Global Talent Management Software market report 2024, Forecast To 2033

The talent management software market size has witnessed rapid expansion in recent years, surging from$13.16 billion in 2023 to$15.24 billion in 2024, with a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to vendor innovation and market competition, user-friendly interfaces, the shift to cloud-based solutions, and the emphasis on performance and goal management. Looking ahead, the talent management software market is poised for rapid growth, reaching$27.61 billion in 2028, with a compound annual growth rate (CAGR) of 16.0%. This growth in the forecast period can be attributed to the shift to hybrid work models, a focus on employee well-being, addressing skills gaps and talent scarcity, efforts in diversity, equity, and inclusion (DEI), and the evolution of continuous performance management. Major trends in the forecast period include talent mobility and internal mobility, employee well-being and engagement, integration with HR ecosystems, security and compliance features, succession planning and leadership development, and integration with HRIS and ERP systems.