Talent Management software (TMS) provides solutions for all workforce management needs, which include performance management, strategic hiring, and development. The talent management software package consolidates the four essential pillars of talent management?recruitment; learning and development; performance management; and compensation management.
Traditionally, human resource management systems (HRM) and enterprise resource planning (ERP) were intended to focus on management of the basic human resources process. However, the talent management software emphasizes on the long-term organizational goals and retention of top talent. Further, it helps to execute a strategic hiring process along with safeguarding of the employee development and selection of the right person for the job.
The TMS market has reinvented itself through continual adoption of advanced technologies and dynamic human resource practices. The factors that drive the growth in the talent management software market are next generation performing employees, process automation, and rising need of better performance management among organizations. In addition, the alignment of the personal goals with the organizations, team collaboration, and feedback are other influential factors affecting the global talent management software market.
Further, the need of global communication for the workforce, integration with social media for the better management, and real-time workforce engagement will give an uplift to the TMS market in the near future. However, the cost of the TMS hardware and ever-changing talent management practices hamper the growth of global TMS industry.
The talent management software market is evolving very rapidly, as small and medium scale organizations are looking to invest in the TMS, owing to the need to implement better employee performance management systems and the cost-efficient advantages of TMS. Various key vendors have launched novel products in the market that cater to this rising need. For instance, in the year 2017, IBM Corporation launched Kenexa solution that integrates the need of a smarter workforce like employee assessment and IO psychology with various solutions offered by the company. Another example is of the company named People Matters that launched a modular TMS in February 2012, which is focused mainly on the service industry.
The talent management software market growth is segmented into four types based on platform type, organization size, industry vertical, and geography. The platform segment is further divided into solution and services. The solutions segment has various components such as human resource planning, talent acquisition, performance management, and learning management. The services segment is divided into support, training, and professional service. In terms of organization size, it is categorized into large and small & medium organizations. In terms of industry vertical, it is segmented into banking and financial services, & insurance (BFSI), IT and telecom, manufacturing, retailing, education, government, media & entertainment, and others which include power, automation, and transport. The market segmentation on the basis of geography includes North America, Europe, Asia-Pacific, and LAMEA.
Comprehensive talent management software market analysis and profiles of the major market players such as Kenexa, SuccessFactors, Oracle Taleo, Cornerstone, Saba Cloud, PeopleFluent, People matter, Ultimate Pro, Lumesse ET Web, and Sum Total Systems are also provided in this report.
- This report is an extensive analysis of current and potential market trends in the dynamic global market of TMS.
- Geographically, the talent management software market trend is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA.
- The report contains in depth quantitative analysis of current and future market estimations which helps in recognizing the appealing talent management software market opportunities.
- Extensive analysis of the global TMS market by the types helps in understanding the current practices for the better investment decisions.
- Key market players within the TMS market are profiled in this report and their strategies are analysed thoroughly, which helps in understanding competitive outlook of global talent management tools.
- SWOT analysis shed light on the internal environment of the leaders of the talent management software market.
- Extensive analysis of the talent management tool market is conducted by monitoring the top competitors within the market framework.
Talent Management Software Market Report Highlights
By Deployment Mode
By Organization Size
By Industry Vertical
Key Market Players
IBM, Talentsoft, ABB Ltd., Skillsoft SumTotal, Saba, Cornerstone on Demand, Workday, Learning Technologies, Lumesse, Oracle