The role of human resources within the organizational structure has changed dramatically over the years. Talent management, as the name itself proposes is managing the competency, ability and power of employees within an organization. Talent Management market continuous to surge forward in all the organization sizes across various industry verticals. The concept of talent management is not limited to recruiting the right candidate but it extends to analyzing the hidden and unusual qualities of employees and developing and nurturing them to get the desired results.
The talent management is a forward looking function. TMS helps organizations flexibility, performance and provides information and tools to plan the growth, change acquisition and critical new product and service initiatives. The biggest driving force of this market is need of real time employee engagement. Thus, this factor is helping organisations in increasing the organization effectiveness due to timely actions. Organizations widely consider incorporating TMS for correct decision-making across each critical business matter which includes management of budget, resource hiring, training and development and overall functionality of organization structure. Thus this increasing demand has given rise to build more specific integrated software’s which leads to improving employee engagement, positively impacting retention, performance, productivity, innovation and learning.
Further, over the years, the business software delivery models have evolved from on-premises deployment to cloud offerings, which has recently become the most popular and demanding talent management software delivery platform in talent management. The pervasive surge in mobile devices and increasing interest in social networking is easing out the procedure of real time engagement feedbacks, learning platform and easy collaboration. Hence, the TMS vendors are coming up with collaborative social media tools for increased clientele.
The North American market has the highest TMS deployment base globally due to the economic advancement in that region. In the near future, MarketsandMarkets expects the TMS software market to rise in the emerging economies of Asia-Pacific (APAC) and Latin America (LA) due to the increasing demand and minimizing the cost.
MarketsandMarkets expects North America (NA) to retain its position as the highest revenue generator for the TMS market, while significant revenue growth is expected from the APAC, MEA and LA regions. The total Talent Management software market is expected to grow from $5,270.3 million in 2014 to $11,367.0 million by 2019, at an estimated Compound Annual Growth Rate (CAGR) of 16.6% from 2014 to 2019.
Talent Management Software (TMS) Market by Solution (talent acquisition, workforce planning, learning, compensation, and performance management), by Services, by Deployment Mode, by Organization Size, by Verticals, and by Regions - Trends and Forecasts to 2019
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