Performance Appraisal And Management Software Market Overview: Market Size, Major Drivers And Trends
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The performance appraisal and management software market has seen rapid growth, escalating from $6.18 billion in 2023 to $7.07 billion in 2024, with a notable compound annual growth rate (CAGR) of 14.4%. This growth is driven by increased adoption of software solutions and SMEs’ focus on performance management. Looking ahead, the market is forecasted to reach $11.86 billion in 2028, driven by factors like employee engagement emphasis and integration with HR systems, while notable trends include self-appraisal systems and AI integration.
The performance appraisal and management software market is poised for significant expansion, driven by the increasing adoption of digital human resource (HR) solutions that leverage social, mobile, analytics, and cloud (SMAC) technologies to streamline HR processes. A vital component of these digital HR solutions, performance appraisal and management software, automates and optimizes performance evaluation processes for HR professionals and employees. UserGuiding’s report in January 2023 indicated the HR software market’s expected growth to $10 billion by 2022, with a noteworthy 74% of businesses planning to increase their investment in HR technology, thus fueling the growth of the performance appraisal and management software market, with a projected market size of $A billion in 2023, forecasted to reach $B billion by 2024.
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What Are The Key Trends That Influence Performance Appraisal And Management Software Market Share Analysis?
Major companies operating in the performance appraisal and management software market are developing innovative solutions, such as performance management systems, to sustain their market position. A performance management system (PMS) establishes clear expectations for employee performance, tracks progress, and provides feedback and development opportunities. For instance, in July 2023, Air India, an India-based airline, announced Rise.AI, a digitized appraisal system designed to be fair, transparent, and completely digitized, with clearly defined job descriptions and specific performance goals.
Which Market Players Are Driving Growth In The Performance Appraisal And Management Software Market?
Major companies operating in the performance appraisal and management software market report are International Business Machines Corporation, Oracle Corporation, SAP SE, ADP LLC, Workday Inc., UKG Inc., BMC Software Inc., PO Söderberg & Partner AB, Kronos Incorporated, Cornerstone OnDemand Inc., Halogen Software Inc., Lattice, BambooHR LLC, SumTotal Systems LLC, Ultimate Software Group Inc., Saba Software Inc., ELMO Software Limited, Reflektive Inc., 15Five, Paradiso Solutions, UPRAiZAL Inc., Söderberg & Partners Heartpace AB, Actus
How Is The Global Performance Appraisal And Management Software Market Segmented?
The performance appraisal and management software market covered in this report is segmented –
1) By Type: System Management, Personnel Management, Attendance Management
2) By Deployment Mode: On-Premise, Cloud
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Healthcare, Retail, Public Sector
Read The Full Performance Appraisal And Management Software Market Report Here
The Performance Appraisal And Management Software Global Market Report 2024 provides an overview of the performance appraisal and management softwaremarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The performance appraisal and management software market forecast analyzes performance appraisal and management software market size, performance appraisal and management software market share, leading competitor and their market positions.
The Table Of Content For The Performance Appraisal And Management Software Market Include
1. Performance Appraisal And Management Software Market Executive Summary
2. Performance Appraisal And Management Software Market Segments
3. Performance Appraisal And Management Software Market Size And Template Market Growth Rate
4. Key Performance Appraisal And Management Software Market Trends
5. Major Performance Appraisal And Management Software Market Drivers
……
25. Key Mergers And Acquisitions In The Performance Appraisal And Management Software Market
26. Top Performance Appraisal And Management Software Companies
27. Performance Appraisal And Management Software Market Opportunities And Strategies
28. Performance Appraisal And Management Software Market, Conclusions And Recommendations
29. Appendix
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