Talent management software enables the control and management of various aspects of HR actions and helps maintain employees’ details from the date of joining to the date of retirement. Moreover, talent management software incorporates HR activities such as performance management, career pathing management, succession planning, compensation management, assessment and other core HRsolutions, for instance payroll management and leave management. Talent management software helps to develop the productivity of HR staff by providing self-service web interfaces.

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Talent management software allows businesses to manage and access their employee details effectually on a real time basis. Numerous software development providers and vendors are laying emphasis on enrichment of talent management software by integrating value added processing such as human resource compliance management tools, workforce analytics, and other features, for instance process design control. Moreover, increasing workforce globalization is projected to enhance the large scale implementation of talent management software by small and large enterprises. Rising demand for better architectures for talent and recruiting functions is vital to the growing functioning of talent management software models, for instance employee benefit administration, employee verification, and employment application processing.

The talent management software market has been segmented in terms of deployment, enterprise, solution, end-use industry, and region. While considering deployment, the market has been segmented into cloud, and on-premise software. The global market by enterprise type comprises small & medium enterprises (SME’s) and large enterprises. The small and medium enterprise (SMEs) segment consists of the income generated from the sale of talent management software to enterprises/companies with strength of 1-500 employees.

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Large enterprise segment reflects the revenue generated from the sale of talent management software to enterprises/companies with a labor force of more than 500 employees. In large enterprises, adoption of talent management software is already high as it is a cost effective process, improves security measures, and assists in compliance management.

The solution segment of the talent management software market has been divided into performance management analytics, career pathing management software, succession planning software, compensation management, and assessment software. In terms of end-user industry, the market has been bifurcated into BFSI, telecom and IT, government, healthcare, education, manufacturing, retail and others. Geographically, the market has been segmented into North America, Europe, Asia Pacific, Middle East &Africa, and South America.