Technavio, a tech-focused market research firm, has published a new report on the global performance appraisal and management software market, which is expected to experience a moderate growth rate with a CAGR of more than 8% during the forecast period 2016-2020.
This latest report by Technavio covers the market outlook and growth prospects of the global performance appraisal and management software market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global performance appraisal and management software market into the following key regions: The Americas, APAC, and EMEA.
Geographical segmentation of the global performance appraisal and management software market for 2015 (market share %)
|
Americas |
53.00% |
|
EMEA |
28.47% |
|
APAC |
18.54% |
Source: Technavio
Performance appraisal and management software market in the Americas
The Americas accounted for around 53% share in the global performance appraisal and management software market in 2015 and is expected to grow at an impressive CAGR of more than 8%, during the forecast period.
According to Ishmeet Kaur, a lead analyst at Technavio, specializing in research on enterprise application, “The presence of performance appraisal and management software vendors like Oracle and Ultimate Software in the Americas makes the region dominant in the global market. The increased penetration of social media and the need to reduce the duration of performance review are primarily driving the American market.”
It is expected that the adoption of such software will increase in several large-scale companies in the Americas, over the forecast period. Organizations across the world are trying to reduce the upfront IT-related capital spending for which they are adopting cost-effective solutions, ensuring strong market growth across all geographies. Some of the dominant trends in the US job market are growing small businesses, increasing part-time jobs, and increasing minimum wage.
Performance appraisal and management software market in APAC
The performance appraisal and management software market in the APAC region is at the progressing stage, and is expected to grow rapidly during the forecast period. The increasing number of acquisitions in the market and the increasing demand for 360-degree performance feedback are some of the factors driving the market in the APAC region. The market in the APAC is undergoing a transformation because of changing attitudes towards employment, acceptance of social mobility, and greater exposure to social media network. Some of the software companies in APAC are adopting new methods for assessing their employees because the conventional performance reviews are getting outdated from an industrywide shift to new-age computing technologies. For instance, in April 2016, Wipro in India shifted from forced ranking of more than three-fourth of its staff to continuous feedback review method. Such rise in the implementation of new performance review methods by major IT companies is likely to boost the market growth during the forecast period.
Further, Saba, a major vendor in the market, conducted a survey in 2015 and found that over 46% of the HR and businesses across Australia and New Zealand are planning to change the performance appraisal and management software and systems. The change is focused on retaining, engaging, attracting and increasing the workforce. Moreover, the companies are still using spreadsheets for activities such as performance appraisal review (68%) and recruiting (76%). These data show that there is a huge market for the adoption of performance appraisal and management software in this region.
Performance appraisal and management software market in EMEA
The performance appraisal and management software market in EMEA though in the initial stage, is expected to grow at a CAGR of 8.96% during the forecast period. The deployment of performance appraisal and management software is likely to grow with the increasing awareness of enterprises about features like mobile capability, social media integration, enhanced resume parsing, integrated online portal, and reporting and analytics.
The top leading vendors operating in the global performance appraisal and management software market are:
- Oracle
- Saba
- SAP SuccessFactors
- SumTotal Systems
- Ultimate Software
Other prominent vendors in the market include Actus, bambooHR, breatheHR, Cornerstone OnDemand, Hirezon Corporation, Impraise, Insperity, Performly, Namely, RedSpotHR.com, Reviewsnap, Trakstar, and Zoho Corporation.
A more detailed analysis is available in the Technavio report tilted, ‘Global Performance Appraisal and Management 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Recruitment Software Market 2016-2020
- Global Online Project Management Software Market 2016-2020
- Global Cloud-based Payroll Software Market 2016-2020
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