" Radiant Insights, Inc" The report covers the present scenario and the growth prospects of the global talent management software market for 2018-2022.
According to a report made available by Radiant Insights, Inc.; the global talent management software market is likely to expand progressively in terms of CAGR by 2022. Factors such as increasing need for better performance management among companies and rising adoption of mobile devices are anticipated to driver market. Development of new software and technologies like big data analytics and emergence of social media platforms can further propel growth during the forecast period (2018 to 2022).
Talent management software enables efficient management of monitoring, automating, and analyzing human resource functions across organizations. Upward trend of using video platforms for recruitment is expected to drive market growth in near future. Growing use of analytics to map performances and forecast the consequences are also expected to boost the product use over the forecast period. Introduction of cloud platform is a major market driver.
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Advancements in cloud computing have improved and simplified abilities of talent management software. Central administration and control of all the resources is anticipated to boost adoption over the forecast period. Increasing use of web-based applications, rapid digitization, and development of mobile apps are likely to support market growth. Mobile platforms play a crucial role in transformation of various essential talent management stages including recruitment, learning, and training. However, issues related to data privacy and security risks associated with cloud-based products and services are expected to hinder market growth.
The worldwide talent management software market can be segmented on the basis of deployment model and region. Based on deployment, the market can be classified into on-premises and cloud-based. Geographically, the market can be divided into Americas, Europe and Middle East & Africa (EMEA), and Asia Pacific.
Americas is anticipated to continue dominating the global market in the forthcoming years. This growth can be attributed to technological developments and increasing use of social media platforms. Rising adoption of the software in small and mid-sized organizations is expected to further propel regional growth. Asia Pacific is expected to be the fastest growing market for talent management software over the forecast period. Rapid digitalization and adoption of cutting-edge technologies in organizational management are anticipated to boost regional market. Factors such as diverse regulatory compliances and limited availability of efficient Internet connectivity are anticipated to further propel regional growth.
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Some of the leading companies operating in the talent management software market include Oracle; SAP Success Factors; Market positioning of vendors; SAP Success Factors; and Vendors covered. The market boasts of various small and large vendors. Most market players emphasize on new trends such as customization, transparency, and employee engagement to cater to evolving customer requirements. Several companies offer integrated solutions while others focus on providing a specific functionality as a products or services.
For instance, WNS, a Business Process Management (BPM) services provider recently introduced a WNS TalentTurf. This comprehensive and real-time performance engagement platform possesses digital capabilities, functional expertise, and analytics in talent management process. The platform is accessible on web, mobile and tablets. It supports different operating systems including iOS, Windows, and Android. It can be integrated with several known Enterprise resource Planning (ERP) systems. This enables a seamless flow and collation of enterprise data such as feedback, recognition, promotion, and talent development. Thus, delivering a collective and transparent view for managers and employees.
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