The Europe Talent Management Software Market would witness market growth of 11.0% CAGR during the forecast period (2023-2030).
The rising need for real-time employee involvement in companies across all industries has been identified as the key driving the market. In addition, the increased use of social networks has prompted the incorporation of talent management features onto these platforms. These features further boost the market. The market has seen a significant growth tendency in recent years, which is anticipated to continue during the forecast period.
The workforce management in enterprises is being disrupted by several new technologies, the most prominent of which are cloud computing and data analytics. The main factors driving the rising demand for software solutions are the quick adoption of web-based applications and digitization. At the same time, it is also anticipated that as more sectors adopt talent management tools and solutions, more new and improved tools will enter the market.
Analytics are used more frequently to guide human resources initiatives, including applicant tracking, onboarding, retention, and data-driven decision-making. The market can assist small businesses in capturing, compiling, and reporting the data needed to increase productivity. Software for managing personnel via the cloud can be used anywhere and integrated with other essential business platforms such as accounting software.
In the UK, a 7.4% increase in spending from 2020 puts the anticipated total cost of current health at £277 billion in 2021. When accounting for the impact of inflation on the economy, total current health spending rose by 7.1% in real terms in 2021 as opposed to 10.0% in 2020. The region’s preference for HR-based solutions, like talent management software, to retain and utilize its workforce most effectively is anticipated to rise due to the significant presence of the healthcare industry and it’s standing as one of the top employers in the region. This will propel the growth of the regional market.
The Germany market dominated the Europe Talent Management Software Market by Country in 2022; thereby, achieving a market value of $1.3 billion by 2030. The UK market is poised to grow at a CAGR of 10.1% during (2023 - 2030). Additionally, The France market would witness a CAGR of 11.8% during (2023 - 2030).
Based on Solution, the market is segmented into Employee Lifecycle Management, Talent Acquisition, Performance Management, Learning & Training Management and Compensation Management. Based on Deployment, the market is segmented into On-premise and Cloud. Based on Application, the market is segmented into IT & Telecom, BFSI, Government, Healthcare, Retail, Education and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Talent Management Software Market is Projected to reach USD 19.4 Billion by 2030, at a CAGR of 11.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cornerstone OnDemand, Inc., Workday, Inc, Trakstar, Cegid, Bamboo HR LLC., Oracle Corporation, SAP SE, IBM Corporation, The Sage Group plc, and 15Five, Inc.
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