Performance Appraisal and Management Software Market 2023 | Industry Size, Share and Forecast 2028

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According to the latest report by IMARC Group, titled, “Performance Appraisal and Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global performance appraisal and management software market size reached US$ 5.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 12.9% during 2023-2028.

Performance appraisal and management software are designed to assist companies in managing the performance of their workforce and the appraisals effectively. They involve several solutions, such as system management, personnel management, attendance management, etc. Performance appraisal and management software systems analyze an employee’s performance against a set of objectives, improve evaluation by setting individual and team goals, review progress, enhance the abilities and skills of the individuals involved, help maintain effective worker retention, and aid in deciding long-term strategies to achieve the organization’s goals. Consequently, they find extensive applications in large, small, and medium-sized enterprises across countries.

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Performance Appraisal and Management Software Market Trends and Drivers:

The increasing demand for simplified performance appraisal systems with unbiased and accurate analytics is primarily driving the performance appraisal and management software market. In addition to this, the escalating need for privacy and security of employee data and the rising technological advancements in industry chain structures are acting as significant growth-inducing factors. Furthermore, the shifting preferences toward adopting mobile apps and online portals focusing on team-centric management by various end-use industries and the launch of machine learning (ML), artificial intelligence (AI), and the internet of things (IoT) to provide analytical insights are also positively influencing the global market. Besides this, the expanding start-ups, especially in developing countries, and the emerging trend of work-from-home (WFH) policies are further stimulating the market growth. Moreover, the inflating investments in research and development (R&D) activities conducted by leading players and the elevating employment of cloud computing are expected to bolster the performance appraisal and management software market in the coming years.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

  • 15Five
  • Advance Change Ltd. (Actus)
  • BambooHR LLC
  • BMC Software Inc.
  • Cornerstone OnDemand Inc.
  • ELMO Software Limited
  • Paradiso Solutions
  • PO Söderberg & Partner AB
  • Reflektive Inc.
  • SAP SE
  • UKG Inc.
  • Workday Inc., etc.

Performance Appraisal and Management Software Market Report 2023-2028 Competitive Analysis and Segmentation:

The report has segmented the market based on type, deployment mode, organization size, and industry vertical.

Type Insights:

  • System Management
  • Personnel Management
  • Attendance Management

Deployment Mode Insights:

  • On-premises
  • Cloud-based

Organization Size Insights:

  • Large Enterprises
  • Small and Medium-sized Enterprises

Industry Vertical Insights:

  • BFSI
  • IT and Telecom
  • Healthcare
  • Retail
  • Public Sector
  • Others

Breakup by Region:

  • North America
  • Asia-Pacific
  • Europe
  • Latin America
  • Middle East and Africa

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Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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