360 Degree Feedback Software Market to Grow at a CAGR of 10.6% During 2025-2032; Increasing Adoption of Cloud-based Solutions to Augment Market Growth

Fortune Business Insights™ in its report titled, "360 Degree Feedback Software Market Size, Share & Industry Analysis, By Type (Installed and Web-based), By Application (Education, Retail, Corporate, Travel and Hospitality, and Healthcare), and Regional Forecast, 2025-2032” states that the global 360 degree feedback software market was valued at USD 1.11 billion in 2024. The market is projected to be worth USD 1.23 billion in 2025 and reach USD 2.49 billion by 2032, exhibiting a CAGR of 10.6% during the forecast period.

Companies worldwide are deploying various tools and techniques to monitor employee performance and increase their efficiency. 360-degree feedback software helps organizations in gaining relevant insights regarding the potential performance of their workforce. It also enables businesses to receive and deliver anonymous and non-anonymous feedback across all levels of the departments. These factors are aiding market expansion in the coming years.

Explorance Inc. Partnered with Montreal-based Triton College to Improve Student Engagement

Explorance Inc. formed a strategic partnership with Montreal-based Triton College to enhance student engagement through a course evaluation process. The company implements this evaluation process to increase its student strength by 10,000. Implementing this Blue process helps the college to analyze students learning process, teaching excellence, and acquire student feedback.

Increasing Demand for Performance Analysis Tools Bolstered Market Growth During Pandemic

The companies chose to operate remotely during the COVID-19 pandemic and adopted 360 degree feedback software to manage and monitor employee performance. Governments imposed strict restrictions and instructed employees to work at 50% capacity in the office to control virus spread. Also, cloud-based solutions were highly in demand due to their feasibility and platform independence. These factors encouraged the companies to purchase cloud-based solutions, driving the 360 degree feedback software market growth during the pandemic.

Rising Adoption of Cloud-based Solutions to Augment Market Growth   

The market is anticipated to expand during the projected period due to the rising acceptance of cloud-based technologies in various industries. Furthermore, the use of 360 degree feedback software is increasing by the companies to monitor, evaluate, and manage the performance of their employees. Also, the increasing utilization of cloud-based tools is anticipated to bolster the market growth during the forecast period.

Launch of New Solutions Allows Companies to Enhance their Business Portfolio

The leading market players implement different business growth strategies to expand their business reach. Also, the companies focus on introducing new services and solutions to ensure performance efficiency and meet customer demand. These strategies include forming alliances, mergers, partnerships, and collaborations to strengthen their market position.

Notable Industry Development:

• March 2023: Explorance Inc. announced the general availability of Explorer BlueML and free personalized feedback analytics reports. This enables HR and education leaders to build a more resilient and agile workforce. 

List of Key Players Covered in the Report:

• Explorance Inc. (Canada)
• Qualtrics (U.S.)
• Momentive (U.S.)
• Actus Software (U.K.)
• Engagedly (U.S.)
• QuestionPro Survey Software (U.S.)
• Trakstar (U.S.)
• Lattice (U.S.)
• SurveySparrow Inc. (U.S.)
• SmartSurvey (England)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/360-degree-feedback-software-market-104481

Further Report Findings:

• North America holds a prominent 360 degree feedback software market share, owing to the rising employee engagement in the corporate sector. The regional market stood at USD 0.35 billion in 2024. Also, emerging industrialization and increasing number of technology experts, doctors, scientists, and other professionals are expected to fuel the regional market growth.
• Based on type, the market is divided into installed and web-based. The installed segment is expected to dominate the global market share due to faster data entry and reporting capabilities. Also, it does not require an active internet connection to operate and can be customized to meet customer needs.
• As per application, the market is categorized into education, retail, corporate, travel & hospitality, and healthcare. The corporate segment is anticipated to lead the market in the coming years, owing to the rising need to assess and improve employee performance.

Table of Segmentation: