360 Degree Feedback Software Market Outlook:
According to a new report by Expert Market Research titled “Global 360 Degree Feedback Software Market Size, Share, Analysis, Report, Demand, Forecast 2023-2028″, the worldwide 360 degree feedback software market was valued at approximately USD 751.9 million in 2021. The global 360 degree feedback software market is expected to reach a value of USD 1331.6 million by 2028, growing at a CAGR of 9.9% from 2023 to 2028. 360 degree feedback software is a tool that helps organizations collect and manage 360 degree feedback data. This software can be used to create surveys, collect feedback, and analyze the data.
360 degree feedback is a process in which an employee receives feedback from a variety of sources, including their manager, peers, direct reports, and customers. This feedback can be used to help the employee develop their skills and improve their performance.
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360 Degree Feedback Software Market Drivers
The increasing adoption of 360 degree feedback by organizations is the major driver of the market. 360 degree feedback can help organizations to improve employee performance by providing them with feedback from a variety of sources. This feedback can be used to help employees identify their strengths and weaknesses, and to develop their skills and knowledge.
The rising awareness of the benefits of 360 degree feedback is also driving the growth of the market. 360 degree feedback can help organizations to improve employee engagement, retention, and productivity.
360 Degree Feedback Software Market Trends
The increasing use of mobile devices is a major trend in the 360 degree feedback software market. Mobile devices allow employees to access 360 degree feedback surveys and data from anywhere. This makes it easier for employees to participate in 360 degree feedback programs.
The increasing use of artificial intelligence (AI) is another trend in the 360 degree feedback software market. AI can be used to automate tasks such as survey distribution, data collection, and analysis. This can help organizations to save time and money.
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360 Degree Feedback Software Market Segmentation
The global 360 degree feedback software market is segmented by type, deployment, organization size, and region.
By type, the market is segmented into cloud-based and on-premises. Cloud-based 360 degree feedback software is the most popular type of software. This is because cloud-based software is easy to use and manage, and it can be accessed from anywhere.
By deployment, the market is segmented into single user and multi-user. Multi-user 360 degree feedback software is the most popular type of software. This is because multi-user software can be used by multiple employees, and it can be used to collect feedback from a variety of sources.
By organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. Large enterprises are the major users of 360 degree feedback software. This is because large enterprises have more employees, and they need to improve employee performance to remain competitive.
By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for 360 degree feedback software. This is because North America has a large number of organizations that are adopting 360 degree feedback to improve employee performance.
360 Degree Feedback Software Market Players
Some of the key players in the global 360 degree feedback software market are:
- Oracle Corporation
- SAP SE
- IBM Corporation
- Ultimate Software Group, Inc.
- Workday, Inc.
- Cornerstone OnDemand, Inc.
- Saba Software, Inc.
- Halogen Software, Inc.
- Achievers Corporation
- Infor, Inc.
These companies are developing new 360 degree feedback software products and services to meet the growing demand for 360 degree feedback.
FAQs:
Q: What is the projected market size of the 360 degree feedback software market for the forecast period of 2023-2028?
A: The projected market size of the 360 degree feedback software market for the forecast period of 2023-2028 is USD 1331.6 million.
Q: What factors are driving the growth of the 360 degree feedback software market?
A: Factors such as increased focus on employee development and performance management, rising adoption of cloud-based technology, and growing demand for real-time feedback are driving the growth of the 360 degree feedback software market.
Q: What are the key challenges faced by the 360 degree feedback software market?
A: Key challenges faced by the 360 degree feedback software market include data privacy and security concerns, lack of awareness among end-users, and difficulty in assessing the effectiveness of feedback.
Q: What are the different types of 360 degree feedback software available in the market?
A: The different types of 360 degree feedback software available in the market include cloud-based and on-premise software, web-based and mobile applications, and customized and off-the-shelf software.
Q: Which end-users are the major consumers of 360 degree feedback software?
A: The major consumers of 360 degree feedback software include large and small enterprises, educational institutions, and government organizations.
Q: Which regions are expected to witness significant growth in the 360 degree feedback software market?
A: North America is expected to witness significant growth in the 360 degree feedback software market due to the presence of a large number of key players and increasing adoption of technology in the region.
Q: Who are the major players operating in the 360 degree feedback software market?
A: The major players operating in the 360 degree feedback software market include Qualtrics, Korn Ferry, SumTotal Systems LLC, Saba Software, Inc., and Trakstar.
Q: What are the recent developments in the 360 degree feedback software market?
A: Recent developments in the 360 degree feedback software market include the launch of new cloud-based and mobile applications, partnerships and collaborations among key players, and mergers and acquisitions.
Q: What are the future growth opportunities for the 360 degree feedback software market?
A: The future growth opportunities for the 360 degree feedback software market include the increasing adoption of artificial intelligence and machine learning in feedback software, expanding applications in different industries such as healthcare and hospitality, and rising demand for real-time and continuous feedback.
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