Talent management solutions (TMS) market is gaining traction worldwide following the increasing focus on talent management as a strategic priority and the need for processes.
Frost & Sullivan estimates that the global TMS market will grow from $1.41 billion to $1.93 billion at a CAGR of 8.1% because of key drivers, such as the increasing need for integrated talent management processes, provision of remote access, ability to scale, easy configuration, and updates as well as cost-effectiveness of solutions provided.
“There will be an increased focus on Digital Transformation of the human resource (HR) processes across large and mid-sized enterprises in Asia-Pacific,” commented Mr. Nishchal Khorana, Director, Emerging Technologies, Cloud & Data Center, at Frost & Sullivan. “The rise of cloud-based talent management solutions, which provide greater flexibility and ease of management, also play significant role in the growth of the market globally.”
Frost & Sullivan’s report, Opportunities in Talent Management Solutions Market in Asia-Pacific, Forecast to 2020, provides a detailed analysis of the market and the trends and digital enablers of talent management solutions. The report also discusses various companies and their service offerings in talent management solutions market.
Download free insights from the report here: https://bit.ly/2D9ZgTv
Talent management solutions are increasingly adopted throughout the Asia-Pacific regions, especially Singapore, Australia, Malaysia, Japan, and India. Singapore observes hyperactivity in the TMS market in the region, in terms of adoption rate, due to the country’s prevalence of Information Technology (IT) and infrastructure. Australia continues to hold a dominant position in the TMS market in Asia-Pacific, while Malaysia witnesses increasing adoption among local companies to compete with technologically advanced rivals in Asia-Pacific.
“We observe that some emerging trends within the market, such as the adoption of mobile talent management solutions, use of Chatbots to enhance connectivity, and the push for data analytics have further catapulted the market to drive adoption in the region,” Khorana added. “In the coming years, there could be significant growth potential in emerging economies to advance Asia-Pacific’s talent management solutions market with emerging countries such as Thailand and Indonesia.”
Frost & Sullivan highlights growth opportunities in the Talent Management Solutions market in Asia-Pacific, mainly:
- Recruitment and Onboarding: Using cloud-based hiring tools can make the process cost-effective for employers and quick and easy for candidates.
- Performance Management: HR technology vendors can create digital solutions where employees and employers can provide feedback effectively.
- Career Management: Integrated talent solutions can provide various information data points, ranging from employee career aspirations, performance/potential ratings, and job openings.
- Employee Engagement: Employee engagement is a trending concept. Web-based and mobile technologies can provide HR and organization leadership with real-time insights on employee engagement.
- Learning and Development: eLearning portals can be leveraged to deliver training content to the employees in a rich and interactive learning environment.
Sachi Mulmi is a researcher with Frost & Sullivan. She can be reached at email@example.com