; 360 Degree Feedback Software Market size, share, trend 2034

360 Degree Feedback Software Market

360 Degree Feedback Software Market Size, Share, and Analysis, By Type (Installed and Web-based), By Application (Education, Retail, Corporate, Travel & Hospitality, Healthcare, and Others), By Deployment Mode (Cloud-based and On-Premise), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034

Published on: Jan-2024
Report Code: FG ICT 01810
No. of Pages: 170-350
Report Format: PDF

360 Degree Feedback Software Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 11.6% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 1.0 billion and is projected to reach USD 3.4 billion by the completion of 2034.

Product Overview

360-degree feedback software is a technical tool used by organizations to completely evaluate an individual's performance from multiple perspectives. The feedback is gathered from variety of sources, including peers, managers, employees, and external stakeholders like clients or customers. Subsequently, individuals receive anonymous evaluations from multiple reviewers who collaborated with them during the assessment process. These critics or reviewers inspects an individual's capabilities, behavior, and performance against a predefined criterion. Furthermore, the software provides collection, analysis, and presentation of this feedback, which is frequently done through reports or dashboards. It assists in identifying an individual's strengths, weaknesses, areas for improvement, and developmental needs from a comprehensive viewpoint. Therefore, the objective of 360-degree feedback is to provide an inclusive picture of a person's performance and behavior in the workplace, which allows for better decision-making.

Market Highlights

360 Degree Feedback Software Market is expected to demonstrate a Compound Annual Growth Rate (CAGR) of 11.6% throughout the forecast period spanning from 2024 to 2034

360 Degree Feedback Software Market is projected to achieve USD 3.4 billion during the forecast period, as organizational methods to manage workplace talent has changed. Organizations have started to recognize the importance of detailed evaluation of an employee’s performance, which has triggered a widespread adoption of 360-degree feedback software in performance management strategies. Moreover, companies are looking for ways to identify skill gaps and support individual growth due to increasing focus on the development of employees. These feedback tools provide structured assessments from a variety of perspectives that offer an in-depth overview of strengths and areas for improvement. Technological developments have significantly impacted the market by integrating advanced features such as AI-driven analytics. Therefore, with the evolving technology and growing emphasis on individual growth, the market for 360-degree feedback software is expected to grow significantly.

Source: Fatpos Global

360 Degree Feedback Software Market Segmentation

Corporate segment to lead as employee performance is tracked more often with feedback software

Based on Application, 360 Degree Feedback Software Market is segmented into Education, Retail, Corporate, Travel & Hospitality, Healthcare, and Others. The corporate segment is anticipated to dominate the market, as the feedback software used in corporation acts as a catalyst for improving the performance of employees. Feedback software allows employees to collect insights into their strengths and areas for improvement, which encourages personal and professional development. It enables individuals within corporations to enhance their confidence and skills by providing a platform for structured feedback. Furthermore, feedback software is priceless as corporations always seek efficiency and depends heavily on performance metrics. Therefore, the ability of these software to support staff development is perfectly in accordance with corporate principles, resulting in broad acceptance of feedback software and demonstrating their importance is corporate segment.

Installed segment to expand as it offers dependable operation without requiring internet access

By Type, the 360 Degree Feedback Software Market is divided into Installed and Web-based. The installed segment displays market dominance owing to its self-sufficiency without any requirement of internet connectivity. It offers personalized solution to meet specific needs and ensures smooth operation without internet limitations, giving users significant control over their data. Additionally, the installed segment is popular among businesses due to its data entry and reporting capabilities, which is relatively faster and more efficient than web-based software segment. Therefore, the installed segment is projected to maintain its dominance as it provides independence from internet access requirements, meeting multiple organizational needs without sacrificing data control or operational speed.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Growing Emphasis on Employee Development Will Drive Market Growth

360-degree feedback software market is expanding rapidly due to increasing focus on employee development strategies across various organizations. Feedback software provides a complete evaluation structure by combining input from various sources such as peers, managers, and subordinates. It provides detailed insights into an individual's strengths and areas for improvement by the combination of multiple perspectives. Moreover, this holistic assessment method perfectly aligns with the changing requirements of modern workplaces that prioritize innovation and growth. Furthermore, with increasing investments in talent development initiatives, 360-degree feedback software emerges as an essential tool, which provides personalized development plans and help in creating a culture of learning and individual growth, which is critical for the success of organization.

Need for Improved Organizational Efficiency Will Offer Opportunities for Market Growth

Companies are increasingly focusing on creating an office environment that encourages open communication and constant growth in modern corporate setting. The implementation of 360-degree feedback software is important to promote transparent feedback exchanges among employees. This creates a culture in which information flows freely, that leads to improved communication and promote collaborative efforts throughout the organization. Therefore, this transparency improves an organization's productivity and efficiency, promoting feedback software as a vital resource serves as a catalyst for creating an environment of constant growth and improvement. Moreover, feedback software plays a crucial role in raising staff engagement, which has a major impact on the organization's growth trajectory.

