Sarasota, FL -- (SBWire) -- 02/21/2019 --Zion Market Research has published a new report titled "Performance Management Software Market By Deployment Mode (Cloud-Based and On-Premises), By Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), and By Vertical (Media and Entertainment, BFSI, IT and Telecommunications, Healthcare, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2026". According to the report, the global performance management software market was valued approximately USD 2,141 in 2018 and is expected to generate USD 5,633 million by 2026, at a CAGR of around 12.8% between 2019 and 2026.
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The performance software management software helps to control various aspects of HR-related activities and maintains various details of employees, i.e., from the date of joining to the date of separation/retirement, etc. The software also assists with performance management, career planning, etc.
Performance management software allows businesses to manage and access employee details efficiently on a real-time basis. This is likely to drive the performance management software market in the future. Various software development providers and distributors are focusing on the enrichment of performance management software by integrating value-added processing, such as human resource compliance management tools, workforce analytics, etc. to enhance the software. The rising demand for better architectures that can be used for talent and recruiting functions is vital to the growth and functioning of talent management software models, such as employee benefits administration, employee verification, and employment application processing. However, the intense competition among the key players may restrain the growth of the global performance management software market over the estimated timeframe.
By deployment mode, the performance management software market is segmented into on-premises and cloud-based. By organization size, the market is segmented into small and medium-sized enterprises and large enterprises. The vertical segment includes media and entertainment, BFSI, IT and telecommunications, healthcare, manufacturing, and others. The IT and telecom sector is likely to be the fastest growing sector in the future, owing to extensive software applications to store and manage employee data.
By region, North America held a major revenue share of the global performance management software market in 2018. This can be attributed to the presence of major industries in the region that fuel the demand for performance management software. Moreover, the early adoption of innovative software and solutions in the region is expected to further drive the region's performance management software market over the forecast time period. The Asia Pacific is predicted to grow at the highest rate in the future, owing to the increasing demand for effective and unbiased performance appraisal system by the regional organizations.
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Some key players operating in the global performance management software market are Adaptive Insights, Advance Change Ltd., Anaplan, Inc., Assess TEAM, LLP, Automatic Payroll Systems Inc., AXIOM HRS, Clear Company, Cornerstone, Darwinbox Digital Solutions Pvt. Ltd., Financial Force, Tetra Tech, Inc., IBM Corporation, Saba Software, Keka HR Payroll Software, Longview Canada ULC, Peoplefluent, PeopleGoal, Pipedrive, Prevero GmbH, Salesforce, Inc., SAP SE, SAS Institute Inc., Jedox AG, Trakstar, Uneecops Workplace Solutions Pvt. Ltd., YourPeople, Inc., Zoho Corporation Pvt. Ltd., Oracle, and Microsoft.
This report segments the global performance management software market into:
Global Performance Management Software Market: Deployment Mode Analysis
On-Premises
Cloud-Based
Global Performance Management Software Market: Organization Size Analysis
Large Enterprises
Small and Medium-Sized Enterprises
Global Performance Management Software Market: Vertical Analysis
Media and Entertainment
BFSI
IT and Telecommunications
Healthcare
Manufacturing
Others
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Global Performance Management Software Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Performance Management Software Market Is Expected to Reach Around USD 5,633 Million by 2026
Global performance management software market expected to generate USD 5,633 million by 2026, at a CAGR of around 12.8% between 2019 and 2026. Performance management software allows businesses to manage and access employee details efficiently on a real-time basis.