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Objectives And Key Results (OKR) Software Market Size, Share, Growth, Trends And Forecast 2033
Objectives And Key Results (OKR) Software Market Size
According to The Business Research Company's, The objectives and key results (OKR) software market size has grown rapidly in recent years. It will grow from $1.17 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to increased usage of objectives and key results software for strategy execution, growth in the OKR adoption, need for alignment and transparency, increased need for effective performance management solutions, performance tracking and evaluation.
The objectives and key results (OKR) software market size is expected to see rapid growth in the next few years. It will grow to $2.55 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to increased adoption of remote work and digital transformation initiatives, increasing demand from large enterprises, increase operational efficiency, growing demand for improved collaboration and alignment across teams and departments, increase employee engagement, swift adjustment, allying organizations. Major trends in the forecast period include introduction of new OKR software solutions, integration with performance management systems (PMS), growing adoption in non-enterprise sectors, ai-powered insights and automation, emergence of new technologies such as ai and machine learning.
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Market Drivers and Trends:
The increasing adoption of remote work is expected to propel the growth of the objectives and key results (OKR) software market going forward. Remote work is an arrangement where individuals do job activities from a location other than the usual office setting, often facilitated by digital technologies. The demand for remote work is growing due to flexibility and work-life balance, productivity and performance, health and safety concerns, and changing workforce preferences. OKR software provides a structured framework for setting and communicating goals, ensuring remote team members understand the broader objectives and how their work contributes to them. For instance, in September 2022, according to the Bureau of the Census, a US-based government agency, in 2021, the number of people predominantly working from home tripled, growing from 5.7% (approximately 9 million people) to 17.9% (27.6 million people) over the preceding two years. Therefore, the increasing adoption of remote work drives the growth of the objectives and key results (OKR) software market.
Major companies operating in the objectives and key results (OKR) software market are focused on developing innovative OKR management software, such as OKR Board for Jira, to enable alignment toward goals. OKR Board for Jira is an OKR management software program that helps firms develop, track, and achieve their goals using the OKR framework. For instance, in October 2023, Oboard Ltd., a Germany-based provider of OKR software for businesses and organizations, launched the OKR Board for Jira software, a simple application that allows enterprises to set, manage, and report on OKRs directly from Atlassian's project tracking platform, Jira. The OKR Board for Jira is commended for its user-friendly arrangement and ease of utilization. Users can use the OKR framework directly in Jira, eliminating the requirement for extra apps or components outside the Atlassian ecosystem. The tool includes enterprise-level capabilities such as dedicated account managers, onboarding help, custom security reviews, roles and permissions, and a public API (application programming interface).
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Ally Technologies Inc, Weekdone, monday.com, Asana Inc, Wrike Inc, Aha! Labs Inc, Synergita Software Private Limited, Profit.co, 15Five, Quantive, Quantum Workplace Inc, WorkBoard Inc, BetterWorks Systems Inc, Engagedly, TalentGuard Holdings Inc, Workpath GmbH, Perdoo, Koan Inc, ESM Software LLC, Mooncamp GmbH, Atiim Inc, Huminos Inc, Gtmhub Inc.
Objectives And Key Results (OKR) Software Market 2024 Key Insights:
• The objectives and key results (OKR) software market size is expected to see rapid growth in the next few years. It will grow to $2.55 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.
• Remote Work's Impact On The Growth Of The Objectives And Key Results (OKR) Software Market
• Launch Of User-Friendly OKR (Objectives And Key Results) Management Software To Enhance Goal Alignment For Enterprises
• North America was the largest region in the objectives and key results (OKR) software market in 2023
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