Restraints

Resistance To the Adoption of Feedback Software Could Hinder Market Expansion Resistance to adopt feedback software presents a significant challenge to the expansive growth of 360 Degree Feedback Software Market. This resistance can come from a variety of sources. For instance, individuals within organizations may resist adopting new feedback systems due to concern about transparent evaluations. Furthermore, adoption across departments or throughout the whole company could be suspended if key stakeholders have concerns about the software's efficacy or implementation. Additionally, resistance based on concerns about the fairness, privacy, or accuracy of feedback could impact its widespread acceptance. For instance, if employees believe the system is biased or untrustworthy, they may avoid using it, which will eventually reduce its effectiveness. Therefore, overcoming these challenges requires effective communication, training, and demonstrating the benefits of such software to encourage broader adoption and market growth.

Recent Developments

  • Explorance announced the general availability of Explorer BlueML and free personalized feedback analytics reports in March 2023. This enables human resource and educational leaders to create a more resilient and agile workforce.
  • Lattice announced a partnership with AMI to secure the data center platform and next-generation server in June 2022. This collaboration aided in the integration of Lattice Sentry firmware expertise and Lattice FPGA technology to create "AMI's Tektagon XFR platform Root of Trust" Solution.
  • In May 2022, Qualtrics integrated into SAP Service Cloud, including machine learning capabilities and the artificial intelligence (AI) of Qualtrics XM Discover.
  • The University of Texas at Austin chose Explorance Inc. feedback software Blue to automate the course evaluation process in March 2022.

360 Degree Feedback Software Market

Key Players:

  • Qualtrics
  • Culture Amp
  • Reflektive
  • 360-Degree Feedback by Trakstar
  • Spidergap
  • Cornerstone OnDemand
  • SAP SuccessFactors
  • Zoho People
  • SurveyMonkey
  • EchoSpan
  • Small Improvements
  • Glint
  • PerformYard
  • Saba TalentSpace
  • Clear Review
  • Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

360 Degree Feedback Software Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.  North America is expected to have the largest market share as the region hosts a diverse range of contract-based professionals, across fields such as medicine, technology, and science. This diversity highlights increased demand for regular evaluations of employee performance, driving the substantial need for 360-degree feedback software in North America region. The ability of the software to provide comprehensive evaluations aligns with North America’s emphasis on improving workforce potential.

Source: Fatpos Global

Impact of Covid-19 on 360 Degree Feedback Software Market

COVID-19 pandemic had a profound effect on the 360 Degree Feedback Software Market. Initially, there was a visible slowdown in feedback software implementation due to disruptions in operations and financial constraints faced by industries during lockdowns and economic uncertainties. This resulted in a temporary decline in the adoption of new software, particularly in the early phases of the pandemic when companies were primarily focused on survival strategies. However, the pandemic also acted as a catalyst for the widespread adoption of remote work practices. Therefore, with companies transitioning to remote or hybrid work models, the need for tools which can provide communication, collaboration, and performance evaluation in virtual settings increased. This sudden shift to remote work accelerated the demand for 360-degree feedback software, especially cloud-based solutions that offered smooth evaluations and feedback exchanges. Furthermore, this led to a renewed focus on employee development, that triggering rising interest in 360-degree feedback software, which can facilitate continuous feedback and performance assessment.

360 Degree Feedback Software Market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
  • Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
  • Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

360 Degree Feedback Software Market Scope and Segments:

ATTRIBUTE

  DETAILS

Study Period

2018-2034

Base Year

2023

Forecast Period

2024-2034

Historical Period

2019-2022

Growth Rate

CAGR of 11.6% from 2024-2034

Unit

Value (USD Billion)

Segmentation

Main Segments List

By Type

  • Installed
  • Web-based

By Application

  • Education
  • Retail
  • Corporate
  • Travel & Hospitality
  • Healthcare
  • Others

By Deployment Mode

  • Cloud-based
  • On-Premise

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ):

360 Degree Feedback Software Market size was values at USD 1.0 billion in 2023 and is projected to reach the value of USD 3.4 billion in 2034, exhibiting a CAGR of 11.6% during the forecast period.

360-degree feedback software gathers comprehensive feedback from multiple sources within organizations, aiding in performance evaluation, skill development, and fostering workplace improvement.

The Corporate segment and the Installed segment accounted for the largest 360 Degree Feedback Software Market share.

Key players in the 360 Degree Feedback Software Market include Qualtrics, SurveyMonkey, Glint, Culture Amp, Reflektive, 360-Degree Feedback by Trakstar, PerformYard, Zoho People, EchoSpan, Small Improvements, Spidergap, Cornerstone OnDemand, SAP SuccessFactors, Saba TalentSpace, Clear Review, and Other Prominent Players.

Increasing emphasis on employee development and demand for improved organizational effectiveness are the factors driving the 360 Degree Feedback Software Market.

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