USD 1008.50 million
Global 360-Degree Feedback Software Market Size, Share, Growth Analysis, By Deployment mode(Cloud-based and on-premises solutions), By Industry vertical(IT & Telecom, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2151 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
63 |
Figures:
75
Global 360-Degree Feedback Software Market Insights
Global 360-Degree Feedback Software Market size was valued at USD 1008.50 million in 2022 and is poised to grow from USD 1123.47 million in 2023 to USD 2664.67 million by 2031, at a CAGR of 11.4% during the forecast period (2024-2031).
The global 360-degree feedback software market is experiencing steady growth as organizations seek comprehensive performance assessment solutions.
This software facilitates multi-perspective evaluations, enabling employees to receive feedback from peers, managers, and subordinates, fostering holistic development.
The market is driven by increased emphasis on employee engagement, skill enhancement, and performance optimization. Customizable features, cloud-based accessibility, and data analytics integration further propel adoption.
However, data security and interpretation challenges remain. Prominent players like Qualtrics, SurveyMonkey, and Cornerstone OnDemand dominate the market, offering versatile tools that cater to evolving organizational needs for well-rounded and insightful feedback processes.
US 360-Degree Feedback Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud-based
Fastest Growth
Cloud-based
Growth Rate
11.4% CAGR
Global 360-degree feedback software market by region
Country Share for North America (%)
Global 360-degree feedback software market by Deployment mode
Global 360-degree feedback software market by Deployment mode
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Global 360-Degree Feedback Software Market Segmental Analysis
The global 360-degree feedback software market is segmented based on deployment mode, industry vertical, and region. Deployment modes include cloud-based and on-premises solutions. Organization size categories are small, medium, and large enterprises. Industry verticals encompass IT & Telecom, BFSI, Healthcare, Retail, and more. Geographically, the market is divided into North America, Europe, Asia-Pacific, and the rest of the world.
360-Degree Feedback Software Market Analysis By Deployment Mode
Cloud-based deployment offers several advantages, such as lower upfront costs, easy scalability, and accessibility from anywhere. Many organizations are opting for cloud-based solutions to streamline their processes and reduce IT overhead.
Cloud-based deployment was also likely the fastest growing segment. The shift towards remote and hybrid work environments was driving the adoption of cloud-based software solutions to facilitate seamless access to feedback and performance data for both in-office and remote employees.
360-Degree Feedback Software Market Analysis By Industry Vertical
The corporate/enterprise sector is likely to be one of the largest segments for 360-degree feedback software. Larger corporations with a focus on employee development and performance improvement are more likely to adopt such solutions. This segment is driven by the need to assess and develop leadership skills, teamwork, and overall employee effectiveness.
The healthcare sector has been increasingly recognizing the importance of employee performance and patient satisfaction. As a result, healthcare organizations are adopting 360-degree feedback software to enhance the skills of medical professionals and administrative staff. With a growing emphasis on quality education and teacher effectiveness, the education sector has been adopting 360-degree feedback to evaluate and improve the performance of educators. The tech industry values collaboration, innovation, and effective leadership. As tech companies expand and diversify, there's a growing demand for tools that help develop these skills, making the IT sector a potential fast-growing market.
Global 360-degree feedback software market by Deployment mode, 2023 (%)
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Global 360-Degree Feedback Software Market Regional Insights
North America and Europe have historically been the largest markets for 360-degree feedback software due to their mature economies, large enterprises, and tech-focused business environments. These regions often prioritize employee development, performance improvement, and engagement, which align well with the benefits offered by such software.
However, the Asia-Pacific region, particularly countries like China and India, has been experiencing rapid economic growth and technological advancement. This growth has led to increased demand for HR software solutions, including 360-degree feedback tools, to support the development and retention of a skilled workforce.
