The global 360 degree feedback software market size reached US$ 907.74 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,623.09 Million by 2028, exhibiting a growth rate (CAGR) of 9.70% during 2023-2028. The rapid digitalization of various industrial operations, the growing demand for employee development, and the increasing adoption of the remote working model represent some of the key factors driving the market.
360 Degree Feedback Software Market Size in 2022
|US$ 907.74 Million
360 Degree Feedback Software Market Forecast in 2028
|US$ 1,623.09 Million
|360 Degree Feedback Software Market Growth Rate (2023-2028)
360 degree feedback software is a reliable, web-based tool used for conducting comprehensive evaluations of an employee's performance, skillsets, and behaviors. It is a feedback mechanism that provides assessments on multiple parameters, including team collaborations, engagements, and communication. The insights provided by the software are beneficial for the organization as it given an understanding of the values and behaviors crucial for team success. The employees can also alter their performance and interpersonal skills around the company’s goals. The process involves collecting feedback from various sources, including peers, subordinates, supervisors, customers, and self-evaluation. The feedback is then aggregated, analyzed, and presented in a report that provides an overview of the employee's strengths, weaknesses, and areas for development. 360 Degree Feedback Software enables organizations to identify areas where employees may need further training and development to improve their skills and enhance their overall performance.
360 Degree Feedback Software Market Trends:
The widespread adoption of automation, digital technology, and artificial intelligence (AI) across various industrial operations to reduce manual work and improve efficiency is primarily driving the global 360 degree feedback software market growth. Besides this, the rising focus on employees’ well-being and the growing demand for worker performance and behavioral patterns evaluation to enhance their skills and knowledge is creating a favorable outlook for the market. In addition to this, the large-scale adoption of remote work models and the escalating workforce diversity are fueling the need for 360 degree feedback software to allow managers to evaluate employees from different backgrounds and cultures effectively, which, in turn, is positively impacting the market growth. Moreover, shifting trends of performance-based pay among organizations and the heightened need to improve employee engagement for enhancing productivity and overall job satisfaction and reducing turnover rates are providing remunerative growth opportunities for the market. Furthermore, the superior scalability, flexibility, and low operating costs offered by cloud technologies are contributing to the market growth. Other factors, such as expanding workforce population, intense competition among organizations to provide better services, and easy access to high-speed and low-cost internet connections are aiding in market expansion.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global 360 degree feedback software market, along with forecasts at the global levels from 2023-2028. Our report has categorized the market based on type and application.
The report has provided a detailed breakup and analysis of the 360 degree feedback software market based on the type. This includes installed and web-based. According to the report, installed represented the largest segment.
- Travel and Hospitality
A detailed breakup and analysis of the 360 degree feedback software market based on the application has also been provided in the report. This includes corporate, education, retail, healthcare, travel and hospitality, and others. According to the report, corporate accounted for the largest market share.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for 360 degree feedback software. Some of the factors driving the North America 360 degree feedback software market included the increasing digitalization and automation across numerous industries, the growing emphasis on employee wellbeing, and the expanding adoption of the remote work model.
The report has also provided a comprehensive analysis of the competitive landscape in the global 360 degree feedback software market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include Cornerstone OnDemand, Inc., CustomInsight, Mercer LLC (Marsh & McLennan Companies, Inc.), Momentive Global Inc., Performly, Qualtrics International Inc., Salesforce, Inc., STAR 360 Feedback, SVI, LLC, Synergita Software Private Limited (Aspire Systems Group), Talentguard, Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Corporate, Education, Retail, Healthcare, Travel and Hospitality, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Cornerstone OnDemand, Inc., CustomInsight, Mercer LLC (Marsh & McLennan Companies, Inc.), Momentive Global Inc., Performly, Qualtrics International Inc., Salesforce, Inc., STAR 360 Feedback, SVI, LLC, Synergita Software Private Limited (Aspire Systems Group), Talentguard, Inc., etc.
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Corporate License: US$ 4499
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||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the 360 degree feedback software market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global 360 degree feedback software market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the 360 degree feedback software industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.