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Performance Appraisal And Management Software Market Size, Trends, Growth Drivers And Forecast To 2033
Performance Appraisal And Management Software Market Size
As per the report, 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 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%.
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Digital HR Revolution Driving Growth In The Performance Appraisal And Management Software Market
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.
Grace Hill Revolutionizes Employee Engagement With Kingsleysurveys Program
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 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
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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
Contents of the report:
1. Executive Summary
2. Performance Appraisal And Management Software Market Report Structure
3. Performance Appraisal And Management Software Market Trends And Strategies
4. Performance Appraisal And Management Software Market - Macro Economic Scenario
5. Performance Appraisal And Management Software Market Size And Growth
…..
27. Performance Appraisal And Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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