Global Performance Appraisal Software Market 2018-2022
About Performance Appraisal Software
Performance appraisal software have pre-defined programs that centralize processes such as monitoring compensation strategy; providing employee satisfaction; monitoring compensation levels, bonus payments, and awards; monitoring and analyzing compensation data; addressing employee queries about benefits; and streamlining processes to eliminate manual and ad hoc processes.
Technavio’s analysts forecast the global performance appraisal software market to grow at a CAGR of 8.42% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global performance appraisal software market for 2018-2022. To calculate the market size, the report considers the revenue generated from the performance appraisal software.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Performance Appraisal Software Market 2018-2022
Technavio recognizes the following companies as the key players in the global performance appraisal software market: Oracle, Saba Software, SAP SuccessFactors, SumTotal System, and Ultimate Software
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is emergence of cloud computing services. The introduction of cloud computing has improved and simplified the capabilities of performance appraisal software. Cloud computing provides central administration and control of all resources and HR-related activities. Cloud computing eliminates the need for users to update and maintain their IT infrastructure. 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. Service level agreements (SLAs) ensure the reliable delivery, management, and maintenance of service. ”
According to the report, one of the major drivers for this market is Increased dependency on internet. The increased use of the internet for day-to-day activities and critical operations is driving the growth of the market. Companies are offering storage services on cloud, leading to the storage of critical information on the internet. Many companies across the world are adopting fully digitized systems in their HR departments. Although online models have several benefits over traditional models, they are associated with security threats.
Further, the report states that one of the major factors hindering the growth of this market is Availability of open-source performance appraisal software. The availability of several open-source performance appraisal software is a major challenge for the growth of the global performance appraisal software market. For instance, HRtrack and Sleekr provide organizations free access to performance appraisal tools. Moreover, the global performance appraisal software market has 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.
Oracle, Saba Software, SAP SuccessFactors, SumTotal System, and Ultimate Software