Global 360-degree feedback software market by geography, 2024-2031
- Largest
- Fastest
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Global 360-Degree Feedback Software Market Dynamics
360-Degree Feedback Software Market Drivers
Demand for Employee Development
- The growing emphasis on employee development and performance improvement is fueling the demand for 360-degree feedback software, enabling comprehensive assessment from multiple perspectives, enhancing self-awareness, and promoting skill enhancement.
360-Degree Feedback Software Market Restraints
Privacy Concerns
- Concerns regarding data privacy and confidentiality, coupled with potential biases in feedback collection, may hinder the adoption of 360-degree feedback software, limiting its effectiveness and acceptance among organizations.
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Global 360-Degree Feedback Software Market Competitive Landscape
The global 360-degree feedback software market features intense competition among key players, driving innovation and service enhancement. Industry leaders like Qualtrics, Korn Ferry, and Saba Software offer comprehensive solutions, leveraging advanced analytics, user-friendly interfaces, and customizable features. Niche players like Trakstar focus on specialized functionalities, while emerging contenders explore AI-driven insights. Market dynamics reflect a shift toward cloud-based platforms, emphasizing data security and scalability. As organizations prioritize holistic employee assessments, the market witnesses ongoing diversification, partnerships, and acquisitions, intensifying rivalry and fostering a dynamic landscape for 360-degree feedback software providers.
360-Degree Feedback Software Market Top Player’s Company Profiles
- Stericycle, Inc. (USA)
- Daniels Health (Australia)
- Sharps Compliance Corp. (USA)
- Remondis Medison (Germany)
- Veolia Environnement S.A. (France)
- Clean Harbors, Inc. (USA)
- Republic Services, Inc. (USA)
- Becton, Dickinson and Company (BD) (USA)
- MAUSER Group (Germany)
- Thermo Fisher Scientific, Inc. (USA)
- Henry Schein, Inc. (USA)
- Waste Management, Inc. (USA)
- Bemis Manufacturing Company (USA)
- Bondtech Corporation (USA)
- Medline Industries, Inc. (USA)
- CurTec International (Netherlands)
- GPC Medical Ltd. (India)
- Dynarex Corporation (USA)
- UNIMED SAS (France)
- Terra Universal, Inc. (USA)
360-Degree Feedback Software Market Recent Developments
- In April 2022, Explorance Inc. launched BlueML, a machine learning-enabled platform for higher education institutes.
- In May 2022, Qualtrics integrated into SAP Service Cloud, including machine learning capabilities and Qualtrics XM Discover's artificial intelligence (AI).
Global 360-Degree Feedback Software Key Market Trends
- The global 360-degree feedback software market is witnessing significant trends. Organizations are prioritizing continuous performance evaluation, driving the demand for user-friendly and customizable feedback solutions. AI and machine learning integration offer deeper insights, aiding in constructive assessments. Remote work's rise underscores the need for virtual feedback tools, fostering seamless communication. Personalized development plans are gaining prominence, enhancing employee growth. Data security and privacy measures are paramount due to increasing digitalization. Lastly, mobile compatibility and real-time tracking are becoming crucial for on-the-go assessments, shaping the 360-degree feedback software market's evolution.
Global 360-Degree Feedback Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the global 360-degree feedback software market is poised for promising growth, driven by the increasing emphasis on employee development and performance enhancement across industries. As organizations prioritize comprehensive assessments, the demand for versatile software solutions enabling multi-dimensional feedback is set to rise. Integration of AI and analytics for more accurate insights, along with the shift towards remote and hybrid work models, will further fuel market expansion. Companies that provide user-friendly, customizable, and data-secure platforms are likely to thrive, catering to the evolving needs of modern workplaces and fostering a culture of continuous improvement.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1008.50 million |
| Market size value in 2031 | USD 2664.67 million |
| Growth Rate | 11.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global 360-Degree Feedback Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global 360-Degree Feedback Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global 360-Degree Feedback Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global 360-Degree Feedback Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 360-Degree Feedback Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global 360-Degree Feedback Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global 360-Degree Feedback Software Market Report Snapshots
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