The Performance Appraisal And Management Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Performance Appraisal And Management Software Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
- Executive Summary
- Performance Appraisal And Management Software Market Characteristics
- Performance Appraisal And Management Software Market Trends And Strategies
- Performance Appraisal And Management Software Market – Macro Economic Scenario
- Global Performance Appraisal And Management Software Market Size and Growth
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- Global Performance Appraisal And Management Software Market Competitive Benchmarking
- Global Performance Appraisal And Management Software Market Competitive Dashboard
- Key Mergers And Acquisitions In Performance Appraisal And Management Software Market
- Performance Appraisal And Management Software Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- ADP LLC
- Workday Inc.
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