Worldwide Talent Management Market to Surpass $4Bn by 2009 – Study

According to a study by Yankee Group, a US-based market research firm, the worldwide talent management market will exceed USD 4 billion in revenue by 2009. The major vendors of the market may expect growth rates of 50 percent to 100 percent. The main reason attributed to the growth is increasing demand for developing competitive human capital. HR outsourcing and new service delivery models are also key contributors to market success.

The other major factors contributing to the growth are an increased focus on retaining talent, continued convergence of organizational expertise, renewed focus on acquiring and managing talent, and the mobilization of the global workforce. The report also found that talent management landscape is highly fragmented and comprises vendors of all sizes and capabilities. However, consolidation in the industry is expected to be in the offing and will be a major trend during the next 2 to 3 years because of market maturation.

The talent management market includes recruitment management, performance management, compensation management, succession management, learning management and other HR processes that can be outsourced to third-party services providers.