Performance appraisal (PA) is a system of evaluation of individual or team task performance. A performance appraisal software is an application that helps in the assessment of performance and appraisal management. A major aim of performance evaluation is to evaluate accurately an individual’s performance and contribution as a basis for making reward allocation decisions. The analysis of an employee’s skills and abilities is a prime advantage of performance appraisal software. This type of software is vital to for the retention of an efficient workforce and talent. It analyzes and monitors performance of employees on an ongoing basis, with an objective to improve workplace productivity and employee efficiency. Conducting performance reviews helps enterprises reward and identify performers and also in providing feedback to them. Some products even allow the tracking of progress on performance goals and tie compensation to good performance.

The major factor responsible for driving the performance appraisal software market is a rise in the need for simplified, effective, and unbiased performance appraisal systems and processes by organizations. The increased use of the Internet is driving the performance appraisal software market. Businesses are increasingly shifting toward cloud for day-to-day activities and critical operations. Many companies across the world are adopting fully digitized systems in their HR departments. These factors are likely to propel the market in the coming years. Further, the need for replacement of old and traditional systems is anticipated to offer lucrative opportunities to the market in the coming years.

Enterprises are progressively adopting data integration solutions due to a rise in complexity and increase in complications in the maintenance and deployment of reliable data interfaces. An increase in demand for visual analytics and data integration is a key trend that is expected to drive the performance appraisal software market during the forecast period. The other trend gaining momentum in the market is the emergence of cloud computing services. Performance appraisal software also helps in the real-time decision making process by accessing real-time fusion of data. This, in turn, helps enterprises to bridge the gap between businesses and IT and understand and transform business processes.

However, data security issues are estimated to hinder the market during the forecast period. Privacy and security of data related to employees are prime concerns in the adoption of performance appraisal software.

The global performance appraisal software market can be segmented based on component, enterprise size, vertical, and region. In terms of component, the market can be bifurcated into software (on-premise, cloud (public cloud, private cloud), and hybrid) and services (managed service and professional services (maintenance, integration, and installation)). Based on enterprise size, the market for can be categorized into SMEs and large enterprises. In terms of vertical, the global performance appraisal software market can be divided into BFSI, telecom & IT, media & entertainment, transportation, retail & e-commerce, utilities, health care, government, and education.

Based on region, the performance appraisal software market can be classified into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to account for a major share of the market during the forecast period. This can be ascribed to the rise in number of enterprises and presence of a large number of vendors providing solutions to various industries in the region. Asia Pacific is anticipated to be a rapidly expanding region of the performance appraisal software market, owing to a rise in the adoption of management software in enterprises across the region.

Major players operating in the performance appraisal software market include Oracle Corporation, ClearCompany, Saba Software Inc., SuccessFactors, Inc., Zoho Corporation, SumTotal Systems, LLC., The Ultimate Software Group, Inc., Actus Co., Ltd., BambooHR LLC., Cornerstone OnDemand Inc., Hirezon Corporation., and Insperity Holdings, Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Performance Appraisal Software Market

Pre Book