North America Talent Management Software Market Insights Forecasts to 2032

• The North America Talent Management Software Market Size was valued at USD XX Billion in 2022.
• The Market is Growing at a CAGR of 11.6% from 2022 to 2032.
• The North America Talent Management Software Market Size is expected to reach XX Billion by 2032.

The North America Talent Management Software Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 11.6% during the Forecast period 2022 to 2032.

Market Overview

Recruitment, performance management, learning and development, and compensation management are all aspects of the job, thus it's a stand-alone application from a specialty provider that concentrates on one aspect of the process, like a learning management system. Human resource managers employ talent management software to gain a competitive advantage. Because it handles certain tasks, talent management software is often known as a talent management system. Human resource management systems (HRM) and enterprise resource planning (ERP) have traditionally been designed to focus on the basic human resource process. However, talent management software focuses on long-term organizational goals and top talent retention. Furthermore, it aids in the execution of a strategic hiring process, as well as the safeguarding of employee development and the selection of the right person for the job. Large organizations’ increased usage of cloud infrastructure, as well as gains in labour productivity and efficiency brought on by HRM solutions for payroll management, time management, and talent management. For effective business operations, wealthy nations in the region, especially the United States and Canada, have actively funded digital solutions and technology. In addition, in a range of industries, this region places a greater premium on productivity, perks, compensation, and performance. These factors are projected to contribute to the region's market growth.

Report Coverage

This research report categorizes the market for North American talent management software market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North American talent management software market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America talent management software market.

Driving Factors

The increasing use of cloud-based platforms as well as mobile-based workers management systems will demand for talent management software market in North America.  The services and flexible cloud access are being introduced by businesses to assist their operations. In April 2022, Oracle Corporation launched a platform called Oracle Fusion Cloud Human Capital Management, which aims to improve employee success by encouraging increased communication, listening, productivity, and engagement. Companies offer such software solutions via the private cloud in order to provide multi-level physical and logical security features; as a result, private cloud investment is increasing. The increasing demand for process transparency benefits both the industry and software preferences via the cloud. Furthermore, enterprise companies also use management software system usage. To optimize their operations such applications are intended to assist them in accomplishing this goal. Manufacturing, travel & transportation, and retail are all rapidly increasing industries.

Restraining Factors

Some factors, such as a lack of knowledge about the software's advantages, are restraining the market growth. The amount of effort, time, and money spent on talent management is massive. Talent management requires the use of technology to map talent at all levels of the organization, which also has high prices. Furthermore, since there is a lack of resources, the majority of companies find it difficult to invest in innovative technologies. As a result, talent management systems are only used by a small number of businesses, limiting market growth.

Market Segment

• In 2022, the talent acquisition segment accounted for the largest revenue share over the forecast period.

Based on the type, the North America talent management software market is segmented into talent acquisition, performance management, compensation management, and learning management. Among these, the talent acquisition segment has the largest revenue share over the forecast period. The recruiting and HR teams handle and monitor the recruitment process using a performance management dashboard. The demand for smooth onboarding, recruiting, and sourcing processes is expected to drive the market growth.

• In 2022, the cloud segment is expected to hold the largest share of the North American talent management software market during the forecast period.          

Based on the deployment mode, the North American talent management software market is classified into cloud, and on-premise Among these, the cloud segment is expected to hold the largest share of the North America talent management software market during the forecast period. The increasing popularity of cloud-based services is driving the segment's growth because it offers numerous extra advantages such as services on demand, flexibility, and agility of the solutions. Cloud-based products are expected to gain demand for the forecast period.

• In 2022, the IT and telecommunication segment accounted for the largest revenue share over the forecast period.

On the basis of end use industry, the North American talent management software market is segmented into IT and telecommunication, BFSI, government, healthcare, education, and manufacturing. Among these, the IT and telecommunication segment has the largest revenue share over the forecast period. This industry is dealing with massive difficulties as a result of digital rivalry, a volatile economy, and a new generation of customers with accurate information and high expectations. As a result, there is a strong demand for a highly trained workforce as well as advanced recruiting strategies. In order to change the demand for appropriate criteria, talent management platforms provide comprehensive insights and efficient business strategies.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America talent management software market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Cegid
• Bamboo Hr Llc.
• Oracle Corporation.
• Sap SE.
• IBM Corporation
• Cornerstone OnDemand, Inc.
• Workday, Inc.
• The Sage Group PLC.
• 15Five, Inc.
• Trakstar.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In May 2022, Oracle Human Capital Management (HCM) was chosen by TriHealth to streamline and integrate its existing HR systems. TriHealth's staff was able to reduce manual processes and increase employee engagement as a result of this.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North American talent management software market based on the below-mentioned segments:

North America Talent Management Software Market, By Type

• Talent Acquisition
• Performance Management
• Compensation Management
• Learning Management

North America Talent Management Software Market, By Deployment

• Cloud
• On-premise

North America Talent Management Software Market, By End Use Industry

• IT and Telecommunication
• BFSI
• Government
• Healthcare
• Education
• Manufacturing

North America Talent Management Software Market, By Country

• United States
• Canada
• Mexico
• Rest of North America