360 Degree Feedback Software Market (Updated Version Available)
360 Degree Feedback Software Market | Size, Share & Trends Analysis, By (Web based and Installed), Industry Vertical (Travel & Hospitality, Education, Retail, Corporate, Healthcare, and Government & Public Sectors), By Region, Forecast Period (2022 - 2030)
Report ID : RI_673806 | Date : September 2024 |
Format : 
Key Market Overview:
360 Degree Feedback Software Market is estimated to reach over USD 2043.47 Million by 2030 from a value of USD 924 Million in 2022, growing at a CAGR of 11.5 % from 2023 to 2030.
360-degree feedback software is a performance management software used to gather performance feedback from a variety of sources, including employees peers, subordinates, supervisors, and even external stakeholders. 360 Degree Feedback Software allows an organization to design and administer customized surveys that capture feedback on an employees performance in various areas, such as communication skills, leadership, teamwork, and technical ability.
Moreover, 360-degree feedback software offers a range of features, including customizable question libraries, evaluation templates, rater selection, statistics dashboards, and third-party integration. 360-degree feedback software allow organizations to design and administer customized feedback surveys, gather feedbacks, and identify areas for development. Furthermore, 360 Degree Feedback software could easily be integrated with an organization\\\'s existing human resources information systems (HRIS) therefore, data is efficiently synced without the requirement of manual duplication.
360 Degree Feedback Software Report Coverage:
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Market Dynamics:
Driver:
Cloud-based deployment of 360 Degree feedback software is simple and cost-effective as high upfront cost is not required. Generally, Cloud-based 360 Degree feedback software operate on pay- as- you- go, model. Such attributes are driving the demand for 360 Degree Feedback Software in small and middle-sized enterprises. Additionally, growing number of organizations are integrating 360-degree feedback systems for performance assessment of employees. For instance, according to Forbes, more than 85 % of fortune 1000 companies use 360-degree feedback systems for performance assessment. The rising adoption of 360 feedback systems in organizations for appraisals, promotions and pay-related decisions is driving the demand for 360 Degree Feedback Software.
Restraint:
Assessment through 360 Degree feedback is tedious and time-consuming process that act as a major restraining factor. Additionally, 360 Degree feedback system prerequisite participation of large numbers of respondents to draw considerable conclusions. Therefore, adoption of 360 degree feedback software in small organizations with less number of employees is difficult. Generally, peer reviews are based or respondents have limited exposure to the participant\\\'s performance, that lead to inaccurate feedback. Thus, organizations sometimes avoid assessment through 360 degree feedback.
Opportunities:
Rising emphasis on employee performance enhancement from corporates is one of the major opportunities for 360 degree feedback software market. Additionally, in recent times substantial advancements such as automated Cloud Orchestration and edge cloud computing had resulted into drastic cost reduction within cloud technologies. Rising cloud technologies adoption into corporate is estimated to positively impact the 360 degree feedback software market.
360 Degree Feedback Software Market Segmentation:
By Type:
By type the 360 degree feedback software is bifurcated into web based and installed. Presently the installed type 360 degree feedback software accounts for largest market share. Installed type software are easily integrated with organization\\\'s existing human resources information systems (HRIS) thus organizations prefer installed type 360 degree feedback software. Moreover, installed software do not require internet connectivity for their functioning. Aforementioned factors make 360 degree feedback software more preferable.
Furthermore, the cloud based software segment is estimated to showcase highest CAGR over the forecasted period. Cloud based 360 degree feedback software offers various advantages over installed type software. Cloud based software offers remote accessibility. Trends like work from home (WFH) and hybrid working are estimated to boost the demand for cloud based software. Additionally, cost effectiveness of cloud based 360 degree feedback software is another major driving factor for rising demand. Generally, cloud based software operate on pay- as- you- go, model making them affordable. Aforementioned benefits with cloud based 360 degree feedback software are estimated to fuel the demand in forthcoming years.
By Industry Vertical:
According to industry vertical the 360 degree feedback software is divided into travel & hospitality, education, retail, corporate, healthcare, government and public sectors. The corporate segment accounted for largest market share as of 2022. Large numbers for corporates have integrated 360 degree feedback software for employee performance and skill development through constructive feedback approach. Additionally, companies are extensively using 360 degree feedback systems for appraisals, promotions and pay-related decisions. Many organizations are also using 360 feedback systems for leadership development. Feedback collected from 360 degree feedback software help corporates to identify the leadership strengths and areas for improvement of high-potential employees. Therefore, corporates use collected feedbacks to create targeted leadership development programs to prepare employees for future leadership roles.
