According to the latest report by IMARC Group, titled, “Performance Appraisal and Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global performance appraisal and management software market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028.
Performance appraisal and management software are designed to assist companies in managing the performance of their workforce and the appraisals effectively. They involve several solutions, such as system management, personnel management, attendance management, etc. Performance appraisal and management software systems analyze an employee’s performance against a set of objectives, improve evaluation by setting individual and team goals, review progress, enhance the abilities and skills of the individuals involved, help maintain effective worker retention, and aid in deciding long-term strategies to achieve the organization’s goals. Consequently, they find extensive applications in large, small, and medium-sized enterprises across countries.
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Performance Appraisal and Management Software Market Trends and Drivers:
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The increasing demand for simplified performance appraisal system with unbiased and accurate analytics is primarily driving the performance appraisal and management software market. In addition to this, the escalating need for privacy and security of employee data and the rising technological advancements in industry chain structures are acting as significant growth-inducing factors. Furthermore, the shifting preferences toward adopting mobile apps and online portals focusing on team-centric management by various end-use industries and the launch of machine learning (ML), artificial intelligence (AI), and the internet of things (IoT) to provide analytical insights are also positively influencing the global market. Besides this, the expanding start-ups, especially in developing countries, and the emerging trend of work-from-home (WFH) policies are further stimulating the market growth. Moreover, the inflating investments in research and development (R&D) activities conducted by leading players and the elevating employment of cloud computing are expected to bolster the performance appraisal and management software market in the coming years.
Performance Appraisal and Management Software Market Report 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 15Five
- Advance Change Ltd. (Actus)
- BambooHR LLC
- BMC Software Inc.
- Cornerstone OnDemand Inc.
- ELMO Software Limited
- Paradiso Solutions
- PO Söderberg & Partner AB
- Reflektive Inc.
- SAP SE
- UKG Inc.
- Workday Inc., etc.
The report has segmented the market based on type, deployment mode, organization size, and industry vertical.
Type Insights:
- System Management
- Personnel Management
- Attendance Management
Deployment Mode Insights:
- On-premises
- Cloud-based
Organization Size Insights:
- Large Enterprises
- Small and Medium-sized Enterprises
Industry Vertical Insights:
- BFSI
- IT and Telecom
- Healthcare
- Retail
- Public Sector
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Ask Analyst for Customization and Browse full report with TOC & List of Figure: https://www.imarcgroup.com/performance-appraisal-management-software-market
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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