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Allied Market Research

360 Degree Feedback Software Market By Component Type (Solution and Service), Deployment Type (Web-based and Installed), Organizational Size (Small & Medium Enterprises and Large Enterprises), Industry Vertical (Travel & Hospitality, Education, Retail, Healthcare, Corporate, Government and Public Sectors, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12269
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Sep 2021 | 57 Views
   
Author(s) : Vineet Kumar
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COVID-19

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360 Degree Feedback Software Market Statistics - 2030

Human resource (HR) management uses 360 degree feedback software to monitor and promote effective performance at the workplace, companies are taking advantage of different performance management tools and technique. To attain deeper knowledge about the performance of their workforce. 360 degree feedback software allows the HR management as well as employees to receive multiple feedbacks from supervisors, peers, subordinates, customers, and vendors. Furthermore, it generates a detail report of the employee’s behavior and helps the participants to increase their self-awareness.

Key Segments Covered

Report Metric

 

Details

  Market Size Available for Years

 

  2020-2030

  Base Year Considered

 

  2020

  Forecast Period

 

  2021-2030

  Forecast Unit

 

  Value (USD)

  Segments Covered

Component, Deployment Type, Organizational Size, Industry Vertical, and Region

 

  Regions Covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)

  Companies Covered

 

PeopleGoal Inc., Mettl Online Assesment, Saba Software., Salesforce, TALENTGUARD, Tarkstar, Synergita, Appraisal360, Star 360 Feedback, and SAP SE.

 

Impact of COVID-19 on 360 Degree Feedback Software Market:

  • The emergence of COVID 19 has a great impact on not only the countries but also different industries across the world. Furthermore, lockdown and restrictions have forced people to work from home.
  • Moreover, extensive use of conferencing applications, such as Zoom, Skype, and Microsoft Teams, are benefitting while other technologies, such as Virtual Private Networks (VPNs), cyber security, and data security, will see a surge as most workforces are operating remotely. Due to this, HR managers are having great problem in monitoring, reviewing, and judging the employee's work performance.
  • However, with timely feedback report, the 360 degree feedback software not only helps the organization to increase employees’ engagement but also helps them to retain employees.
  • However, due to the downfall in the economy, many companies are forced to reduce their operating budget. Thus, most companies are still hesitant to buy new software.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

360 degree feedback software provides a platform, which allows open communication about performance as it involves a feature where employees can receive feedback from all directions. Collecting feedback from several individual helps the HR management to gain more insight about their employees. Additionally, the demand for the web-based 360 degree feedback software has increased due to cloud-based solutions. Furthermore, its popularity is increased with small and medium business retailers due to its easy & direct access to internet and affordability. This is expected to boost the market growth of 360 degree feedback software. Moreover, from the HR perspective, as there is an increase in the number of employees in an organization, this software will help them to know about the skills and behavior of their employees more accurately and quickly without wasting time.

Although there are several pros of using this software, it also has its cons or disadvantages too. 360 degree feedback software can garner dishonest feedback. This problem arises when the employees involved in this process lacks trust in their management they tend to give dishonest review. Additionally, employees who are friends in the company can give dishonest reviews to get a positive score for one another.

Furthermore, this process is time consuming as there are multiple participants involved. Although customizing the software can solve this issue, but still setting up the software is difficult.  

It is observed that the productivity of an unsatisfied and unhappy employee decreases as compared to any happy and satisfied employee. Therefore, it is important for any organization to keep a track on the mood and sentiments of their workforce. 360 degree feedback software provides them with a platform where their employees can share views, feedback, and give suggestions if required. Furthermore, in special scenario, such as business mergers, change leadership, and management reconstruction, the software helps the managers to capture real sentiments of employees. SAP Qualtrics 360 Feedback is a cloud-based solution, which contains an automated surveys, smart routing with automated workflows, and flexible form deployment. This helps the employees to understand where exactly they should focus to improve their career and impact better business outcome for the organization. Furthermore, new tools are launched in the market, which transform the HR productivity, support changing business, and adapt the working of modern organizations to develop and nurture the employees of the company at all levels  

Key Segments Covered

Segment

 

Sub segment

  Component Type

  Solution, Services

 

  Deployment Type

  Web- Based, Installed

 

  Organizational Size

 

  Small & Medium Enterprise, Large Enterprise

 

  Industry Vertical

 

Travel and Hospitality, Education, Retail, Healthcare, Corporate, Government and Public Sectors, and Others

 

 

Key Benefits of the Report

  • This study presents the analytical depiction of the 360 degree feedback software market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the 360 degree feedback software market share.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the 360 degree feedback software market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed 360 degree feedback software market analysis depending on competitive intensity and how the competition will take shape in the coming years

Questions Answered in the 360 Degree Feedback Software Market Research Report

  • Which are the leading market players active in the 360 degree feedback software market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
 
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