

  • Sumtotal Systems Inc. (U.S.)

  • Cegid (Talentsoft) (France)

  • Haufe Group

  • Learning Technologies Group (Peoplefluent)

  • Oracle Corporation

  • SAP SE

  • UKG Inc


Talent Management Software Industry Developments


June 2022 Cornerstone OnDemand, Inc., a supplier of adaptive human resource solutions, has announced the merger of EdCast and Zoom Video Communications, Inc. Cornerstone's EdCast embeds learning and training capabilities within Zoom Meetings to boost productivity and upskilling. The EdCast Zoom app will help you include contextual material, content recommendations, and increased productivity into your workflow.


March 2022 JumpCloud and BambooHR have joined forces to speed up, automate, and secure employee onboarding and offboarding. The goal was to create an integration that would provide a premium employee experience throughout the employment lifecycle. Integrating BambooHR with the JumpCloud platform enables enterprises to ease and secure employee onboarding by delivering resources such as PCs, software, and cloud infrastructure.


Talent Management Software Market Segmentation


Talent Management Software Component Outlook




  • Solutions



  • Services



Talent Management Software Deployment Outlook



  • On-Premise

  • Cloud


Talent Management Software Organization Size Outlook




  • SMEs



  • Large Enterprises



Talent Management Software Regional Outlook




  • North America

    • US

    • Canada




  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World

    • Middle East

    • Africa

    • Latin America



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