The performance appraisal and management software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Performance Appraisal And Management Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
performance appraisal and management software market size has grown
rapidly in recent years. It will grow from $6.18 billion in 2023 to
$7.07 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%.
The growth in the historic period can be attributed to increased
adoption of software solutions, increased need for objective performance
evaluation, growing focus of SMEs on CPM software, timely evaluation
performance to increase production, the rising demand from the
developing countries.
The performance appraisal and management software market size is expected to see rapid growth in the next few years. It will grow to $11.86 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to the growth of the performance appraisal and management software, growing emphasis on employee engagement and development, transparency in rewarding people to improve market growth, the increasing demand from the small and medium organizations, remote work trends, integration with HR systems. Major trends in the forecast period include expansion in small and medium-sized enterprises (SMEs) segment, self appraisal system to improve market growth, the emerging need for simplified and effective performance management tools, integration with employee engagement and well-being solutions, the high demand due to introduction of AI and analytical insights.
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Scope Of Performance Appraisal And Management Software Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Performance Appraisal And Management Software Market Overview
Market Drivers -
Increasing
adoption of digital human resource (HR) solutions is expected to propel
the growth of the performance appraisal and management software market
going forward. Digital HR solutions refer to the use of social, mobile,
analytics, and cloud (SMAC) technologies to enhance the efficiency,
effectiveness, and connectivity of HR processes. Performance appraisal
and management software is used in digital human resource (HR) solutions
to automate and streamline the performance appraisal process, making it
more efficient and effective for both HR professionals and employees.
For instance, in January 2023, according to a report by UserGuiding, a
US-based user onboarding, and in-app messaging platform, the HR software
market was expected to reach $10 billion by 2022, and around 74% of
businesses are planning to increase spending on HR technology.
Therefore, the increasing adoption of digital HR solutions is driving
the growth of the performance appraisal and management software market.
Market Trends -
Major
companies operating in the performance appraisal and management
software market are developing innovative solutions, such as performance
management systems, to sustain their position in the market. A
performance management system (PMS) is a systematic process for
establishing clear expectations for employee performance, regularly
tracking progress toward those expectations, and providing feedback and
development opportunities. For instance, in July 2023, Air India, an
India-based flag carrier airline, announced Rise.AI, a digitized
appraisal system. This system is designed to be fair, transparent, and
completely digitized, with clearly defined job descriptions and specific
performance goals.
The performance appraisal and management software market covered in this report is segmented –
1) By Type: System Management, Personnel Management, Attendance Management
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4)
By Industry Vertical: Banking, Financial Services, And Insurance
(BFSI), Information Technology (IT) And Telecom, Healthcare, Retail,
Public Sector
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Regional Insights -
North
America was the largest region in the performance appraisal and
management software market in 2023. Asia-Pasific is expected to be the
fastest-growing region in the forecast period. The regions covered in
the performance appraisal and management software market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East, Africa.
Key Companies -
International
Business Machines Corporation, Oracle Corporation, SAP SE, ADP LLC,
Workday Inc., UKG Inc., BMC Software Inc., PO Söderberg & Partner
AB, Kronos Incorporated, Cornerstone OnDemand Inc., Halogen Software
Inc., Lattice, BambooHR LLC, SumTotal Systems LLC, Ultimate Software
Group Inc., Saba Software Inc., ELMO Software Limited, Reflektive Inc.,
15Five, Paradiso Solutions, UPRAiZAL Inc., Söderberg & Partners
Heartpace AB, Actus
Table of Contents
1. Executive Summary
2. Performance Appraisal And Management Software Market Report Structure
3. Performance Appraisal And Management Software Market Trends And Strategies
4. Performance Appraisal And Management Software Market – Macro Economic Scenario
5. Performance Appraisal And Management Software Market Size And Growth
…..
27. Performance Appraisal And Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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