Medical Talent Management IT Market: Introduction
According to the report, the global medical talent management IT market was valued at US$ 991.8 Mn in 2019 and is projected to expand at a CAGR of ~10% from 2020 to 2030. Talent management refers to the process of developing, assessing, and identifying a pool of talent that meets the requirements. It is not just about retaining talent but also about enhancing and building potential, which automatically backs healthcare organizations in meeting the objectives and goals.
Different types of software and solutions used for medical talent management include recruiting & onboarding, learning & training, performance management, compensation planning, and succession planning. The growth of the global medical talent management IT market can be attributed to the proliferation of SaaS-based solution and vendors’ capability enhancement. North America dominated the global medical talent management IT market in 2020, and the trend is anticipated to continue during the forecast period.
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Highly structured healthcare industry, early new software adoption, high penetration rate for medical talent management IT products, and presence of major players are expected to drive the market in North America. Asia Pacific is likely to be a highly lucrative market for medical talent management IT, expanding at a high CAGR during the forecast period.
Proliferation of SaaS-based Solution and Vendor Capability Enhancement to Drive Market
The deployment of cloud-based talent management software solutions has been increasing in the last few years. This is primarily due to the development of cloud infrastructure that has made the availability of cloud storage easy, along with an affordable price. The SaaS technology helps consolidate various HRM solution in one single package. Cloud-based talent management portfolio improves the retention of employees and reduces turnover cost, thereby increasing the performance and employee engagement of the organization. These factors help increase the growth of medical talent management IT market.
Vendors in the market are continuously enhancing their software capabilities in order to make them more user friendly. Vendors such as SumTotal Systems, LLC., have recently upgraded their human capital management suite for improved talent acquisition, learner engagement, and employee retention and compliance. In October 2019, PeopleFluent expanded its range of HR Solution to suit mid-enterprise companies with 1,000–5,000 employees. The new version introduced by vendors is prompting more businesses (customers) to deploy talent management software, which, in turn, is expected to drive the overall market during the forecast period.
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Recruiting & Onboarding Solutions to Dominate Market
Based on solution, the global medical talent management IT market has been divided into recruiting & onboarding, learning & training, performance management, compensation planning, and succession planning. The recruiting & onboarding segment dominated the global medical talent management IT market in 2019 and the trend is projected to continue during the forecast period. The dominance of the segment can be attributed to rise in demand for workforce management, emergence of advanced versions of recruitment software, and strategic collaboration, partnerships, and mergers & acquisitions.
For instance, in November 2017, Kronos, Inc. introduced an advanced version of recruitment software, which helps organizations with talent acquisition and is embedded with artificial intelligence & machine learning. The performance management was the second largest segment in terms of market share in 2019, due to the rise in trend among companies for assessment of employee performance to enhance productivity and increase in regulatory norms in healthcare facilities.
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Cloud-based Medical Talent Management Solution to be Highly Lucrative
In terms of deployment, the global medical talent management IT market has been classified into on-premise and cloud-based solutions. Cloud-based solutions dominated the market due to rise in adoption of cloud-based systems, larger databases stored in cloud systems, and growing popularity of cloud systems. In addition, launch of various cloud-based platforms for healthcare sector, growing adoption of cloud-based recruitment suits in nursing & other staffing, and flexibility for customization help drive the segment. The on-premise solution segment is projected to grow at a steady rate due to more data security, no subscription fees for most of the licensed renewal, and space for customization as per specific requirement of organization.
High Growth of Large Enterprises
In terms of organization size, the global medical talent management IT market has been categorized into large enterprises and small and medium businesses. The large enterprises segment dominated the global medical talent management IT market in terms of revenue in 2019. The trend is expected to continue during the forecast period. Factors such as higher rate of adoption of talent management software in large enterprises, rise in number of large organizations, smooth functioning for organization, and cost-effectiveness for talent acquisition & other functions are likely to accelerate the growth of the segment during the forecast period.
The small and medium businesses segment is the fastest growing segment of the global medical talent management IT market during the forecast period. The segment is anticipated to expand at a significant CAGR from 2020 to 2028. Increase in number of small and mid-size organization, rise in trend of using advanced tools for talent management, and lucrative subscription packages are expected to drive the segment.
North America to Lead Global Market
In terms of region, the global medical talent management IT market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global medical talent management IT market in 2019, followed by Europe. North America accounted for major share of the global medical talent management IT market in 2019, owing to higher penetration of talent management software, large number of small, mid, and large enterprises in the region, early adoption of advanced technology tools, and presence of major players with upgraded versions of software.
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For instance, SumTotal Systems, LLC. has recently upgraded its human capital management suite for improved talent acquisition, learner engagement, and employee retention and compliance. The medical talent management IT market in Asia Pacific is anticipated to expand at a high CAGR from 2020 to 2030. This can be attributed to developing economies with commercial hubs, expanding business organizations, growing awareness and adoption of talent management software, improving healthcare infrastructure, and rising investments by companies in their technical aspects.
The global medical talent management IT market is fragmented in terms of number of players. Key players in the global market include Oracle, Cornerstone OnDemand, Inc., IBM Corporation, SAP SE, SumTotal Systems, LLC. (SkillSoft Limited), TalentGuard Inc., PeopleFluent, PeopleAdmin, Inc., and Talentsoft.
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