The new report by Expert Market Research titled, ‘Global 360 Degree Feedback Software Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global 360 degree feedback software market, assessing the market based on its segments like type, application and major regions. The report tracks the newest trends within the industry and studies their impact on the general market. It also assesses the market dynamics, covering the key demand and price indicators, alongside analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 741.9 Million
- Forecast CAGR (2022-2027): 9.84%
- Forecast Market Size (2027): USD 1305.6 Million
North America accounts for a substantial portion of the worldwide 360 degree feedback software market. The market’s growth is being aided by the expanding presence of major enterprises, particularly in the information technology industry. The adoption of 360 degree feedback software is expanding as a result of rapid technological progress in the United States and Canada, which is fueling market expansion. Furthermore, growing number of small businesses are using 360-degree feedback software to identify problems in their organisational structures, propelling the market forward.
With the resurgence of the COVID-19 pandemic and rising concerns about the resurgence of COVID-19 infections, the growing trend of work-from-home is driving the use of 360 degree feedback software for employee review analysis, thereby driving industry growth. Because the reviews generated by this software help businesses track and evaluate their employees’ performance, they are increasingly being used to improve overall business performance, which is significantly contributing to market growth.
Industry Definition and Major Segments
360 degree feedback software is a solution that allows organisations to collect employee feedback from their managers, direct reports, and peers. The software assists in the generation of insights about employee performance as well as the creation of goals for them based on feedback results. Using 360 degree feedback software, multiple raters, such as supervisors, peers, direct reports, subordinates, and external raters (customers or vendors), can provide feedback on an employee.
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Based on type, the 360 degree feedback software market can be segmented into:
Based on application, the market can be divided into:
- Travel and Hospitality
On the basis of region, the market can be divided into:
- North America
- Asia Pacific
- Latin America
- Middle East
Because of the widespread adoption of digital technology and artificial intelligence (AI) in the workplace, the global market is expected to expand rapidly. The growing emphasis on employee well-being and efforts to improve employee efficiency are also propelling industry growth. Furthermore, the growing demand for employee performance and behavioural pattern evaluation can be attributed to the growth of the 360 degree feedback software industry. Various organisations use 360 degree feedback software extensively because it aids in identifying employee work ethics and assessing how things are progressing.
360 degree feedback software’s scalability and adaptability are increasing its appeal among employees, contributing to the industry’s growth. Cloud technologies are expected to fuel demand for 360 degree feedback software in the next few years, enhancing its growth prospects. Cloud technologies, unlike online applications, allow companies to collect, analyse, and share employee data at any time and from any location. Furthermore, cloud technologies’ greater scalability and low operational costs are accelerating the adoption of 360 degree feedback software, which is expected to drive market growth in the coming years.
Key Market Players
The major players within the market are Qualtrics International Inc., PeopleGoal, Inc., Mercer LLC, Synergita Software Private Limited, TalentGuard, Salesforce.com, inc., Momentive Inc. and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of those market players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.