Pune, Jan. 14, 2021 (GLOBE NEWSWIRE) -- The global 360 Degree feedback software market is set to gain traction from the rising need to determine the level of employee engagement. As per the State of the Global Workplace report, if employees are unsatisfied or unhappy at the workplace, 85% of them are not actively engaged at work. This information is published by Fortune Business Insights™ in a new report, titled, “360 Degree Feedback Software Market Size, Share & COVID-19 Impact Analysis, By Type (Installed, Web-Based), By Application (Education, Retail, Corporate, Travel and Hospitality, Healthcare), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 680.3 million in 2019 and is projected to reach USD 1,465.6 million by 2027, exhibiting a CAGR of 10.1% during the forecast period.
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COVID-19 Pandemic: Rising Remote Working Practice to Affect Growth Positively
The COVID-19 pandemic has compelled numerous organizations to halt their operations. It has also pushed them to limit their budget, as well as made it a compulsion for their employees to work from home. The sudden transformation in business operations has made it necessary for organizations to keep their employees active and engaged. This factor is likely to aid growth in 2020. Our authentic research reports will help clients to better understand the current scenario of the global market. They can choose the right strategy to battle the pandemic.
How Did We Create This Report?
As customer expectations are changing, the aspirations of dealers are also transforming rapidly. Distribution channels are becoming complex. To provide our clients with detailed information, we have conducted extensive primary and secondary research. We have thoroughly investigated each opportunity qualitatively and quantitatively so that our clients get a complete picture of both emerging and existing opportunities. We have also conducted a techno-economic study.
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Drivers & Restraints-
Ability to Track Performance of Employees to Augment Growth
The 360 Degree feedback software solution offers more value to employees by keeping up with the current dynamic business models. It also helps in collecting feedback from several people instead of only one senior person. Hence, it reduces the possibilities of gaining information about only one individual. Its open communication feature enables the management to track the performance of employees. Their behaviors, skills, and attitudes can also be understood through this software. These factors are expected to propel the 360 Degree feedback software market growth in the near future. However, 360-degree feedback software may harm the evaluated employee morale as it allows evaluators to express their opinions freely. It may hamper growth.
Segment-
Retail Segment to Grow Significantly Backed by Surging Need to Retain Loyal Customers
Based on application, the retail segment generated 10.0% in terms of the 360 Degree feedback software market share in 2019. Successful retailers are extensively using such software solutions to retain loyal customers and attract new ones. They are gaining detailed insights regarding customers’ purchasing experiences. Hence, they are able to provide personalized recommendations and services across every touchpoint and channel.
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Regional Insights-
North America to Remain at Forefront Fueled by Rising Number of Technology Experts
Geographically, North America earned USD 236.1 million in terms of revenue in 2019. The region is set to retain its dominance throughout the forthcoming years because of the increasing number of scientists, technology experts, and doctors. They are mainly employed on contract basis.
Asia Pacific, on the other hand, is anticipated to exhibit the highest CAGR on account of the rising usage of 360 Degree feedback software in numerous applications, such as training organizations, performance evaluation in corporate sectors, and performance appraisals. Europe is set to remain in the second position stoked by the surging need to retain employees, improve the output of organizations, and assess employee work.
Competitive Landscape-
Key Players Focus on Launching Innovative Software to Attract More Customers
The market for 360 Degree feedback software houses multiple prominent companies that are mainly focusing on attracting new customers. Some of them are also trying to convert free users to paid ones. To do so, they are aiming to launch technologically advanced 360 Degree feedback software solutions. Below are the two latest industry developments:
- October 2020: SurveyMonkey unveiled a new platform named GetFeedback to aid B2B organizations provide high-value customer experiences. It would also help in nurturing customer relationships and adapting to customer needs.
- July 2020: Grapevine Evaluations introduced its new 360 degree employee evaluation software for HR firms and consultants. It is highly customizable and can be fully branded with their logo. It will help to meet the specific employee assessment needs of organizations.
A list of all the renowned 360 Degree feedback software providers operating in the global market:
- PeopleGoal, Inc. (England, United Kingdom)
- Mettl Online Assessment (Haryana, India)
- Saba Software (California, United States)
- Salesforce (California, United States)
- TALENTGUARD (Austin, United States)
- Appraisal360 (Texas, United States)
- AssessTEAM, LLP (Massachusetts, United States)
- STAR 360 Feedback (Springville, Utah)
- Trakstar (Seattle, United States)
- Synergita (Chennai, India)
- CustomInsight (Nevada, United States)
- SurveyMonkey (California, United States)
- Reviewsnap (Seattle, United States)
- Impraise (New York, United States)
- Saigun Technologies Pvt. Ltd (Delhi, India)
- click-360 (Perth, Australia)
- SAP (Walldorf, Germany)
- Explorance Inc. (Montreal, Canada)
- Engagedly (Missouri, United States)
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Major Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Supply chain Analysis
- Global 360-Degree Feedback Software Key Players Market Share Insights and Analysis, 2019
- Key Market Insights and Strategic Recommendations
- Primary Interviewee’s Key Responses
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global 360-Degree Feedback Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Type (Value)
- Installed
- Web-Based
- By Application (Value)
- Education
- Retail
- Corporate
- Travel and Hospitality
- Healthcare
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Type (Value)
- Global 360-Degree Feedback Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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