Global 360 Degree Feedback Software Market Report and Forecast 2024-2032

Global 360 Degree Feedback Software Market Outlook

The global 360 degree feedback software market reached a value of more than USD 895.09 million in 2023. The industry is further expected to grow at a CAGR of about 9.9% in the forecast period of 2024-2032 to reach a value of over USD 2,087.43 million by 2032.

North America to Significantly Contribute to the Growth of the 360 Degree Feedback Software Industry

In the global 360 degree feedback software industry, North America holds one of the most significant shares. The growing presence of the leading companies, particularly in the information technology sector, is augmenting the growth of the market. The robust technological advancement in the United States and Canada is increasing the use of 360 degree feedback software, which is propelling the market growth. Moreover, various small businesses are increasingly leveraging 360 degree feedback software to discover the flaws in their organisational structures, hence driving the industry growth.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

With the surge of the COVID-19 pandemic and the rising concerns regarding the resurgence of COVID-19 infections, the growing trend of work-from-home is surging the use of 360 degree feedback software to review analysis of employees, thereby driving the industry growth. As the reviews created by this software are aiding businesses in tracking and evaluating their employees' performance, they are increasingly deployed to enhance the overall performance of businesses, which is significantly contributing to the growth of the market.

360 Degree Feedback Software: Market Segmentation

360 degree feedback software is a solution that enables organisations to gather feedback on employees from their managers, direct reports, and peers. The software aids in generating insights regarding employee performance while creating goals for them based on feedback results. Multiple raters, such as supervisors, peers, direct reports, subordinates, and external raters (customers or vendors), can offer feedback on an employee using 360 degree feedback software.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

By type, the market is divided into:

• Web-Based
• Installed

The industry is further divided on the basis of application:

• Education
• Retail
• Corporate
• Healthcare
• Travel and Hospitality
• Others

The EMR report looks into the regional markets of 360 degree feedback software like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Adoption of Digital Technology in the Workplace Boosting the Market Growth of 360 Degree Feedback Software

The global market is anticipated to grow robustly due to the adoption of digital technology and artificial intelligence (AI) in the workplace. The growing emphasis on employees’ well-being and the rising attempts to enhance the efficiency of employees is also propelling the industry growth. Further, the growth of the 360 degree feedback software industry can be attributed to the rising demand for employee performance and behavioural patterns evaluation. As 360 degree feedback software aids in identifying employee work ethics and assessing how things are progressing, it is extensively deployed by various organisations.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The easy scalability and flexibility of 360 degree feedback software is increasing its appeal among employees, further adding to the industry growth. In the coming years, cloud technologies are projected to fuel the demand for 360 degree feedback software, consequently boosting its growth possibilities. Unlike online software, cloud technologies allow businesses to collect, analyse, and share employee data at any time and from any location. Moreover, the increased scalability and low operating costs offered by cloud technologies are surging the deployment of 360 degree feedback software, which is projected to fuel the industry growth in the coming years.

Key Industry Players in the 360 Degree Feedback Software Market

The report gives a detailed analysis of the following key players in the global 360 degree feedback software market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Qualtrics International Inc.
• PeopleGoal, Inc.
• Mercer LLC
• Synergita Software Private Limited
• TalentGuard
• Salesforce.com, inc.
• Momentive Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report