Efforts to Improve Hiring Efficiency and Overall Productivity to Fuel Demand
Medical talent management information technology (IT) solutions including compensation planning, succession planning, performance management, recruiting & onboarding, and learning & training have garnered a great amount of popularity in recent years. On-premise as well as cloud deployment of these solutions across the medical sector around the world have witnessed consistent growth over the past few years, particularly in the developed regions such as North America and Europe. Talent recruitment and retention have emerged as a major challenge for medical institutions and organizations due to which, the demand for medical talent management IT solutions has witnessed a consistent growth.
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Advancements in cutting-edge technologies, including artificial intelligence and cloud-based technologies are likely to play an imperative role in boosting prospects of the medical talent management IT market during the forecast period. The uptake of software as a service (SaaS) solutions focus on formulating improved engagement strategies to retain talent and enhancement in vendor capabilities are some of the major drivers that are expected to propel the global medical talent management IT market that is expected to attain a market value of ~US$ 3 Bn by the end of 2030. The ongoing COVID-19 crisis has revealed why the hiring and retention of exceptional medical talent is imperative to improve the quality of treatment and patient care.
Healthcare Talent Management Landscape to Embrace New Technologies
The medical talent management IT market landscape is set to witness continual developments in terms of technology and the way they are being utilized across healthcare institutions worldwide. Concerns among the general public and policymakers pertaining to the current and future shortages in personnel are on the rise due to which, medical talent management IT market is likely to witness considerable growth during the assessment period. Human resources specialists operating within the medical sector are seeking measures to hire and retain resourceful talent to ensure efficient and enhanced patient care.
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Several medical institutions are increasingly focusing on their talent acquisition strategies, as hiring top-level talent continues to pose as a major challenge. Some of the major factors that are expected to influence the growth of the global medical talent management IT market include a surge in the global aging population, increasing mergers between hospitals to create larger healthcare systems, development of efficient applicant tracking systems, and increasing competition between hospitals and retail clinics. Medical institutions across the world are increasingly focusing on improving employee engagement strategies to retain existing talent.
The entry of state-of-the-art technologies such as machine learning and artificial intelligence is slated to redefine the hiring landscape across the medical sector in the upcoming years. Multiple medical organizations are projected to leverage the benefits of artificial intelligence and machine learning models to improve the talent acquisition process. In addition, as artificial intelligence and machine learning models are expected to streamline productivity and enhance efficiency, the adoption of medical talent management IT solutions will witness consistent growth in the coming years. Talent sourcing, candidate engagement, and employee assessment & selection are some of the key areas wherein these models are expected to be deployed.
Medical Institutions Shift to Digital Recruitment Strategies amidst COVID-19 Pandemic
The onset of the novel COVID-19 pandemic is expected to influence hiring strategies across medical institutions worldwide. Several medical institutes are shifting their recruiting strategies to digital and smart automated platforms to create a virtual screen environment and interview candidates. The ongoing global health crisis is projected to play a key role in augmenting the demand for medical talent management IT services particularly in the first half of the forecast period. As public and employee safety guidelines are being issued by government bodies, the sales of digital medical talent management systems are anticipated to witness steady growth during the pandemic. In addition, as medical talent management IT solutions assist the human resource department to stay connected with the potential candidates via video calls on a real-time basis, the demand is expected to surge amidst the ongoing COVID-19 pandemic.
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While product development activities are likely to remain key, companies are also anticipated to focus on inorganic growth strategies, including mergers & acquisitions to expand their presence in the medical talent management IT market and revenue during the COVID-19 crisis.
The global medical talent management IT market is expected to grow at an impressive CAGR of ~10% during the forecast period. Proliferation of SaaS-based solutions, advent of AI and machine learning models, focus on improving the quality of patient care, and improvement in overall capabilities of vendors are some of the leading factors that will drive the demand for medical talent management IT solutions during the forecast period. Players in the medical talent management IT market should diversify their product offerings in line with ongoing trends and introduce solutions that cater to the challenges put forth by the COVID-19 pandemic.
Medical Talent Management IT Market: Overview
Talent management refers to the process of developing, assessing, and identifying a pool of talent that meets the requirements. It is not only about retaining talent but also about enhancing and building potential, which automatically backs healthcare organizations in meeting the objectives and goals.
Recruiting & onboarding is most commonly used technique for talent management in the medical sector. Recruitment & onboarding solution attracts the right talent, engages candidates, enables smarter hiring decisions, and makes onboarding easy.
The medical talent management IT market has experienced tremendous growth in the past decade, due to factors such as proliferation of SaaS-based solutions and increase in focus on talent management
Different types of solutions are used in medical talent management, including recruiting & onboarding, learning & training, performance management compensation planning, and succession planning
Proliferation of SaaS-based solution is projected to boost the growth of the medical talent management IT market. Deployment of cloud-based talent management software solution 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 cloud technology helps organizations reach and find the best talent and hire the right people. It also helps reduce the time required to hire talent. All these factors are expected to increase the growth of the medical talent management IT market during the forecast period.
