The market for talent as a service is expected to reach USD 1,173.6 Million by 2032, growing at a CAGR of 11.7% from its estimated value of USD 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) | USD 387.0 Million |
| Talent as a Service Market Anticipated Value (2032) | USD 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.
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 USD 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 USD 387.0 Million in 2022.
The talent as a service market size is assessed to be USD 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.
| Market Value (2023) | USD 10,429.0 million |
|---|---|
| Market Projected Value (2033) | USD 85,619.0 million |
| Market CAGR (2023 to 2033) | 23.4% |
| Expected Market Value (2023) | USD 172,626.0 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 500,552.0 million |
| Projected Growth Rate (2023 to 2033) | 11.2% CAGR |
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