The new report by Expert Market Research titled, ‘Global 360 Degree Feedback Software Market Size, Share, Price, Trends, Growth, 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 types, application, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with 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)
• Forecast CAGR (2022-2027): 9.84%
The sudden transformation in business operations to work digitally has made it necessary for organisations to keep their employees active and engaged. This factor is likely to aid in market growth. By keeping up with today’s dynamic business models, the 360 degree feedback software solution provides additional value to employees. It also makes it easier to get feedback from a variety of people rather than just one senior employee. As a result, the chances of obtaining information about just one person are reduced. Its open communication feature allows management to keep track of employee performance. This programme can also be used to understand their actions, talents, and attitudes. These factors are projected to boost the market for 360-degree feedback software in the near future. 360-degree feedback software allows the HR management and employees to receive multiple feedbacks from supervisors, peers, subordinates, customers, and vendors. It also generates a detailed report of the employee’s behaviour and helps the participants to increase their self-awareness.
Industry Definition and Major Segments
360-degree feedback software allows employees to offer their opinions, thoughts, and comments in real-time, allowing firms to drive responsibility across all areas and touchpoints. It also aids in the capturing of employee feelings in unique situations such as management reorganisation, leadership change, and company changes such as mergers. The information gathered allows for a rapid assessment of an employee’s level of engagement or disengagement at work.
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By type, the market is divided into:
• Web-Based
• Installed
The industry is further divided on the basis of application:
• Education
• Retail
• Corporate
• Travel and Hospitality
• Others
On the basis of region, the industry is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The increasing usage of 360-degree feedback software globally in numerous applications, such as performance evaluation in corporate sectors, training organisations, and performance appraisals and the surging need to retain employees, improve the output of organisations, and assess employee work is augmenting the growth of the market. Such software solutions are widely used by successful merchants to maintain current consumers and attract new ones. They are gathering a lot of information on how customers buy things. As a result, they can give individualised suggestions and services across all touchpoints and channels. The demand for web-based 360-degree feedback software has increased due to cloud-based solutions. Furthermore, its popularity is increased with small and medium business retailers due to its easy and direct access to the internet and affordability. This is expected to propel the market growth of 360-degree feedback software.
Key Market Players
The major players in the market are Qualtrics International Inc., PeopleGoal, Inc., Mercer LLC, Synergita Software Private Limited, TalentGuard, Salesforce.com, inc., and Momentive Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these 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.
