Global 360 Degree Feedback Software Market Size, Share & Industry Trends Analysis Report By Application (Corporate, Education, Travel & Hospitality, Retail and Healthcare), By Type (Installed and Web-based), By Regional Outlook and Forecast, 2023 - 2030
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Market Report Description
The Global 360 Degree Feedback Software Market size is expected to reach $1.9 billion by 2030, rising at a market growth of 10.5% CAGR during the forecast period.
In the healthcare industry, 360 degree performance evaluations, especially when coupled with follow-up learning, can be a useful training tool that enhances both physician performance as well as patient care. Consequently, the Healthcare segment acquired $58.9 million revenue in the market in 2022. Healthcare personnel may get a lot of knowledge from their 360 degree feedback by being proactive in reinforcing their strengths and learning how to strengthen their deficiencies in areas like patient communication, team leadership, or professionalism. The software also helps with data-driven, educated decision-making as well as providing patients with personalized experience and course of treatment. Some of the factors impacting the market are increasing use of cloud-based services and applications, growing use of 360-degree feedback for improving individual and organizational performance, and time-consuming procedures and negative use of software.
The usage of the cloud in various sectors is driven by the huge platform's capabilities, which allow them to scale massive tasks like data mining and have a direct impact on public concerns. In addition, the initial obstacles to cloud computing adoption for data privacy concerns are being overcome, and it is projected that this technology will grow in acceptance. Additionally, cloud deployments have increased the demand for this software because of the easy accessibility of the tool for organizations of all sizes. Organizations all over the world are now more aware of how the cloud has evolved from a location to store data to a collection of capabilities that may reduce costs and stimulate creativity and flexibility in all contexts of an organization. Additionally, by helping employees create visualizations that better fit with the already vibrant business models, this software adds value for the employees. The likelihood of any individual's opinions being flawed is reduced when feedback is gathered from several people rather than just one senior figure. Employees can better understand how others view their abilities, attitudes, and actions at work with the help of this comprehensive feedback technique. Therefore, the market will expand as a result of more people using cloud-based services and apps and the simplicity of analysis and less time commitment while offering accurate data on a team member.
However, the program has several advantages, but it also has several disadvantages that could prevent some businesses from using it. Because it involves so many individuals and stages, the feedback process is laborious. Additionally, because it is so simple and easy for inspectors to share their ideas, it is expected to have a detrimental impact on the trust of the team member being evaluated if nasty reviews are given. As a result, when the program is properly used, it enables employees to resolve significant conflicts within a team and recover or strengthen their key performance areas. But when done incorrectly, it could lead to hatred, conflict, and mistrust among workers. These problems might discourage businesses from implementing this software.
Based on type, the market is characterized into installed and web-based. The installed segment garnered the highest revenue share in the market in 2022. Given its ability to be customized and lack of dependence on the internet, the demand for the installed segment is growing. Users have seamless access to their data with the use of installed software. Furthermore, quicker data entry and reporting functionalities will boost its market share. Installed software offers benefits such as access to data, no need for the internet, the ability to be customized to match specific needs and lower long-term costs.
On the basis of application, the market is classified into education, retail, corporate, travel & hospitality, and healthcare. The education segment recorded a significant revenue share in the market in 2022. To foster a learning environment, school boards, universities, and other educational institutions are deploying this software for the personal growth of teachers and students. The old one-on-one performance evaluation approach has been replaced by 360 degree feedback for educators or teachers.
|Market size value in 2022||USD 885.6 Million|
|Market size forecast in 2030||USD 1.9 Billion|
|Historical Period||2019 to 2021|
|Forecast Period||2023 to 2030|
|Revenue Growth Rate||CAGR of 10.5% from 2023 to 2030|
|Number of Pages||178|
|Number of Table||270|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Type, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment garnered the maximum revenue share in the market in 2022. Millions of doctors, technologists, scientists, and other contract-employed professionals are estimated to live in this region. As a result, there is a great need to adopt 360 degree feedback software in North America to periodically assess employee engagement and performance. The market is anticipated to develop due to businesses' increasing acceptance of web- and cloud-based feedback software. Similarly, market expansion will be aided by SMEs' increasing use of cloud solutions.
Free Valuable Insights: Global 360 Degree Feedback Software Market size to reach USD 1.9 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Explorance Inc., Qualtrics International Inc. (Silver Lake), Momentive Global Inc., Actus Software, Engagedly, Inc., QuestionPro Survey Software, Trakstar, Lattice, SurveySparrow, Inc. and Smartsurvey.
Scope of the Study
Market Segments Covered in the Report:
- Travel & Hospitality
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Explorance Inc.
- Qualtrics International Inc. (Silver Lake)
- Momentive Global Inc.
- Actus Software
- Engagedly, Inc.
- QuestionPro Survey Software
- SurveySparrow, Inc.
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What would be the size of this Market by 2030?
The Market size is projected to reach USD 1.9 billion by 2030.
What are the key driving factors and challenges in this Market?
Increasing use of cloud-based services and applications are driving the Market in coming years, however, Time-consuming procedures and negative software use restraints the growth of the Market.
What are the major top companies in the competitive landscape?
Explorance Inc., Qualtrics International Inc. (Silver Lake), Momentive Global Inc., Actus Software, Engagedly, Inc., QuestionPro Survey Software, Trakstar, Lattice, SurveySparrow, Inc. and Smartsurvey.
At what CAGR is the Market estimate to grow in the forecast period?
The expected CAGR of this Market is 10.5% from 2023 to 2030.
Which segment is leading the Market in 2022?
The Corporate segment is leading the Market by Application in 2022; thereby, achieving a market value of $803 million by 2030.
Which region dominated the Market in 2022?
The North America region dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $695.3 million by 2030.