Global Performance Appraisal and Management Software Market to Reach US$ 15.8 Billion by 2032, Spurred by Increasing Adoption in SMEs

July 25, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Performance Appraisal and Management Software Market by Type (System Management, Personnel Management, Attendance Management), Deployment Mode (On-premises, Cloud-based), Organization Size (Large Enterprises, Small and Medium-sized Enterprises), Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Public Sector, and Others), and Region 2024-2032,” the global performance appraisal and management software market size reached US$ 5.9 Billion in 2023. 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$ 15.8 Billion by 2032, expanding at a CAGR of 11.26% during 2024-2032.

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Deployment Mode, Organization Size, Industry Vertical, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
Post-Sale Analyst Support	10-12 Weeks
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 Performance Appraisal and Management Software Market to Reach US$ 15.8 Billion by 2032, Spurred by Increasing Adoption in SMEs

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