Global Performance Appraisal Software Market - Trends, Drivers, and Challenges | Technavio
February 18 2018 - 11:43AM
Business Wire
The global performance appraisal software market is
expected to grow at a CAGR of above 8% during the period
2018-2022, according to a new market research study by
Technavio.
This press release features multimedia. View
the full release here:
http://www.businesswire.com/news/home/20180218005033/en/
Technavio has published a new market
research report on the global performance appraisal software market
from 2018-2022. (Graphic: Business Wire)
The report presents a comprehensive research of the global
performance appraisal software market by deployment model,
including cloud-based performance appraisal software and
on-premises performance appraisal software. The report also
determines the geographic breakdown of the market in terms of
detailed analysis and impact, which includes key geographies such
as APAC, the Americas, and EMEA.
This report is available at a USD 1,000 discount for a
limited time only: View market snapshot before
purchasing
Save more with Technavio. Buy 2 reports and get
the third for FREE: View all Technavio’s current
offers
Market driver: need for 360-degree feedback
Several performance appraisal rating systems comprise numerical
scale that requires managers to rank employees on a scale of one to
five in quantitative scale and parameters such as met expectations
or exceeded expectations in qualitative scale. Such traditional
methods of rating employees based on generic competencies and
skills fail to provide adequate information about employee values
or actual feedback.
Performance appraisal software helps the line managers to
provide 360-degree feedback to their employees. It also monitors
and retains top performers by regularly keeping track of the
employee’s performance. Acknowledging employees for their work and
conferring rewards and compensation for their achievements helps in
retaining employees, which simultaneously reduces the employee
turnover in organizations.
According to a senior analyst at Technavio
for enterprise application research, “With automated
notifications and clear guidance, the performance appraisal
software helps managers to provide 360-degree feedback without
interrupting the work. The managers can access the software on
their desktops or mobiles, and employees can start the review
process on one device and finish it on another. Such benefits
associated with 360-degree feedback and its popularity in the IT
and manufacturing industries is driving the growth of the global
performance appraisal software market.”
Looking for more information on this market? Request a
free sample report
Technavio’s sample reports are free of charge and contain
multiple sections of the report including the market size and
forecast, drivers, challenges, trends, and more.
Market trend: emergence of cloud computing services
Cloud computing has improved and simplified the capabilities of
performance appraisal software. It provides central administration
and controls all resources and HR-related activities. The need for
users to update and maintain their IT infrastructure is eliminated
in cloud computing. Services and maintenance are provided by the
vendors that offered the performance appraisal software. Users do
not have to install additional software to access applications and
services. Reliability on delivery, management, and maintenance of
service is ensured by the service level agreements (SLAs).
Market challenge: availability of open-source performance
appraisal software
The availability of several open-source performance appraisal
softwares is a major challenge for the global performance appraisal
software market. The advent of many open-source vendors that
provide a range of performance appraisal tools and applications,
which are economical solutions for organizations with limited
resources and expertise is also affecting the market. A combination
of multiple products from various open-source vendors can cover
almost all functionalities provided by on-premise or on-demand
performance appraisal software vendors. Open-source vendors provide
features such as performance appraisal, reporting, analysis, and
data warehouse generation platforms. This has an adverse effect on
the growth of the global performance appraisal software
market.
Is your business on track for a successful future?
Learn how Technavio can help
Technavio helps businesses anticipate changes in their
marketplace, make proactive adjustments, and develop effective
strategies to optimize their market positions.
Big savings with Technavio this
February!
Get 20% OFF on all Education
Technology reports. This offer is valid only till the 28th of
this month.
OR
Celebrate winter sports with 23%
OFF on all reports in the Outdoor Gear library (Offer
valid from Feb 9-25).
About Technavio
Technavio is a leading global technology research and
advisory company. Their research and analysis focuses on emerging
market trends and provides actionable insights to help businesses
identify market opportunities and develop effective strategies to
optimize their market positions.
With over 500 specialized analysts, Technavio’s report library
consists of more than 10,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio’s comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
If you are interested in more information, please contact our
media team at media@technavio.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180218005033/en/
Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS:
+1 844 364 1100UK: +44 203 893 3200www.technavio.com