The Asia Pacific 360 Degree Feedback Software Market would witness market growth of 11.3% CAGR during the forecast period (2023-2030).
The use of 360 degree feedback by businesses to achieve their performance appraisal objectives is particularly prevalent in Southeast Asia. There are various reasons for this, from managing a large number of people to turning to a quicker and more straightforward method of appraisal that produces reliable results. Developed regions use 360 degree feedback to pinpoint employees' areas needing training and further bolster the areas where they are weak by steadfast efforts, unrelenting training, and general development. All organizational endeavors highlight the value of 360 degree feedback.
The need for 360-degree feedback software has grown as firms realize the value of efficient performance management as well as employee development. With this software, firms may collect thorough feedback from various sources, including supervisors, subordinates, peers, and clients, resulting in a more comprehensive evaluation of an employee's strengths and potential growth areas.
One of the largest Internet shopping markets in the world is in Japan. The annual eCommerce sector survey from Japan's Ministry of Economy, Trade, and Industry (METI) was published in August 2022. Business-to-consumer (B2C) eCommerce sales of goods, according to the report, increased by 8.6% in 2021, valuing the B2C eCommerce market at $188.1 billion. Goods sold from business to consumer (B2C) grew by 32.2% compared to 2019. With 360-degree feedback, employers can evaluate an employee's performance from various perspectives, including managers', colleagues', subordinates', and even customers' (where appropriate) opinions. As a result, there will be a boost in demand for these software solutions, which will fuel market expansion in the Asia Pacific region.
The China market dominated the Asia Pacific 360 Degree Feedback Software Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $159.9 million by 2030. The Japan market is registering a CAGR of 10.6% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 12% during (2023 - 2030).
Based on Application, the market is segmented into Corporate, Education, Travel & Hospitality, Retail and Healthcare. Based on Type, the market is segmented into Installed and Web-based. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide 360 Degree Feedback Software Market is Projected to reach USD 1.9 Billion by 2030, at a CAGR of 10.5%
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
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