The market for talent as a service is expected to reach US$ 1,173.6 Million by 2032, growing at a CAGR of 11.7% from its estimated value of US$ 387.0 Million in 2022.
The rising penetration rate of cloud-based platforms, as well as the adoption of mobile-based personnel management systems, are major drivers driving market expansion. Organizations and HR professionals are increasingly turning to talent-as-a-service (TaaS) platforms to automate the scouting, identifying, and hiring of new talent from talent pools, as well as the retention of existing employees.
| Report Attribute | Details |
|---|---|
| Talent as a Service Market Value (2022) | US$ 387.0 Million |
| Talent as a Service Market Anticipated Value (2032) | US$ 1,173.6 Million |
| Talent as a Service Market CAGR (2022 to 2032) | 11.7% |
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Organizations are producing enormous volumes of data as a result of digitalization, and pressure is mounting to use that data to their advantage to remain competitive. Agencies are increasingly using cloud-based technologies to transform enormous amounts of data into actionable knowledge. For significant players, talent as a service is proven to be a crucial competitive advantage.
Due to the numerous flexible payment and plan alternatives, businesses are switching to cloud-based software. Additionally, the accessibility of customized packages depends on a variety of factors, including the hours of operation, the quantity of users, and others. This feature lowers the cost of the program and increases accessibility for small businesses. As a result, cloud-based talent as a service provides businesses with a model that is tailored to their requirements and includes analytical features and people management skills.
The majority of businesses still have a long way to go in terms of talent analytics, even though data and analytics have long been utilized to guide business choices. One of the main problems impeding the growth of talent in the service industry is a lack of awareness of the advantages of the technology. Furthermore, there may be considerable resource, time, and financial implications associated with talent management. To map out the talent requirements at all levels of the business, talent as a service requires the use of tools, which can be costly. Due to their limited resources, small and medium-sized firms (SMEs) find it challenging to invest in cutting-edge technologies. As a result, talent as a service technician is not widely used by businesses.
Principal Consultant
As per Future Market Insights, the talent as a service market increased from USD 266.3 Million in 2018 to USD 351.5 Million in 2021, growing at a CAGR of 12.3%.
In its most basic form, talent as a service is an extremely efficient, affordable alternative to a completely manual hiring process. If you need to acquire new employees but don't have the time or resources to do so, outsourcing your hiring process is the solution. have the choice to outsource your hiring process to a capable group of recruiters at a highly affordable price with talent as a service. These factors are likely to surge the market which is anticipated to grow at a CAGR of 11.7% to reach a valuation of US$ 1,173.6 Million till 2032
Due to digital competition, an unstable economy, and a new generation of customers with detailed knowledge and high expectations, the IT and telecom business is currently experiencing enormous difficulties. As a result, there is a greater need for both sophisticated recruitment strategies and a workforce that is better trained.
In response to the requirement for acceptance criteria, talent management systems deliver comprehensive insights and effective business strategies. The shifting dynamics of employee connections and the increasing reliance of the industry on digitization for management are driving the demand for management solutions across BFSI.
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The USA has dominated the market and is expected to remain so in the foreseeable future. The USA is a potentially developed location for adopting talent management, core HR, and recruiting technology, according to a survey conducted by Cornerstone OnDemand, Inc. The existence of significant HCM software providers such as Ceridian HCM Holding Inc., Oracle Corporation, and IBM Corporation, among others, is helping to drive market expansion.
During the forecasted period, Europe is expected to grow at a rapid pace. Demand for robust talent management software for staff selection, mobility, and assessment is expected to be generated by active government activities and legislation connected to talent management. Such policies are being implemented by the European Union to create a competent, trained, adaptive, and networked workforce at the service of Europe. European companies will eventually need to develop source initiatives, obtain, and retain talent internationally when the talent shortages in other regions of the world are combined with misconceptions about the European labor market.
Due to an increase in regional governments' digitalization activities, Asia-Pacific is predicted to experience significant development between 2022 and 2032 at a CAGR of 10.5%.
The Japan region is predicted to grow at the fastest rate. The market's expansion may be attributed in large part to enterprises adopting innovative technology. A significant change in organizational management technology is driving demand throughout the industrialized world. Due to the active ecosystems, SMEs are expected to drive the use of this software in countries such as Japan, India, and Australia. Large enterprises in IT and telecom, BFSI, manufacturing, education, and other sectors, on the other hand, are expected to produce considerable income.
Some of the market's major players are Talentsoft, IBM Corporation, Oracle Corporation, Cisco Systems, Inc., CornerStone OnDemand, Inc., and others. These businesses are now providing innovative solutions that are combined with cutting-edge technology such as AI, cloud computing, and others. Furthermore, the intense market rivalry is prompting significant businesses to rely on acquisition strategies to improve their positions.
Trakstar, a SaaS-based employee engagement, and performance management firm, announced the integration of its prior modular solutions into the Trakstar Platform in June 2021. Furthermore, Oracle Corporation introduced Oracle Analytics, a cloud-based HCM platform, in May 2020 to enhance the decision-making powers of HR teams and boost business performance.
