Expansion of service sector in India will drive the talent management software industry in the country. The robust growth in the service sector over the years in India has been attributed to number of possible factors both from the demand as well as supply side. The service sector market had grown because of the continuation of the economic transformation in the country. The country has the second fastest growing service sector in the world. The service sector in India had grown at a CAGR of 11.4% during 2011-2015. The market size has grown robustly owing to the increase in economic conditions, development of markets, government initiatives, entry of multinational companies, increase in the urban populations and others. The expansion of service sector in the country is not only the dominant sector in the GDP but also has attracted significant FDIs, contributed to exports and has provided a large-scale of employment in the country. This will trigger the demand of software to manage the performance, compensation, recruitment, learning and development in the companies owing to the increase in market size of the talent management software in the country.
The robust growth rate in BFSI sector and E-commerce sector in the country will encourage youth to join these sectors which will increase the head count of the companies. Additionally, the companies will expand their operations by expanding business departments and office centers, which will result in increase in employees head count. This will also fuel the demand of talent management software industry in the country.
The massive growth of Service sector (BPO, Hospitality, and manufacturing and e-commerce sector) had majorly driven the market of talent management software. Also, the increase in challenges faced by the companies in developing leaders, locating and hiring top technical skills, diagnosing and improving organizational culture have triggered the market of talent management software.
The increase in size of corporate training had also surge the demand of E-learning platforms in the country. There has been a marked increase in companies adopting e-learning solutions because of the developments in rich graphics and cost-effective e-training modules offered by training companies. These solutions are highly interactive and engaging and relieve the management from sparing space and time for such engagements. Increase in prominence of E-learning platforms in the companies will accelerate the demand of Learning and development software in the companies.
The rise in trend of cloud computation in the country had increased the share of talent management software on the basis of cloud computing. It has also been anticipated that the potential clients for talent management software will shift their preference from on-premises based deployment of software to on-cloud based deployment of the talent management software in the country.
It had also been forecasted that the service sector will increase at a double digit CAGR during 2016-2020. This increase in the service sector in the country will increase the market size of talent management software industry in India.
The report titled “India Talent Management Software Market Forecast to 2020 - Expanding Service Sector and Training Programs to Drive Future Growth” provides detailed overview on the talent management software market. This report helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for talent management software companies, Human resources software companies proving both cloud and on premises services to the clients and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Mraket Research Report : https://www.kenresearch.com/education-and-recruitment/recruitment/india-hr-software-market-report/41314-99.html