Global 360 Degree Feedback Software Market : Expected to reach USD 1409.4 million by 2027
Published | 02 September 2021
The growth of the global 360-degree feedback software market is attributable to the growing demand for the evaluation of the performance and behavioral patterns of an employee. The global 360-degree feedback software helps enable the possibilities of identifying the work ethics of active employees and comprehend whether things are going great or not...
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global 360-degree feedback software market reached USD 734.7 million in 2020. The market is further expected to reach USD 1409.4 million by 2027 and is projected to grow at a CAGR of 10.1% during 2021-2026 (forecast period). Increasing demands for performance analytics and behavioral analysis of an employee have been positively impacting the global 360 degree feedback software market growth. Through the global 360-degree feedback software, companies can gain a deeper understanding of their employees as well as their work ethics within their organization, which is to everyone's benefit. Additionally, the need of understanding an employee is augmented by the acceptance rates of new digital technologies. Global 360-degree feedback software market growth prospects are improving as organizations are increasingly incorporating such technologies within their operations.
Rising acceptance rates of cloud-based technologies are driving the global 360-degree feedback software market
Cloud computing is one of the most recent tools that has proven to be beneficial to an organization's data management in the cloud.By storing client data in a secure location, a company can make it accessible from anywhere in the world, thereby revolutionizing the software management sector. Since the global 360-degree feedback software market is a part of this umbrella, it has been greatly impacted by the growth of cloud-based technologies. Moreover, cloud technology helps companies capture, store, organize, and analyze the data related to their employees, which contributes to lower operating costs.It contrasts sharply with web-based software, which requires multiple login attempts.
Additionally, web-based software is not as scalable as cloud services rendering it a less useful option for corporations. Moreover, the maintenance of web-based software requires more maintenance in comparison to cloud technologies, which are undertaken by the vendors themselves. Additionally, the cloud-based software adds additional levels of security to corporations.Keeping data anonymous helps corporations remain skeptical of data leaks without losing control.These factors have positively contributed to bolstering the growth of the global 360-degree feedback software market.
Growing demand for better analytical tools for identifying key areas of employee development is powering the global 360-degree feedback software market
Currently, most companies are using in-person feedbacks or reviews to understand how their organization works.However, the trend has been witnessing a rapid change with the growing adoption of digital technologies in the corporate world. The 360-degree feedback software has proven to be one such software that is aiding corporations in identifying the potential areas of success and improvement of an employee, based on the reviews or feedback provided by peers, colleagues, or seniors. The reviews also help determine the performance and ethics of an employee toward an organization. This software helps present the analysis of these reviews with infographics that add to the presentation.The infographics, in turn, help identify the areas where the employee outperforms and where an employee needs improvement. Moreover, the reviews are kept anonymous to maintain a sense of decorum within organizations.Furthermore, reduced costs for determining performance and getting feedback from peers of an employee are driving the global 360-degree feedback software market.
The web-Based Software segment holds the largest market share in the global 360-degree feedback software market
There are two types of software available in the global 360-degree feedback software market—web-based and installed ones. The web-based software is dominating the global 360-degree feedback software market with the majority share in contrast to the installed software. Web-based software may have been providing insight over the web; however, it diminishes the control of an organization over their employee data which may get exposed to some leakages online. Installed software, on the other hand, comes with cloud-enabled technologies, which offer more extensive features compared to web-based software. However, because of high expenses, corporations are refraining from leveraging installed software as the global 360-degree feedback software market has just initiated its growth phase.
Corporations hold the biggest share across the application segment of the global 360-degree feedback software market
Based on applications, the global 360-degree feedback software market is grouped into corporations, schools, and others. The corporation's segment accounted for the biggest share of the global 360-degree feedback software market in 2020 and is expected to maintain its dominance in the upcoming years as well due to the rising incorporation rates of digital technologies in businesses globally. The 360-degree feedback software is leveraged for tracking, coordinating, and evaluating the performance of employees in an organization, as well as to bridge the communication gap between employees and employers. In addition to this, the software also enables schools to analyze the areas of development of a teacher; by allowing peers to leave evaluations for colleagues. It helps the organization to understand the activities of each employee, thereby enhancing educational quality.Since various organizations have started leveraging the software, It is helping the global 360-degree feedback software market to grow substantially.
Global 360-Degree Feedback Software Market: Regional Insights
Based on regions, the global 360-degree feedback software market has been categorized into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America accounts for the largest share in the global 360-degree feedback software market in 2020. In contrast to this, the South American region is projected to grow at the fastest CAGR in the coming years. According to one estimate released by the Pew Research Center in the United States, 71% of all employees currently working in the United States work from home.It indicates that corporations have to leverage such software to understand the working etiquettes of an employee.
Additionally, the presence of big corporate businesses in the country has enabled them to afford such software and leverage them in their organizations. The 360-degree software has been a helping hand for these organizations in evaluating the performance of an employee and determining the potential of an employee’s development areas. It is helping the companies enhance their efficiency, thereby boosting the growth of the global 360-degree feedback software market.
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Global 360-Degree Feedback Software Market - COVID-19 Impact Analysis
As a result of COVID-19, corporations, schools, and other organizations across countries were forced to shut down. It compelled almost all employees to work from home rather than from the office.Such a setup has severely impacted the performance of individuals. Among over 500 UK adults surveyed by the Center for Economic and Policy Research, 52% stated that they worked from home. Moreover, over 20% of the population is anticipated to continue working from home permanently. As a result, the working-from-home model is likely to persist for some time in the future.The solution for determining a person's productivity, however, rests with the corporations.Thus, many companies have started leveraging 360-degree feedback software in comprehending the efficiency rates of employees.
The leading players in the global 360-degree feedback software market are Qualtrics International Inc., SVI LLC, Performly Inc. Spidergap, Salesforce.Com, Inc., SutiSoft Inc., Cornerstone OnDemand, Inc., GroSum, SumTotal Systems Inc., Impraise, Mettl Online Assessment, Trakstar, Synergita, AssessTEAM, LLP, TalentGuard, SVMK Inc., Survey Sparrow Inc., Engagedly Inc., Motivosity Inc. and other prominent players.
360-degree feedback software is a highly fragmented market with numerous players engaged in its development.As entry barriers are low, the global 360° feedback software market has plenty of room for new players to make their mark.Companies are investing significantly in R&D to enhance the security and unbiasedness of the feedback received for improving the performance management of a corporation, which is driving the growth of the global 360-degree feedback market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global 360-degree feedback softwaremarket.It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global 360-degree feedback softwaremarket and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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