With 11.2% CAGR, 360 Degree Feedback Software Market Worth USD 1,908.4 Million by 2029
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global 360-degree feedback software market size is projected to reach USD 1,908.4 Million by 2029, at a CAGR of 11.2% during the forecast period| Rising Adoption of Remote Work Culture to Bolster Market Growth
Pune, India, July 14, 2022 (GLOBE NEWSWIRE) -- The global 360-degree feedback software market size was USD 820.2 million in 2021. The market is projected to grow from 905.3 million in 2022 to USD 1,908.4 million by 2029 at a CAGR of 11.2% during the 2022-2029 period. Fortune Business Insights™ publishes this information in a report titled, "360 Degree Feedback Software Market, 2022-2029". As per the report, the market is anticipated to grow during the forecast period due to increasing adoption of cloud-based technologies for performance management.
Key Industry Development:
August 2021: Qualtrics declared a partnership with Mercer that helps the best brands better comprehend employee preferences and attitudes to develop more impactful employee experience and benefits programs.
Use of 360 Degree Feedback Software for Personal and Organizational Performance Development to Bolster Growth
Time Consuming Practice and Improper Use of Software May Impede Growth
Rising Adoption of Cloud-Based Solutions Bolstered Market Growth Amid Pandemic
The companies operating remotely during the COVID-19 pandemic started adopting 360-degree feedback software to manage and monitor employee performance. Also, cloud-based solutions were high in demand due to their feasibility and platform independence. Governments imposed strict restrictions and instructed employees to work at 50% capacity in the office to control virus spread. These factors encouraged the companies to purchase cloud-based solutions, fostering the 360-degree feedback software market growth during the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this Market:
The market is expected to rise during the forecast period, owing to the increasing acceptance of cloud-based technologies in various industries. Furthermore, the use of 360-degree feedback software is increasing by the companies to monitor, evaluate, and manage the performance of their employees. These factors are anticipated to bolster the market growth during the projected period.
However, high time consumption and misuse of the software may hinder market growth in the coming years.
Segments:
Faster Data Entry and Reporting to Bolster Installed Segmental Growth
By type, the market is bifurcated into installed and web-based. The installed segment is expected to dominate the global market share due to faster data entry and reporting capabilities. Also, it does not require an active internet connection to operate and can be customized to meet customer needs.
Corporate Segment to Lead the 360 Degree Feedback Software Market During the Forecast Period
Based on application, the market is categorized into education, retail, corporate, travel & hospitality, and healthcare. The corporate segment is anticipated to lead the market in the coming years, owing to the rising need to assess and improve employee performance.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The report sheds light on emerging market trends and recent developments introduced in the 360-degree feedback software market. Also, the report provides statistical data on regional market growth by elaborating on the share held by segmented regions. The impact of COVID-19 pandemic on the market growth is highlighted further in this report along with various business development strategies adopted by the companies. Drivers and restraints affecting market growth during the forecast period are mentioned further in this report.
Regional Insights:
North America Dominates Global Market Due to Rapid Industrialization
North America holds a prominent 360-degree feedback software market share owing to rising employee engagement in the corporate sector. Also, emerging industrialization and increasing number of technology experts, doctors, scientists, and other professionals are expected to fuel the regional market growth.
Asia Pacific stands in the second-highest position in the global 360 Degree Feedback Software Market, owing to the increasing adoption of this software in outsourcing businesses. Also, rapid industrialization in emerging countries is expected to drive market growth.
Competitive Landscape:
Strategic Partnerships Allow Key Players to Strengthen their Market Position
The key market players focus on implementing various business growth strategies to expand their business reach. These strategies include forming alliances, mergers, partnerships, and collaborations to strengthen their market position.
List of Key Players Profiled in the Report:
Explorance Inc. (Canada)
Qualtrics (U.S.)
Momentive (U.S.)
Actus Software (U.K.)
Engagedly (U.S.)
QuestionPro Survey Software (U.S.)
Trakstar (U.S.)
Lattice (U.S.)
SurveySparrow Inc. (U.S.)
SmartSurvey (England)
Quick Buy -360 Degree Feedback Software Market Research Report
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