According to IMARC Group's latest research report, titled "360 Degree Feedback Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," provides an extensive analysis of the industry, including 360 degree feedback software market trends, share, and growth opportunities. The report also covers competitor and regional analysis and the latest advancements in the global market.
The global 360 degree feedback software market size reached US$ 907.74 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,623.09 Million by 2028, exhibiting a growth rate (CAGR) of 9.70% during 2023-2028.
360 degree feedback software is a reliable, web-based tool that comprehensively assesses an employee's performance, capabilities, and behaviors. It offers an effective feedback system that provides insights into numerous aspects, such as team collaboration, involvement, and communication. Additionally, it helps employees to modify their performance and interpersonal skills in line with the organization's objectives. It involves collecting feedback from various sources, including peers, subordinates, supervisors, customers, and self-evaluation. Once the feedback is collated, analyzed, and presented in a report, it gives an overview of the employee's strengths, weaknesses, and areas of improvement. This helps organizations identify areas where employees may need further training and development to improve their skills and boost their overall performance.
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The rapid adoption of automation majorly drives the global market. This can be supported by the growing adoption of digital technology and artificial intelligence (AI) in various industrial operations to reduce manual labor and maximize efficiency. Along with this, the growing focus on employee well-being and the rising demand to evaluate worker performance and behavior to enhance their skills and knowledge is significantly supporting the market. In addition, the widespread adoption of remote working models and the growing workforce diversity is fuelling the need for 360 degree feedback software to allow managers to effectively evaluate employees from different backgrounds and cultures, is positively impacting the demand. Furthermore, the rising trend of performance-based pay among organizations and the need to boost employee engagement to enhance productivity and job satisfaction and reduce turnover rates are creating a positive market outlook. Some of the other factors driving the market include rapid digitization and continual technological advancements.
The report has segmented the market into the following categories:
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