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Global 360 Degree Feedback Software Market to Reach USD 1,305.60 Million by 2027, Aided by the Adoption of Digital Technology and Artificial Intelligence

According to a new report by EMR titled, ‘Global 360 Degree Feedback Software Market Report and Forecast 2022-2027’, the global 360-degree feedback software market reached a value of more than USD 741.9 million in 2021. The industry is further expected to grow at a CAGR of about 9.84% in the forecast period of 2022-2027 to reach a value of over USD 1,305.60 million by 2027.

The rise of the 360-degree feedback market can be ascribed to rising demand for employee performance and behavioural patterns evaluation. 360-degree feedback software aids in identifying employee work ethics and assessing how things are progressing. The demand for advanced features like staff management analytics, inventory tracking, sales monitoring, customer data management, and reporting will likely drive the 360-degree feedback software market usage across various industries. Web-based 360-degree feedback software is becoming more popular as cloud-based solutions become more widely adopted. With the increasing affordability and ease of access straight via the internet or web browser, web-based 360-degree feedback software has gained popularity among small and medium business merchants, which is likely to enhance market growth throughout the forecast period. 360-degree reviews are essential for discovering an employee's skills. Recognising and developing one's strengths is essential for personal growth. Identifying a competency's strengths enables the establishment of customised development and training plan. These are some of the variables that contribute to market expansion.

Several well-known companies in the 360-degree feedback software market are primarily focused on attracting new consumers. However, some are also attempting to convert free users to premium customers. As a result, they plan to release technologically advanced 360° feedback software solutions. In April 2017, Talent Guard joined WWT, a technology service company based in the United States. Talent Guard Inc. will be able to expand its talent management services across Latin America due to this agreement. Because of the high level of competition, turnover, and cultural norms in the workforce, talent management is critical for companies operating in Latin America.

Market Analysis by Type, Application, and Regions:

  • Based on type, the industry can be divided into web-based and installed.
  • Education, retail, corporate, healthcare, travel, and hospitality, among others, are the leading applications in the market.
  • The regional markets for 360-degree feedback software include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

Key Findings of the Report:

  • Technological advancements are likely to drive the 360-degree feedback software market.
  • The market is set to retain its dominance throughout the forthcoming years because of many scientists, technology experts, and doctors.
  • The surging demand to retain employees is accelerating the growth of the market.
  • The sudden transformation in business operations has made it necessary for organisations to keep their employees active and engaged, likely to aid in the market growth.

Key Offerings of the report:

  • The EMR report gives an overview of the global 360-degree feedback software market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for type, application, and major regions of 360-degree feedback software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global 360-degree feedback software industry include Qualtrics International Inc., PeopleGoal, Inc., Synergita Software Private Limited, TalentGuard, Salesforce.com, inc., Momentive Inc., and Mercer LLC. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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