Recent Developments in the Talent as a Service Market
| Attribute | Details |
|---|---|
| Forecast period | 2022 to 2032 |
| Historical data available for | 2018 to 2021 |
| Market analysis | USD Million in value |
| Key regions covered | North America; Europe; Asian Pacific |
| Key countries covered | USA, Germany, France, Italy, Canada, The United Kingdom, Spain, China, India, Australia |
| Key segments covered | Training type, End-use, Region |
| Key companies profiled | Cisco Systems, Inc. (USA); IBM (USA); Siemens (Germany); Microsoft (USA); Hitachi Ltd. (Japan); Schneider Electric (France); Huawei Technologies Co., Ltd (China); Intel Corporation (USA); NEC Corporation (Japan); ABB (Switzerland); Itron Inc., (USA); Oracle (USA); Fujitsu (Japan); Honeywell International Inc.,(USA); Accenture (Ireland); SAP SE (Germany); Sensoneo (Finland); Big belly solar, LLC (USA) |
The talent as a service market size is assessed to be US$ 387.0 Million in 2022.
The talent as a service market size is assessed to be US$ 1,173.6 Million in 2032.
The talent as a service market is expected to rise at a CAGR of 11.7%.
The USA is dominating the Talent as a service market.
1. Executive Summary | Talent as a Service Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Organization Size
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Organization Size, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Organization Size, 2022 to 2032
5.3.1. Small Medium Businesses
5.3.2. Large Enterprises
5.4. Y-o-Y Growth Trend Analysis By Organization Size, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Organization Size, 2022 to 2032
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Verticals
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Verticals, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Verticals, 2022 to 2032
6.3.1. Banking Financial Services & Insurance (BFSI)
6.3.2. Healthcare
6.3.3. IT & Telecom
6.3.4. Retail
6.3.5. Manufacturing
6.3.6. Education
6.3.7. Government
6.3.8. Media & Entertainment
6.3.9. Others
6.4. Y-o-Y Growth Trend Analysis By Verticals, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Verticals, 2022 to 2032
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2017 to 2021
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2022 to 2032
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa(MEA)
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
8.2.1. By Country
8.2.1.1. USA
8.2.1.2. Canada
8.2.2. By Organization Size
8.2.3. By Verticals
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Organization Size
8.3.3. By Verticals
8.4. Key Takeaways
9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Organization Size
9.2.3. By Verticals
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Organization Size
9.3.3. By Verticals
9.4. Key Takeaways
10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Organization Size
10.2.3. By Verticals
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Organization Size
10.3.3. By Verticals
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. India
11.2.1.5. Malaysia
11.2.1.6. Singapore
11.2.1.7. Australia
11.2.1.8. New Zealand
11.2.1.9. Rest of Asia Pacific
11.2.2. By Organization Size
11.2.3. By Verticals
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Organization Size
11.3.3. By Verticals
11.4. Key Takeaways
12. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of Middle East and Africa(MEA)
12.2.2. By Organization Size
12.2.3. By Verticals
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Organization Size
12.3.3. By Verticals
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. USA
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2021
13.1.2.1. By Organization Size
13.1.2.2. By Verticals
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2021
13.2.2.1. By Organization Size
13.2.2.2. By Verticals
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2021
13.3.2.1. By Organization Size
13.3.2.2. By Verticals
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2021
13.4.2.1. By Organization Size
13.4.2.2. By Verticals
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2021
13.5.2.1. By Organization Size
13.5.2.2. By Verticals
13.6. United Kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2021
13.6.2.1. By Organization Size
13.6.2.2. By Verticals
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2021
13.7.2.1. By Organization Size
13.7.2.2. By Verticals
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2021
13.8.2.1. By Organization Size
13.8.2.2. By Verticals
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2021
13.9.2.1. By Organization Size
13.9.2.2. By Verticals
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2021
13.10.2.1. By Organization Size
13.10.2.2. By Verticals
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2021
13.11.2.1. By Organization Size
13.11.2.2. By Verticals
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2021
13.12.2.1. By Organization Size
13.12.2.2. By Verticals
13.13. Malaysia
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2021
13.13.2.1. By Organization Size
13.13.2.2. By Verticals
13.14. Singapore
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2021
13.14.2.1. By Organization Size
13.14.2.2. By Verticals
13.15. Australia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2021
13.15.2.1. By Organization Size
13.15.2.2. By Verticals
13.16. New Zealand
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2021
13.16.2.1. By Organization Size
13.16.2.2. By Verticals
13.17. GCC Countries
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2021
13.17.2.1. By Organization Size
13.17.2.2. By Verticals
13.18. South Africa
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2021
13.18.2.1. By Organization Size
13.18.2.2. By Verticals
13.19. Israel
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2021
13.19.2.1. By Organization Size
13.19.2.2. By Verticals
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Organization Size
14.3.3. By Verticals
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Andela
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.2. Turing
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.3. Terminal
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.4. COMATCH
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.5. Patchwork
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.6. CareRev
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.7. Gebeya
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.8. Swing Education
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.9. Zen Educate
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.10. Lantum
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Talent as a Service Market
