The Global Market for Performance Management Systems is Projected to Reach US$5.6 Billion by 2022

Increased Emphasis on Talent Management among Modern Enterprises Drives Growth of Performance Management Systems, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the Performance Management Systems market. The global market for Performance Management Systems is projected to reach US$5.6 billion by 2022, driven by increased emphasis on talent management among modern enterprises and growing penetration of IT platforms in the corporate HR domain.

Performance management (PM), an enterprise management concept that grew in prominence in recent decades, empowers an organization to implement a target-driven work environment that guides and directs employees to deliver their best performance. PM, as a concept, has a wide reach across workforce and human resource management (HRM) domains and integrates various HRM functions such as training, development, review, appraisal and rewards. Due to its wide reach across workforce and HRM functions, performance management is widely considered as the single largest contributor to business agility and effectiveness of an enterprise. Technology-enabled performance management solutions are steadily making their way into the global corporate sector, offering superior benefits. Through a fully-configured PM system, enterprises can align business objectives with individual employee targets, identify and fix gaps in staff training programs, resolve operational inefficiencies and achieve cost reductions in the entire PM process. IT-enabled PM system helps enterprises to nurture positive sentiment among employees, unlock the full potential of workforce, enhance workforce performance, achieve productivity targets, and augment business viability.

Inefficiencies of conventional PM programs, which are largely static approaches that rely on paper- and/or system-based methods, along with heightened emphasis on operational improvements among modern enterprises and increased role of digital platforms in the corporate operations are driving momentum in the PM systems market. At the same time, expanded functional and application scope of modern PM systems achieved through innovative features such as in-depth analytics, real-time feedback, 360-degree review, engagement surveys, and mobile compatibility, is fuelling growth momentum. Availability of well-structured PM systems in cloud/SaaS subscription model that offers superior cost- and operational advantages than on-premise systems is another key driver. Cloud/SaaS systems are triggering new demand for PM systems in the lucrative SMBs sector, which hitherto showed low appetite for expensive on-premise systems.

As stated by the new market research report on Performance Management Systems, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market exhibiting a CAGR of 11.6% over the analysis period. Factors such as expanding corporate sector in the region, increased preference towards digital and IT technologies among a growing number of enterprises, and availability of cost-effective SaaS PM solutions, are expected to drive growth in the region.

Major players covered in the report include Actus™ Software, ADP LLC, Cornerstone OnDemand Inc., Halogen Software Inc., IBM Corporation, Jazz, Kronos, Lumesse, NetDimensions Ltd.,  Oracle Corporation, Peoplefluent, Saba Software Inc., SAP SuccessFactors, SAS Institute Inc., SumTotal Systems LLC, Talentsoft, Ultimate Software Group Inc., Workday Inc. and Zoho Corporation.

The research report titled “Performance Management Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections of revenues for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, UK, and Rest of Europe), Asia-Pacific, Middle East & Africa and Latin America.

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