Global 360 Degree Feedback Software Market to Reach US$ 2,115 Million by 2032, Propelled by Increasing Automation Across Industries

May 23, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “360 Degree Feedback Software Market by Type (Installed, Web-based), Application (Corporate, Education, Retail, Healthcare, Travel and Hospitality, and Others), and Region 2024-2032," the global 360 degree feedback software market size reached US$ 996 Million in 2023. 360 degree feedback software is a technological tool used by organizations to gather comprehensive data for evaluating employee’s performance, behavior, and skills. It allows users to receive feedback from peers, supervisors, subordinates, team members, and external parties. 360 degree feedback software is widely used for performance appraisal, leadership development programs, talent management, personal development, and organizational culture assessment. It provides a well-rounded analysis, reduces biases, enables accurate evaluation, eliminates manual data collection, minimizes administrative burden, and increases employee engagement. 360 degree feedback software also assists organizations in designing targeted training programs, coaching initiatives, and development plans to support employee growth.

360 Degree Feedback Software Market Trends:

The increasing emphasis on employee well-being and development is one of the primary factors propelling the market growth. 360 degree feedback software allows organizations to gain valuable insights into employee performance and skills, which aids in identifying strengths, areas of improvement, and weaknesses that require attention. In addition to this, the widespread software utilization to promote transparency and ensure honest feedback is acting as another growth-inducing factor. Furthermore, the rising adoption of automation in workplaces is facilitating software demand to reduce administrative burdens, eliminate manual entries, save time, and optimize resources. Additionally, the integration of natural language processing (NLP) and artificial intelligence (AI) to extract valuable insights, analyze trends, and auto generate feedback reports is positively influencing the market growth. Besides this, the growing demand for cloud-based solutions, which reduce infrastructure and maintenance costs, provide easy accessibility, offer the latest updates, enhance data security, improve analysis capabilities, and facilitate seamless collaboration between stakeholders is contributing to the market growth. Moreover, the increasing software utilization to ensure unbiased feedback and identify potential disparities, owing to the growing awareness among organizations regarding the importance of diversity, equality, and inclusion (DEI) in workplaces, is supporting the market growth. Other factors, including rising remote work culture, extensive research and development (R&D) activities, and increasing focus on employee engagement and retention, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 2,115 Million by 2032, exhibiting a CAGR of 8.7% during 2024-2032.

Market Summary:

On the basis of the type, the market has been bifurcated into installed and web-based. At present, installed represents the largest segment.
Based on the application, the market has been classified into corporate, education, retail, healthcare, travel and hospitality, and others. Among these, corporate accounts for the largest market share.
On a regional basis, the market has been categorized into 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. Among these, North America holds the largest market for 360 degree feedback software.
The competitive landscape of the industry has also been examined, with some of the key players being 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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Types Covered	Installed, Web-based
Applications Covered	Corporate, Education, Retail, Healthcare, Travel and Hospitality, Others
Regions Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
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Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global 360 Degree Feedback Software Market to Reach US$ 2,115 Million by 2032, Propelled by Increasing Automation Across Industries

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