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.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San
Jose CA 95138, USA, All Rights Reserved.
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