Talent management software offers integrated software solutions. These solutions manage functional aspects of the Human Resource (HR) Department. A recent study by Grand View Research, Inc. predicts significant growth for the worldwide talent management software market from 2015 to 2022.
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Talent management software improves the efficiency of HR domains. Some of these domains include talent acquisition, compensation, performance management, workforce planning, and succession planning. Better efficiency of these domains contributes to smooth HR operations. Companies are recognizing the importance of hires and retains regarding talented staff.
This factor is helping them achieve business goals. However, these organizations often lack resources to build in-house software. This is specifically true in case of small and medium organizations. Multinational companies are implementing solutions that can be customized according to local culture, language, and workforce dynamics.
Cloud-based HR solutions favorably impact the talent management software market. Promotion of smartphones and social media as a recruitment tool is also fuelling the market. However, the market faces some challenges. Poor consumer awareness regarding such solutions is leading to continued use of traditional HR tools in organizations.
Moreover, choosing solutions that can be seamlessly linked with existing HR software applications can be time-consuming. Understanding the technical requirements and integrating various modules of the software involve complexity. Also, changing labor policies lead to repeated software customization, thus raising organizational costs.
Based on the breadth and kind of solutions, the talent management software market is segmented into assisting and administration. Assisting solutions comprise recruitment, training, performance measurement, succession management, and business intelligence. Administration includes attendance, benefits, payroll, and time management.
As per size, the market is categorized into small, medium, and large. The application sectors are Telecom, BFSI, retail, and IT – Information Technology. The other applications include education, media, manufacturing, government, and healthcare.
With reference to geographical regions, North America and Asia Pacific are likely to lead the market in the next seven years. Asia Pacific will be driven by cloud-based technologies. Emerging economies like China and India would generate most of the demand.
Notable participants in the talent management software market encompass AP A.G., SumTotal Systems Ltd., Oracle Corporation, IBM Corporation, and Cornerstone OnDemand.
Information Source: Grand View Research
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