Global performance management software market size & share are expected to generate USD 5,633 million by 2026, CAGR of around 12.8% between 2019 and 2026.
Performance Management Software Market
Performance management software is the technology designed to help companies track, analyze, and evaluate employee performance. It allows the managers and leaders to ensure that company goals are achieved or trending issues are addressed proactively. Performance management software is intended to enhance business performance by spurring productivity of employee along with ensuring individual employees and teams are engaged and aligned with organizational goals. The performance management data includes details about compensation, company goals, career trajectory, performance reviews, and hiring decisions, among other human capital management concerns. It helps managers and employees to work together on creating clear and smart objectives while aligning them to company goals. Performance management software connects everyone in the organization, allows for real-time feedback, and provides insights into the employee performance.
The rising demand for performance management software for making business strategies for organizational growth is expected to drive the performance management software market over the forecast timeframe. Industry players continuously monitor new features and functions of various software and adoption rate across various sectors, such as healthcare, BFSI, IT and telecommunications, etc. Industry players are majorly engaged in introducing new software features, to help companies understand their business more appropriately and stay competitive in the industry. Thus, the increasing technological advancements in performance management software are expected to provide new growth opportunities for the performance management software market in the years ahead.
By deployment mode, the performance management software market is segmented into on-premises and cloud-based. By organization size, the market is segmented into small and medium-sized enterprises and large enterprises. The vertical segment includes media and entertainment, BFSI, IT and telecommunications, healthcare, manufacturing, and others.
By region, North America held a major revenue share of the global performance management software market in 2018. This can be attributed to the presence of major industries in the region that fuel the demand for performance management software. Moreover, the early adoption of innovative software and solutions in the region is expected to further drive the region’s performance management software market over the forecast time period. The Asia Pacific is predicted to grow at the highest rate in the future, owing to the increasing demand for effective and unbiased performance appraisal system by the regional organizations.
Some key players operating in the global performance management software market are Adaptive Insights, Advance Change Ltd., Anaplan, Inc., Assess TEAM, LLP, Automatic Payroll Systems Inc., AXIOM HRS, Clear Company, Cornerstone, Darwinbox Digital Solutions Pvt. Ltd., Financial Force, Tetra Tech, Inc., IBM Corporation, Saba Software, Keka HR Payroll Software, Longview Canada ULC, Peoplefluent, PeopleGoal, Pipedrive, Prevero GmbH, Salesforce, Inc., SAP SE, SAS Institute Inc., Jedox AG, Trakstar, Uneecops Workplace Solutions Pvt. Ltd., YourPeople, Inc., Zoho Corporation Pvt. Ltd., Oracle, and Microsoft.