NEW CASTLE, Delaware, Aug. 29, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Performance Appraisal Software Market by Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), and Deployment Mode (On-premise, Cloud-based and Web-based): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the performance appraisal software market was valued at $2.8 billion in 2023, and is estimated to reach $11.7 billion by 2032, growing at a CAGR of 17.6% from 2024 to 2032.
Prime determinants of growth
The global performance appraisal software market is experiencing growth due to several factors such as timely evaluation performance to increase production and transparency in rewarding people. However, giving biased ratings on software hinders the market growth. Moreover, increase in adoption of mobile and app-based software offers remunerative opportunities for the expansion of the global performance appraisal software market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $2.8 billion |
| Market Size in 2032 | $11.7 billion |
| CAGR | 17.6% |
| No. of Pages in Report | 211 |
| Segments Covered | Enterprise Size, Deployment Mode, and Region |
| Drivers | Timely evaluation performance to increase production |
| Transparency in rewarding people | |
| Opportunities | Increase in adoption of mobile and app-based software |
| Restraint | Giving biased ratings on software |
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The large enterprise segment is expected to maintain dominance during the forecast period
Based on enterprise size, the large enterprise segment held the highest market share in 2023, accounting for more than half of the global performance appraisal software market revenue and is likely to retain its dominance during the forecast period, owing to the shift towards continuous performance management, moving away from traditional annual reviews to more frequent, real-time feedback and goal setting. This approach helps in aligning employee objectives with organizational goals more effectively and promotes a culture of ongoing development and improvement.
The on-premise segment is expected to maintain dominance during the forecast period
Based on deployment mode, the on-premise segment held the highest market share in 2023, accounting for nearly one-third of the global performance appraisal software market revenue and is likely to retain its dominance during the forecast period, owing to rise in focus on data security and compliance. Organizations handling sensitive data, such as those in finance, healthcare, and government sectors, often prefer on-premise solutions to maintain stringent control over their data and ensure compliance with regulatory requirements.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2023, accounting for three-fourth of the global performance appraisal software market revenue and is expected to dominate the market in terms of revenue during the forecast timeframe, owing to rapid digital transformation across various industries, driven by economic growth and increasing investments in technology. Companies in countries such as China, India, Japan, and Australia are increasingly adopting advanced performance management tools to streamline HR processes and enhance employee productivity.
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Major Industry Players: -
- Oracle Corporation
- Sumtotal Systems, LLC
- SAP SE
- UKG Inc.
- Cornerstone OnDemand, Inc.
- Partner&more.com, Inc.
- Bamboo HR LLC
- Workday, Inc.
- ADP, Inc.
- Zoho Corporation Pvt. Ltd.
The report provides a detailed analysis of these key players in the global performance appraisal software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
