Skills Management Software Market Size Worth $1,248.08 Million By 2032 | CAGR: 13.2%

The global skills management software market size is expected to reach USD 1,248.08 million by 2032, according to a new study by Polaris Market Research. The report “Skills Management Software Market Share, Size, Trends, Industry Analysis Report, By Type (On-premises, Cloud-Based); By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

As employers recognize the importance of skill development in employee engagement and retention, there is a growing need for tools and technologies that can effectively support and track skill development initiatives. According to the University of Phoenix's Annual Career Optimism Index 2023, opportunities for skill development and career advancement are key considerations for employees in terms of job retention. The study found that among those actively seeking employment or anticipating a job search within the next six months, 68% stated that if their company invested more in upskilling and reskilling initiatives, they would be more inclined to remain with the organization.

Additionally, 70% of workers expressed that if their company provided them with enough opportunities to use acquired skills, they would be more likely to stay with the organization across their career path. Skills management software plays a vital role in supporting career advancement by identifying employees' existing skills, mapping them to career paths, and creating personalized development plans. This facilitates talent retention and encourages employees to stay within the organization, driving the adoption of skills management software.

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With companies recognizing the importance of learning and training to achieve their business goals, there is an increased demand for tools and technologies that can effectively support and track employee skills development. According to a survey conducted by the World Economic Forum, a significant majority of companies reported that their primary workforce strategies for achieving business goals in the next five years (2023-2027) will focus on investing in learning and on-the-job training by 81.2% as well as automating processes by 80.0%. These two strategies emerged as the most common approaches among surveyed companies to drive organizational success and meet future objectives.

Additionally, the advent of remote work, the gig economy, and digital transformation have further accentuated the need for skills management software. With employees working from different locations, organizations require efficient tools to identify and leverage the diverse skills available within their workforce. Skills management software provides a centralized platform to manage skills data, facilitate remote skill assessment, and support virtual collaboration and knowledge sharing.

Skills Management Software Market Report Highlights

• Cloud-based segment is anticipated to witness faster growth in the coming years due to its cost effectiveness and security features.
• Large Companies segment accounted for the larger market share owing to the effective management of workforce's skills and competencies.
• APAC projected to register a higher growth rate in the study period owing to growing need for upskilling in the region.
• Europe is expected to grow larger revenue share owing to the rising concern on the lack of digital skills and skilled workers.
• The global players include Cornerstone OnDemand, SAP SuccessFactors, Oracle Taleo, Workday Talent Management, PeopleFluent & Saba Software.

Polaris Market Research has segmented the skills management software market report based on type, application and region:

Skills Management Software, Type Outlook (Revenue - USD Million, 2019 - 2032)

• On-premises
• Cloud-Based

Skills Management Software, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Large companies
• Small and Medium-sized Enterprises

Skills Management Software, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Skills Management Software Market Report Scope