Press release
Global 360 Degree Feedback Software Market Projected to Grow at 13.7% CAGR, Reaching $2.40 Billion by 2029
360 Degree Feedback Software
What Will the 360 Degree Feedback Software Industry Market Size Be by 2025?
A steep rise has been observed in the market size of 360 degree feedback software over the recent years. The prediction states that the market will expand from $1.26 billion in 2024 to $1.44 billion in 2025, signifying a compound annual growth rate (CAGR) of 14.0%. This noticeable growth in the past can be credited to the rising demands for programs aimed at employee development, the increased adoption of cloud-based solutions for human resources, a heightened focus on transparency and accountability in performance, the emerging significance of data-informed decision making, and an increasing emphasis on leadership development and succession planning.
What's the Long-Term Growth Forecast for the 360 Degree Feedback Software Market Size Through 2029?
Anticipated to expand significantly in the coming years is the market for 360 degree feedback software, with a projection to reach $2.40 billion by 2029, exhibiting a CAGR of 13.7%. The growth in this period can be associated with enhanced investment in employee engagement and retention tactics, expanded usage in sectors like education, healthcare and non-profits that traditionally didn't use this software, a mounting demand for constant performance evaluation rather than yearly reviews. Additionally, there is a rising necessity for customized learning and development avenues coupled with an intensifying need to enhance organizational responsiveness and adaptability. Trending technologies anticipate the forecast period comprising advancements in cloud computation, incorporation of technology in performance management mechanisms, progressions in mobile and remote accessibility, enhancements in data analytic and visualizing tools along with technology-infused improvements in user experience (UX).
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What Are the Key Growth Drivers Fueling the 360 Degree Feedback Software Market Expansion?
The surge in the market can be attributed to the increasing acceptance of remote and hybrid work models. The demand for a balanced work-life and flexible performance management tools is a primary force driving this growth.
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What Are the Key Trends Driving 360 Degree Feedback Software Market Growth?
Leading entities in the realm of 360-degree feedback software are prioritizing the advancement of creative solutions like multi-source performance assessments. These assessments provide inclusive investigations into work performance, elevate personalized growth plans, and encourage data-backed decisions in talent management. Feedback on a worker's performance is collected from several sources, encompassing managers, coworkers, underlings and occasionally clients. It promotes a more extensive understanding of strengths and areas needing improvement, which aids development objectives and well-informed talent management strategies. For example, ThriveSparrow, an American Software-as-a-Service (SaaS) platform, introduced a powerful 360-degree performance review feature in February 2024. This addition to their employee success platform assists businesses in simplifying the feedback process, creating sophisticated analytical reports, and nurturing an environment of ongoing performance enhancement. This product unveiling highlights the escalating priority on all-encompassing, data-based methods for employee growth and talent administration in contemporary businesses.
How Is the 360 Degree Feedback Software Market Segmented?
The 360 degree feedback software market covered in this report is segmented
1) By Type: Web-Based, Installed
2) By Functionality: Performance Management, Employee Engagement, Talent Management, Training And Development, Feedback And Reviews
3) By Application: Corporate, Travel And Hospitality, Retail, Education, Healthcare, Other Applications
4) By End-User: Small And Medium-Sized Enterprises (SMEs), Large Enterprises, Government Organizations
Subsegments:
1) By Web-Based: Cloud-Based Deployment, Accessible From Anywhere, Scalable Solutions, Fast Service Availability, Enhanced Information technology (IT) Security
2) By Installed: Software Download Required, On-Premises Installation, Greater Flexibility, Full User Control, Plan Selection Required
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Which Companies Are Leading the Charge in 360 Degree Feedback Software Market Innovation?
Major companies operating in the 360 degree feedback software market are Zoho Corporation Pvt. Ltd., Rippling Inc., Deel Inc., BambooHR LLC, Culture Amp Pty Ltd., BetterUp Inc., Workleap Inc., QuestionPro Inc., Explorance Inc., Keka Technologies Pvt. Ltd., SurveySparrow Pvt. Ltd., Jotform Inc., Engagedly Inc., Synergita Solutions Pvt. Ltd., Peoplebox Inc., PerformYard Inc., TheySaid Inc., Spidergap Ltd., Leapsome GmbH, Primalogik Inc.
Which Regions Are Leading the Global 360 Degree Feedback Software Market in Revenue?
North America was the largest region in the 360 degree feedback software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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