A performance appraisal software is an application which includes the process of performance evaluation or assessment of an employee’s skills and work-related capabilities. Performance appraisal software is offered either as a standalone talent management software, or feature or a tool within an HR software system. Appraisal performance evaluation is a part of the career development process thus evaluating an employee depending upon its inverse progress to organization growth is necessary. performance appraisal software maintains an electronic or digital record or data of employee’s goals, performance, feedback, and compensation related for evaluation of performance. A performance appraisal software assists the employee’s performance evaluation by using a pre-defined set of standards and helps HRs and managers with predictive analysis. Traditionally, managers used to provide a ranking for employees by using parameters such as qualitative and quantitative scaling as well as tracking the performance was much critical as the criteria for evaluation was on the basis of employees’ general skills and abilities. Performance appraisal software outgrew the traditional approach by providing a 360-degree review of the performance of an employee. In addition, the software is capable to review a huge number of employees at a single instance thus increasing preferences towards technological advancements.
Increasing number of IT startup companies and rising technological evolutions in the IT sector are some of the major aspects fueling the demand for performance appraisal software in the global market. In addition, increasing demand for a simplified and effective performance appraisal system among various organization may support the growth of the potential market. However, concerns associated with data privacy and risks associated with loss of the data stored on the cloud are among some of the major aspects which may impact negatively on the adoption of performance appraisal software. Key trends observed in the global market is emergence of cloud computing services which will aid to reduce the infrastructure cost. In addition, growing demand for data integration and visual analytics among enterprises is another on-going trend that will support growth of the target market in the near future.
Based on type, the global performance appraisal software market is divided into on-premise, cloud-based, and web-based. The cloud-based type category is expected to be adopted at a high rate, owing to reduced infrastructure cost and platform independence benefits offered by cloud storage systems. By application, the global performance appraisal software market is further categorized into small business, medium-sized business, and large business. Large businesses are prominent players with high investment capabilities towards improving the management outcomes will boost the category growth in the near future.
The global performance appraisal software market is classified by regions such as North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Among all the regions the market in Asia Pacific countries will anticipate high growth in the global market due to high number of presence of most prominent market players in this region. Growing demand for performance appraisal software in North America is attributable due to high demand for efficient management of employee record in this region.
Major players operating in the global market are Saba, Oracle, SumTotal Systems, SAP, Ultimate Software, Performly, Cornerstone OnDemand, Impraise, Namely, MAUS, BreatheHR, Zoho Corporation, Beisen, Trakstar, Actus, ClearCompany, Insperity, PeopleGoal, Reviewsnap, and BambooHR.