360 Degree Feedback Software Market Size to Surpass USD 2136 Million by 2030, exhibiting a CAGR of 11.4%
As per the report by Fortune Business Insights, the global 360 degree feedback software market size is projected to reach USD 2136 million in 2030, at a CAGR of 11.4% during the forecast period, 2023-2030
Pune, India, July 12, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global 360 degree feedback software market size was valued at USD 905.3 million in 2022 and is projected to grow from USD 1001.2 million in 2023 to USD 2136 million by 2030, exhibiting a CAGR of 11.4% during the forecast period. Rising Performance Assessment Activities to Bolster Market Growth. Fortune Business Insights presents this information in their report titled “Global 360 Degree Feedback Software Market Forecast, 2023–2030.”
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Key Industry Development:
August 2021: Qualtrics declared a partnership with Mercer that helps the best brands better comprehend employee preferences and attitudes to develop more impactful employee experience and benefits programs.
Key Takeaways
- 360 degree feedback software market size in North America was USD 298.3 Million in 2022
- Rising Adoption of Cloud-based Solutions Bolstered Market Growth Amid Pandemic
- Faster Data Entry and Reporting to Bolster Installed Segmental Growth
- Corporate Segment to Lead the Market due to the Need to Improve Employee Performance
Discover the Leading Players Featured in the Report:
“Companies leading the global 360 degree feedback software market are Explorance Inc. (Canada), Qualtrics (U.S.), Momentive (U.S.), Actus Software (U.K.), Engagedly (U.S.), QuestionPro Survey Software (U.S.), Trakstar (U.S.), Lattice (U.S.), SurveySparrow Inc. (U.S.), SmartSurvey (England)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 11.4% |
| 2030 Value Projection | USD 2136 Million |
| Base Year | 2022 |
| 360 Degree Feedback Software Market Size in 2022 | USD 905.3 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Type, Application and Geography |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/360-degree-feedback-software-market-104481
Drivers & Restraints:
Rising Performance Assessment Activities to Bolster Market Growth
The market is expected to rise during the forecast period, owing to the increasing acceptance of cloud-based technologies in various industries. Furthermore, the use of 360 degree feedback software is increasing by the companies to monitor, evaluate, and manage the performance of their employees. These factors are anticipated to bolster the market growth during the projected period.
However, high time consumption and misuse of the software may hinder market growth in the coming years.
Segmentation:
By Type
- Installed
- Web-based
By Application
- Education
- Retail
- Corporate
- Travel and Hospitality
- Healthcare
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Dominate Due to Rapid Industrialization and Growing Employee Engagement in Corporate Sector
North America holds a prominent 360 degree feedback software market share owing to rising employee engagement in the corporate sector. Also, emerging industrialization and increasing number of technology experts, doctors, scientists, and other professionals are expected to fuel the regional market growth.
Asia Pacific stands in the second-highest position in the global market, owing to increasing adoption of this software in outsourcing businesses. Also, rapid industrialization in emerging countries is expected to drive market growth.
The Europe market is projected to grow substantially in the forthcoming years backed by the growing number of organizations and the rising need to implement advanced technologies. Moreover, the growing demand for improved management communication solutions to enhance the output of organizations and retain employees is further aiding market augmentation.
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Competitive Landscape:
Strategic Partnerships Allow Key Players to Strengthen their Market Position
The key market players focus on implementing various business growth strategies to expand their business reach. These strategies include forming alliances, mergers, partnerships, and collaborations to strengthen their market position.
FAQs
How big is the 360 degree feedback software market?
The 360 degree feedback software market size was USD 905.3 million in 2022. It is expected to reach USD 2136 million by 2030.
How fast is the 360 degree feedback software market growing?
The 360 degree feedback software market will exhibit a CAGR of 11.4% during the forecast period, 2023-2030.
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