Furthermore, travel & hospitality industry segment is expected to showcase highest market growth rate over the forecasted period. Rising number of travel and hospitality companies are using feedback tools to gather feedbacks about staff behavior and service quality. Hospitality and travel industry rely heavily on the quality of service provided by their employees. Such applications of 360 degree feedback software in hospitality and travel industry is estimated to fuel the demand in coming years.
By Region
The regional segment is divided into Asia-pacific, Europe, North America, South America, and Middle East & Africa. North America accounted for largest market share in the year 2022. Developed corporate ecosystem and rising adoption of cloud based technologies are the driving factors. Additionally rising corporate\\\'s interest into performance management is driving the demand for 360 degree feedback software in North America region.
Furthermore, the Asia Pacific region is estimated to showcase substantial market growth over the forecasted period. Asia Pacific region is one of the biggest outsourcing market. Countries such as India and Indonesia have become some of the most preferred locations to setup corporate offices in recent years. Such trends are anticipated to fuel the demand for 360 degree feedback software in Asia Pacific region.
360 Degree Feedback Software Market Competitive Landscape:
The report on 360 Degree Feedback Software Market presents a comprehensive analysis of macroeconomic factors such as market dynamics, SWOT analysis, segmental analysis and others. In terms of market players, the data is related to business collaborations, mergers and acquisitions, product innovations, and strategies adopted by competitors. These factors are studied to offer an insightful understanding of current market circumstances. Following are the major market players that comprise the latest market concentrationâ€\"
• PossibleWorks
• Trakstar
• PerformYard
• SAP SuccessFactors
• 360insights
• Culture Amp
• Korn Ferry
• TinyPulse
• Clear Review
• Reviewsnap
• Explorance
Recent Developments
• March 2022 - 360insights announced accusation of web infinity.
• March 2022 â€\" Explorance announced that the company had been selected by University of Texas at Austin to Automate Course Evaluation Processes.
360 Degree Feedback Software Market is estimated to reach over USD 2043.47 Million by 2030 from a value of USD 924 Million in 2022, growing at a CAGR of 11.5 % from 2023 to 2030.
360-degree feedback software is a performance management software used to gather performance feedback from a variety of sources, including employees peers, subordinates, supervisors, and even external stakeholders. 360 Degree Feedback Software allows an organization to design and administer customized surveys that capture feedback on an employees performance in various areas, such as communication skills, leadership, teamwork, and technical ability.
Moreover, 360-degree feedback software offers a range of features, including customizable question libraries, evaluation templates, rater selection, statistics dashboards, and third-party integration. 360-degree feedback software allow organizations to design and administer customized feedback surveys, gather feedbacks, and identify areas for development. Furthermore, 360 Degree Feedback software could easily be integrated with an organization\\\'s existing human resources information systems (HRIS) therefore, data is efficiently synced without the requirement of manual duplication.
360 Degree Feedback Software Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | USD 2043.47 Million |
| CAGR (2022-2030) | 11.5 % |
| Base Year | 2022 |
| By Type | Web based and Installed |
| By Industry Vertical | Travel & Hospitality, Education, Retail, Corporate, Healthcare, and Government & Public Sectors |
| By Geography | |
| Key Players | PossibleWorks, Trakstar, PerformYard, SAP SuccessFactors, 360insights, Culture Amp, Korn Ferry, TinyPulse, Clear Review, Reviewsnap, and Explorance |
Market Dynamics:
Driver:
Cloud-based deployment of 360 Degree feedback software is simple and cost-effective as high upfront cost is not required. Generally, Cloud-based 360 Degree feedback software operate on pay- as- you- go, model. Such attributes are driving the demand for 360 Degree Feedback Software in small and middle-sized enterprises. Additionally, growing number of organizations are integrating 360-degree feedback systems for performance assessment of employees. For instance, according to Forbes, more than 85 % of fortune 1000 companies use 360-degree feedback systems for performance assessment. The rising adoption of 360 feedback systems in organizations for appraisals, promotions and pay-related decisions is driving the demand for 360 Degree Feedback Software.
