According to the latest report by IMARC Group, titled “360 Degree Feedback Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global 360 degree feedback software market size reached US$ 907.74 Million in 2022. 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$ 1,623.09 Million by 2028, exhibiting a CAGR of 9.70% during 2023-2028.
- 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.
|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.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
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.
134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800