Published Date : May 02, 2016
ALBANY, New York, May 02, 2016: MarketResearchReports.biz has announced the addition of a new report, titled ‘Global Talent Management Software Market: Trends And Opportunities (2016-2020),’ to its online repository. According to the report, the global talent management software market is predicted to expand at a rapid pace during the period between 2016 and 2020 owing to the increasing adoption of talent management software by various businesses and the increasing trend of cloud-based TM software.
Talent management software comprises the four pillars of the talent management practice, recruitment, learning and development, performance management, and compensation management. In other words, talent management is the implementation of integrated systems or strategies designed to improve procedures for recruiting and retaining people to meet organizational needs. Some of the common talent management solutions include performance management, goal settings, compensation management, talent acquisition, and career development.
The adoption of talent management software is expected to grow among small-scale and medium-scale businesses in the next few years. Also, technological advancements in software development have helped leading players introduce efficient talent management software in the global market. All these factors are expected to drive the global talent management software market throughout the forecast period.
Despite the global talent management software market being driven by many factors, growth is expected to be hampered by a few limitations. Factors such as barriers for new entrants in the global market, the challenges in selecting the right vendor, and the challenges faced while acquiring new talent management software are responsible for the slow growth of the global talent management software market. However, the changing market trends, the improvements in e-learning technologies, the shift from traditional licensing to SaaS subscription, and the increasing competition among vendors are predicted to propel the global talent management software market in the years to come.
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The global talent management software market is highly fragmented with the presence of small and medium scale companies to large-scale organizations. As the global talent management software market expands, the very large-scale companies are expected to replace standalone systems with smaller systems. Also, medium-sized companies are predicted to acquire small-scale companies to increase their reach in the global talent management software market. With many mergers and acquisitions expected to happen in the near future, the global talent management software market is predicted to become highly competitive. Halogen Software Inc., Oracle Corporation, and Cornerstone OnDemand Inc., are some of the leading players operating in the global talent management software market.
Going forward, leading players are expected to introduce new talent management software and cloud-based applications to match the changing trends. The increasing corporate focus on enhancing employee retention and engagement is expected to benefit the global talent management software market. Also, the growing need to streamline HR functions in organizations is predicted to propel the global talent management software market in the near future.
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