Overview and Scope
Performance appraisal and management software refers to digital tools that help human resource (HR) specialists and managers evaluate, streamline, and automate the performance appraisal process. The software solutions enable the setting and tracking of specific goals, provide feedback mechanisms, and offer structured and actionable recommendations.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the performance appraisal and management software market report are 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
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
- Performance Appraisal And Management Software Market Segmentation
- Performance Appraisal And Management Software Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Performance Appraisal And Management Software Market
- Performance Appraisal And Management Software Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Performance Appraisal And Management Software Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Performance Appraisal And Management Software Market, Segmentation By Deployment Mode , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Performance Appraisal And Management Software Market, Segmentation By Organization Size , Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: International Business Machines Corporation Financial Performance
Table 76: Oracle Corporation Financial Performance
Table 77: SAP SE Financial Performance
Table 78: ADP LLC Financial Performance
Table 79: Workday Inc. Financial Performance
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