The global talent management software market was valued at close to USD 6 billion in 2015 and is expected to surpass USD 9 billion by 2020, says Technavio.
Technavio has announced its latest market research report on the global talent management software market to its enterprise application portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Cornerstone OnDemand, Halogen Software, Lumesse, SAP SuccessFactors, and Oracle.
According to Amrita Choudhury, a lead analyst for enterprise application research at Technavio, “The companies across the globe are adopting SaaS-based talent management software as it is economical and improves the efficiency of the HR processes. These solutions are highly advanced and offer better functionality than traditional HR software; making it very popular in the global market.”
The acceptability of SaaS-based solutions is increasing in the market as these solutions enable organizations to access data and services remotely through a web browser, without installing and managing application software. These systems provide deployment flexibility and have a short implementation time. Since they help reduce the cost of implementation and improve the ROI, their demand among the end users is increasing.
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Integration of talent management software with analytics tools
The companies in the market are integrating analytics with talent management software to increase the productivity of the HR process. These analytical tools help the end-users to track and monitor recruitment marketing data in real-time. The tracking of sourcing data helps the companies trail qualified candidates, the amount of time spent on a career site, and check the source used for applying for the job vacancy.
Emergence of video tools
Video tools are the new and innovative methods employed by the enterprises to improve their talent management process. Video-based interviewing redefines the traditional interview processes and creates new opportunities for organizational growth and productivity. Furthermore, it also helps improve the HR processes and creates a positive candidate experience.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Talent Management Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Performance Appraisal and Management Software Market 2016-2020
- K-12 Talent Management Software Market in the US 2016-2020
- Human Capital Management Software Market in Germany 2016-2020
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