One of the major factors influencing the growth of medical talent management IT market is increase in focus on talent management. Major healthcare companies across the globe are focusing as well as investing more in talent management. Within the purview of academic medicine, talent management activities refer to those that engage with the workforce as a crucial growth promoting factor for organizational performance, comprising healthcare quality, and promote a systemic and strategic approach to sustain and build the workforce as a key important resource of the organization. This is anticipated to boost the growth of the medical talent management IT market during the forecast period.
Market Segmentation: Medical Talent Management IT 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, deployment
In terms of deployment, the medical talent management IT market has been classified into on-premise and cloud
In terms of organization size, the global medical talent management IT market has been divided into small and medium businesses (SMEs), and large enterprises
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Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The report provides current and future revenue (US$ Mn) for each of these segments from 2018 to 2030, considering 2019 as the base year. The compound annual growth rate (CAGR) has been provided for each segment and market from 2020 to 2030, along with market size estimations.
Regional Overview: Medical Talent Management IT 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. The regions have been divided into major countries and sub-regions.
The current and future market value in terms of revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2018 to 2030, with their CAGRs from 2020 to 2030
The study also offers a list of recommendations, highlights, and useful insights of the market, which would help new companies willing to enter the market and existing companies to increase market shares, and help in the decision-making process
Medical Talent Management IT Market: Major Players
The report concludes with the company profiles section that includes key information about major players in the market
Leading players analyzed in the report include
- Cornerstone OnDemand, Inc.
- IBM Corporation
- SAP SE
- SumTotal Systems, LLC. (SkillSoft Limited)
- TalentGuard Inc.
- PeopleAdmin, Inc.
Each of these players has been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
Key Questions Answered in Medical Talent Management IT Market Report
- What is the sales/revenue generated by medical talent management IT products across all regions during the forecast period?
- What are the opportunities in the medical talent management IT market?
- What are the major drivers, restraints, opportunities, and threats in the market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which solution segment is expected to generate the highest revenue globally in 2030? Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Medical Talent Management IT Market – Segmentation
- Recruiting & Onboarding
- Learning & Training
- Performance Management
- Compensation Planning
- Succession Planning
- Small and Medium Businesses (SMBs)
- Large Enterprises
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
TABLE OF CONTENT
1.1. Report Scope and Market Segmentation
1.2. Research Highlights
2. Assumptions and Research Methodology
2.2. Research Methodology
3. Executive Summary
3.1. Global Medical Talent Management IT Market Snapshot
4. Market Overview
4.1. Product Overview
4.2. Key Industry Events
4.3. Market Dynamics
4.4. Drivers and Restraints Snapshot Analysis
4.4.4. Key Trends
4.5. Global Medical Talent Management IT Market Revenue Projection
4.6. Global Medical Talent Management IT Market Outlook
5. Market Outlook
5.1. Key Mergers & Acquisitions
5.2. Technological Advancement
5.3. Ecosystem Analysis
6. Global Medical Talent Management IT Market Analysis, by Solution
6.1. Key Findings
6.3. Global Medical Talent Management IT Market Value Share Analysis, by Solution
6.4. Global Medical Talent Management IT Market Forecast, by Solution
6.4.1. Recruiting & Onboarding
6.4.2. Learning & Training
6.4.3. Performance Management
6.4.4. Compensation Planning
6.4.5. Succession Planning
6.5. Global Medical Talent Management IT Market Analysis, by Solution
6.6. Global Medical Talent Management IT Market Attractiveness Analysis, by Solution
7. Global Medical Talent Management IT Market Analysis, by Deployment
7.1. Key Findings
7.3. Global Medical Talent Management IT Market Value Share Analysis, by Deployment
7.4. Global Medical Talent Management IT Market Forecast, by Deployment
7.5. Global Medical Talent Management IT Market Analysis, by Deployment
7.6. Global Medical Talent Management IT Market Attractiveness Analysis, by Deployment
8. Global Medical Talent Management IT Market Analysis, by Organization Size
8.1. Key Findings
8.3. Global Medical Talent Management IT Market Value Share Analysis, by Organization Size
8.4. Global Medical Talent Management IT Market Forecast, by Organization Size
8.4.1. Small and Medium Businesses (SMB’s)
8.4.2. Large Enterprises
8.5. Global Medical Talent Management IT Market Analysis, by Organization Size
8.6. Global Medical Talent Management IT Market Attractiveness Analysis, by Organization Size
9. Global Medical Talent Management IT Market Analysis, by Region
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