Talent Management Software (TMS) is an integrated set of software applications that Human Resource (HR) management professionals use to hire and retain employees. TM software involves a set of HR capabilities to help businesses and organizations solve common HR pain points and meet highly strategic goals.
According to Sherry James, Corporate Sales Specialist, Grand View Research, Inc, the global TMS market is expected to reach 24.03 billion by 2025. The talent management industry is undergoing a facelift with many new technologies disrupting the workforce management in organizations, of which cloud and data analytics are the most prominent ones. In 2015, the global TMS market size was valued at 6.26 billion. Comparing that, to what it’s supposed to reach to, is a significant growth, owing to its growing application scope in almost all the human capital-centric industries.
Mobile platforms are also revolutionizing some important Talent management stages, such as recruitment, learning and training – thus driving competition in the market. From an article posted on PR Newswire, industry leaders have been providing the products in the market for quite some time, but trends such as transparency, customization, and employee engagement are expected to be at the forefront of the new and upcoming offerings to customers.
The increasing use of analytics to map the performances and predict the future outcomes has had a positive effect on the adaptation to technology in demand as well. “Solution integration and the availability of middleware from vendors are also an important step forward for the industry standardization,” adds James.
The article points out further key finding from the full report, such as HR departments that are responsible for decisions concerning Talent management systems and how they are now witnessing a shift toward integrated solutions. As the industry is moving toward digital management and cloud-based applications, there is a looming threat of data breaches that companies need to be extremely cautious about.
Key industry participants include IBM, Oracle, Peoplefluent, Cornerstone OnDemand, Haufe, Lumesse, Deltek, Saba Software and Halogen Software, amongst others.