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. Performance appraisal and management software is a digital tool or system designed to streamline and automate the process of evaluating and managing employee performance within an organization. It can also be incorporated with HR systems, such as employee data repositories, learning management systems, or talent management platforms for seamless data sharing to ensure consistency in processes. It provides a structured framework for setting goals, tracking progress, providing feedback, conducting performance reviews, and facilitating performance improvement.
Global Performance Appraisal and Management Software Market Trends:
The increasing adoption of performance appraisal and management software in small and medium-scale enterprises (SMEs) to establish clear performance goals and manage employee development plans represents one of the key factors augmenting the market growth around the world. Moreover, performance appraisal and management software is employed in the banking, financial services and insurance (BFSI) sector to evaluate the performance of financial advisors, brokers, customer service representatives, and other professionals. In addition, performance appraisal and management software is employed in the hospitality sector to assess the performance of hotel staff, including front desk personnel, housekeeping teams, and restaurant staff. This, along with the growing focus on customer satisfaction, service excellence, and employee training and development, is influencing the market positively. Apart from this, the increasing usage of performance appraisal and management software in educational institutions, including schools, colleges, and universities, to assess the performance of teachers, administrators, and support staff is strengthening the market growth. Looking forward, the market value is projected to reach US$ 10.9 Billion by 2028, expanding at a CAGR of 12.9% during 2023-2028.
- Based on the type, the market has been segmented into system management, personnel management, and attendance management.
- On the basis of the deployment mode, on-premises exhibit a clear dominance in the market, followed by cloud-based.
- Based on the organization size, large enterprises dominate the market, followed by small and medium-sized enterprises.
- On the basis of the industry vertical, the market has been classified into BFSI, IT and telecom, healthcare, retail, public sector, and others. Presently, BFSI holds the largest market share.
- Region-wise, the market has been segregated into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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., and Workday Inc.
|Base Year of the Analysis
||Type, Deployment Mode, Organization Size, Industry Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
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