Global 360 Degree Feedback Software Market is Flourishing: Expected to Reach USD 1409.40 Million in 2027
Published | April 2021
A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global 360-degree feedback software market was worth USD 734.66 Million in 2020 . With a CAGR of 10.1%, the market is projected to reach USD 1,409.40 Million by 2027. The increasing demand for advanced features, including employee management analytics, inventory tracking, sales monitoring, customer data management, and reporting is expected to boost the adoption of the 360 Degree Feedback Software Market across various industries. 360-degree feedback software helps organizations to gather feedback on employees from managers, direct reports, and peers. The software also assists in gaining insights about employee performance and setting targets for them based on feedback results.
360-degree feedback software provides an advantage by allowing multiple raters to leave feedback on an employee, including managers, colleagues, subordinates, and external raters (clients or vendors). The feedback is often used as a benchmark in the employee's growth plan. In a team-oriented culture, 360-degree feedback surveys can be very effective and helpful.
Ability to Track Performance of Employees to Increase Growth
60 Degree feedback software adds more value to employees by keeping up with today's changing business models. It allows for the collection of input from multiple individuals rather than just one manager or supervisor, reducing the chances of just learning about one person. Its open communication feature aids management in keeping track of employee performance. What’s more, employee behaviors, skills, and attitudes can also be understood via this software. These factors are likely to fuel the 360 Degree feedback software market growth.
The Web-Based software segment is the largest based on the type
Based on type, the global 360-degree feedback software market can be segmented into two types-Web Based and Installed. Presently, web-based software holds the largest share in the market. However, installed 360-degree feedback software is expected to hold a greater share of the market due to the increasing feasibility of accessing the software via a device without logging in via the internet.
Global 360 Degree Feedback Software Market: Regional Insights
Based on region, the global 360-degree feedback market software can be grouped into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is anticipated to hold the largest market share during the forecast period. An increasing need for performance evaluations, along with the growing emphasis on employee retention and the importance of determining the best time for training are a few factors driving the growth of the global 360-degree feedback software market in North America. Additionally, North America is home to some of the biggest companies in the world across various industries. Millions of doctors, technology experts, scientists, analysts, data experts, and other professionals work full-time, part-time, or on a contractual basis in the North American region. Companies need to consistently track their performance and evaluate them as part of their policy. For example, Goldman Sachs, a multinational investment banking giant headquartered in New York, revealed in May 2016 that their new performance review strategy will be based on high-quality, ongoing feedback. That’s because the company believes that 360-degree feedback will help people work better.
Companies in North America use 360-degree feedback for various purposes, including employee development, performance appraisal, performance management, team evaluation, performance metrics, and others. Moreover, global giants like GE, IBM, Amazon, Wipro, and Infosys all use 360-degree feedback in one way or the other for evaluating the performance of their employees and teams for performance appraisals and other purposes. These factors are contributing significantly to the growth of 360-degree feedback software in North America.
Impact of COVID-19 Outbreak
The onset of novel coronavirus has affected the global economy besides affecting business operations. Due to the high infection rate and adverse impact on public health systems, various countries had to enforce nationwide lockdowns that significantly impacted the working culture of the corporate industry, education system, and related services. Industry players are currently considering innovative solutions to serve the community and provide newfangled opportunities to do business.
COVID-19 has wholly overhauled the working culture of the corporate industry. Companies had to allow work from home, which presented a challenge in front of them to track the performance of their employees. Companies were worried about the performance of their employee, and 360-degree feedback software provided a solution.
Key Market Players: Some of the leading market players are Qualtrics International Inc, SVI LLC, Performly Inc., Spidergap, Salesforce.Com, Inc., SutiSoft Inc., Cornerstone Ondemand, Inc., Grosum, Sumtotal Systems, LLC, Impraise, Mettl Online Assessment, Trakstar, Synergita, AssessTEAM, LLP, Talentguard, Svmk Inc, Survey Sparrow and other prominent players.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global 360-degree feedback software market size & forecast. The report promises to provide recent technology trends of the Global 360 Degree Feedback Software market 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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