Restraint:
Assessment through 360 Degree feedback is tedious and time-consuming process that act as a major restraining factor. Additionally, 360 Degree feedback system prerequisite participation of large numbers of respondents to draw considerable conclusions. Therefore, adoption of 360 degree feedback software in small organizations with less number of employees is difficult. Generally, peer reviews are based or respondents have limited exposure to the participant\\\'s performance, that lead to inaccurate feedback. Thus, organizations sometimes avoid assessment through 360 degree feedback.
Opportunities:
Rising emphasis on employee performance enhancement from corporates is one of the major opportunities for 360 degree feedback software market. Additionally, in recent times substantial advancements such as automated Cloud Orchestration and edge cloud computing had resulted into drastic cost reduction within cloud technologies. Rising cloud technologies adoption into corporate is estimated to positively impact the 360 degree feedback software market.
360 Degree Feedback Software Market Segmentation:
By Type:
By type the 360 degree feedback software is bifurcated into web based and installed. Presently the installed type 360 degree feedback software accounts for largest market share. Installed type software are easily integrated with organization\\\'s existing human resources information systems (HRIS) thus organizations prefer installed type 360 degree feedback software. Moreover, installed software do not require internet connectivity for their functioning. Aforementioned factors make 360 degree feedback software more preferable.
Furthermore, the cloud based software segment is estimated to showcase highest CAGR over the forecasted period. Cloud based 360 degree feedback software offers various advantages over installed type software. Cloud based software offers remote accessibility. Trends like work from home (WFH) and hybrid working are estimated to boost the demand for cloud based software. Additionally, cost effectiveness of cloud based 360 degree feedback software is another major driving factor for rising demand. Generally, cloud based software operate on pay- as- you- go, model making them affordable. Aforementioned benefits with cloud based 360 degree feedback software are estimated to fuel the demand in forthcoming years.
By Industry Vertical:
According to industry vertical the 360 degree feedback software is divided into travel & hospitality, education, retail, corporate, healthcare, government and public sectors. The corporate segment accounted for largest market share as of 2022. Large numbers for corporates have integrated 360 degree feedback software for employee performance and skill development through constructive feedback approach. Additionally, companies are extensively using 360 degree feedback systems for appraisals, promotions and pay-related decisions. Many organizations are also using 360 feedback systems for leadership development. Feedback collected from 360 degree feedback software help corporates to identify the leadership strengths and areas for improvement of high-potential employees. Therefore, corporates use collected feedbacks to create targeted leadership development programs to prepare employees for future leadership roles.
Furthermore, travel & hospitality industry segment is expected to showcase highest market growth rate over the forecasted period. Rising number of travel and hospitality companies are using feedback tools to gather feedbacks about staff behavior and service quality. Hospitality and travel industry rely heavily on the quality of service provided by their employees. Such applications of 360 degree feedback software in hospitality and travel industry is estimated to fuel the demand in coming years.
By Region
The regional segment is divided into Asia-pacific, Europe, North America, South America, and Middle East & Africa. North America accounted for largest market share in the year 2022. Developed corporate ecosystem and rising adoption of cloud based technologies are the driving factors. Additionally rising corporate\\\'s interest into performance management is driving the demand for 360 degree feedback software in North America region.
Furthermore, the Asia Pacific region is estimated to showcase substantial market growth over the forecasted period. Asia Pacific region is one of the biggest outsourcing market. Countries such as India and Indonesia have become some of the most preferred locations to setup corporate offices in recent years. Such trends are anticipated to fuel the demand for 360 degree feedback software in Asia Pacific region.
360 Degree Feedback Software Market Competitive Landscape:
The report on 360 Degree Feedback Software Market presents a comprehensive analysis of macroeconomic factors such as market dynamics, SWOT analysis, segmental analysis and others. In terms of market players, the data is related to business collaborations, mergers and acquisitions, product innovations, and strategies adopted by competitors. These factors are studied to offer an insightful understanding of current market circumstances. Following are the major market players that comprise the latest market concentrationâ€\"
• PossibleWorks
• Trakstar
• PerformYard
• SAP SuccessFactors
• 360insights
• Culture Amp
• Korn Ferry
• TinyPulse
• Clear Review
• Reviewsnap
• Explorance
Recent Developments
• March 2022 - 360insights announced accusation of web infinity.
• March 2022 â€\" Explorance announced that the company had been selected by University of Texas at Austin to Automate Course Evaluation Processes.
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| Multi User | : $5460 |
| Corporate User | : $7460 |
Buy Now
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