360-degree feedback is a feedback process where not just your superior but your peers and direct reports and sometimes even customers evaluate you. You receive an analysis of how you perceive yourself and how others perceive you.
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360-degree feedback, is a process in which someone’s performance is assessed and feedback is given by a number of people who may include their manager, subordinates, colleagues and customers. In software, assessments take the form of ratings against various performance dimensions.
The term ‘360-degree feedback’ is sometimes used to describe upward feedback where this is given by subordinates to their managers. This is the most common approach and is more properly described as 180-degree feedback.
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Feedback may be presented direct to individuals, or to their managers, or both. Expert counselling and coaching for individuals as a result of the feedback may be provided by a member of the HR department or an outside consultant.
Increased adoption of continuous performance reviews by leading organizations is propelling the market.
The 360 Degree Feedback Software Market was valued at US$ 6779.41 Mn in 2017 and is expected to reach US$ 16,780.43 Mn by 2022.
Global 360 Degree Feedback Software Market, By Type
On the basis of type, web based occupied the largest market share in 2017. In web-based software, the data can be stored online with the help of cloud storage.
Questionnaires can be designed as per the need of the human resource department in web based 360 degree feedback software and the same can be uploaded on cloud. Web-based surveys maintains confidentiality of their answers.
Additionally, data entry is eliminated, analysis is more sophisticated, and organizations can look at overall trends, which is majorly driving the web-based type market.
Global 360 Degree Feedback Software Market, By Region
On the basis of geography, North American market, represented the largest market share in 2017. The region has presence of maximum players, which is driving the 360 degree feedback software market.
The region has low power distance index. Power distance index (PDI) is the difference between the extent, a boss and subordinate can determine each other’s behavior in work environment.
In practice low power distance leads to flat organizations, fewer supervisors, subordinates who are not afraid to disagree with managers and expect their bosses to consult important decisions and delegate important work. In 360 degree feedback system, employees receive anonymous feedback from people working along with them including subordinates.
The low PDI index supports the implementation of 360 degree feedback software. As a result, there is higher acceptance of feedback software market in North America.
The report provides both, qualitative and quantitative research of the market, as well as provides accurate insights into the rational scenario and favored development methods adopted by the key contenders. The 360 degree feedback software market report also offers extensive research on the key players in this market and detailed insights on the competitiveness of these players.
The key business strategies such as Mergers & Acquisitions (M&A), affiliations, collaborations, and contracts adopted by the major players are also recognized and analyzed in the report. For each company, the report recognizes their corporate headquarter, competitors, product/service type, application and specification, pricing, and gross margin.
Some of the primary participants of Global 360 Degree Feedback Software Market are IBM, Cornerstone OnDemand, Qualtrics, Salesforce Work.com, TalentGuard, SumTotal Systems
SutiSoft, SVI, Aiday, Bowland Software, GroSum, Impraise, LeaderNation, Performing, Raw Media Group, Spidergap amongst others. In April 2017, TalentGuard Inc.
collaborated with WWT, a United States-based technology service provider. This partnership helps TalentGuard Inc.
to broaden its talent management offerings in Latin America. Talent management is critically important to companies operating in Latin America because of high competition, turnover and cultural norms that are ingrained into the workforce operations.
TalentGuard’s new user interface, codenamed Bella, makes it much easier to interact with the application and users benefit from a more intuitive and visually engaging employee experience.
This report provides pin-point analysis for changing competitive dynamics
It provides a forward-looking perspective on different factors driving or restraining market growth
It provides a six-year forecast assessed on the basis of how the market is predicted to grow
It helps in understanding the key product segments and their future
It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
It helps in making informed business decisions by having complete insights of market and by making an in-depth analysis of market segments
Table of Content:
Global 360 Degree Feedback Software Research Report 2018-2022
Chapter 1 360 Degree Feedback Software Overview
Chapter 2 Global Economic Impact
Chapter 3 Competition by Manufacturer
Chapter 4 Production, Revenue (Value) by Region
Chapter 5 Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Production, Revenue (Value), Price Trend by Type
Chapter 7 Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Market Forecast
Chapter 13 Appendix
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