Global 360 Degree Feedback Software Market Insights Forecasts to 2033

• The Global 360 Degree Feedback Software Market Size was Valued at USD 943 Million in 2023
• The Market Size is growing at a CAGR of 11.17% from 2023 to 2033
• The Worldwide 360 Degree Feedback Software Market Size is expected to reach USD 2.72 Billion by 2033
• Asia Pacific Market is expected to grow the fastest during the forecast period

The Global 360 Degree Feedback Software Market Size is expected to reach USD 2.72 Billion by 2033, at a CAGR of 11.17% during the forecast period 2023 to 2033.

360-degree feedback software enables companies to gain valuable information about employee performance and skills, assisting in identifying strengths, areas for improvement, and weaknesses that require attention. Furthermore, the widespread use of software to promote transparency and ensure honest feedback is a growth driver. For instance, In February 2024, Survey Sparrow, the company that manufactured the world's first chat survey software, announced a significant upgrade to ThriveSparrow, its latest employee success platform. This update adds a powerful 360-degree performance review feature, ushering in a new era of performance management. Employees can benefit from 360-degree feedback software to identify potential development and growth opportunities. Reviews left by coworkers can help an employee understand their performance. Such reviews are analysed and presented on slides with infographics that highlight areas for future development and areas where employee performance is improving. Reviewing each employee in an organization is a time-consuming task that will not produce the same results as a 360-degree feedback software analysis. Thus, the market's growth is being driven by ease of analysis and a reduction in the time required to provide accurate employee information.

Report Coverage

This research report categorizes the market for the global 360-degree feedback software market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global 360-degree feedback software market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global 360-degree feedback software market.

Driving Factors

Its affordability and convenient, direct internet access have helped it become more and more popular among small and medium-sized business retailers. This is expected to accelerate the market growth of 360-degree feedback software. Furthermore, as the number of employees in an organization grows, this software will assist HR in learning about their employees' skills and behaviour more accurately and quickly, saving time. In addition, maintenance-related problems are handled by the provider of cloud services rather than the company, which has reduced the firm's costs yet again. Furthermore, it allows the company to keep its data anonymous, eliminating the risk of leaks. All of these factors are helping to boost the global 360-degree feedback software market. 

Restraining Factors       

Several businesses have begun to use text sentimental analysis techniques to determine the quality of peer reviews for a specific person. However, sentiment analysis might be less effective than other authentication methods. It might require separate in-person evaluations, rendering 360-degree tools unnecessary. Thus, the factors mentioned above hamper market growth.

Market Segmentation 

By Type Insights

The installed segment dominates the market with the largest revenue share over the prediction period.

Based on type, the global 360-degree feedback software market is segmented into installed, and web-based. Among these, the installed segment is dominating the market with the largest revenue share over the prediction period. It can be adjusted to suit particular requirements and runs without the need for the Internet. Users can also maintain seamless control over their data. In addition, faster data entry and reporting features will boost its market popularity.

By Deployment Mode Insights

The cloud-based segment is witnessing significant CAGR growth over the prediction period.

Based on deployment mode, the global 360-degree feedback software market is segmented into cloud-based, and on-premises solutions. Among these, the cloud-based engine segment is witnessing significant growth over the prediction period. Cloud-based deployment has numerous advantages, including lower upfront costs, easy scalability, and access from anywhere. Many businesses are turning to cloud-based solutions to streamline their operations and reduce IT overhead. Cloud deployment was most likely the fastest-growing segment. The transition to remote and hybrid work environments was driving the widespread utilization of cloud-based software solutions that provided easy access to feedback and performance data for both in-office and remote employees.

By Application Insights

The corporate dominates the market with the largest revenue share over the prediction period.

Based on the application, the global 360-degree feedback software market is segmented into single education, retail, corporate, travel & hospitality, healthcare, and others. Among these, the corporate segment is dominating the market with the largest revenue share over the prediction period. Determining how well a worker performs in real-time requires feedback from peers, subordinates, and superiors. An employee performance evaluation can help an organization improve its policies toward employees and the organization as a whole, resulting in increased efficiency. As a result, this software is an important tool for developing and changing an organization's dynamics, as well as determining whether or not to retain an employee. One of the major factors driving the global 360-degree feedback software market in the coming years will be increased demand from corporations to incorporate the software into their organizations.

Regional Insights

North America dominates the market with the largest market share over the prediction period.

North America is dominating the market with the largest market share over the prediction period. North America is home to some of the world's largest companies in a variety of industries, particularly information technology. Because the region is the most technologically advanced, they have begun to identify gaps in their organizational structures using 360-degree feedback software. Furthermore, the reviews generated by this software have helped businesses track and evaluate their employees' performance. These factors have greatly contributed to the growth of the global 360-degree feedback software market in North America. For instance, in April 2023, Qualtrics integrated the Qualtrics XM Discover's artificial intelligence (AI) machine learning capabilities into SAP Service Cloud. This allowed customer service to resolve issues, boost customer satisfaction, and increase resolution rates.

Asia Pacific is expected to grow the fastest during the prediction period. The demand for 360-degree feedback software is increasing in a variety of applications, including performance appraisal and evaluation in corporate and training organizations. In addition, large-scale industrialization in Asia Pacific countries is expected to drive market growth.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global 360-degree feedback software market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market

List of Key Market Players

• Veolia Environnement S.A.
• Clean Harbors, Inc.
• UNIMED SAS
• Terra Universal, Inc.
• MAUSER Group
• CurTec International
• GPC Medical Ltd.
• Dynarex Corporation
• Stericycle, Inc.
• Daniels Health
• Sharps Compliance Corp.
• Remondis Medison 
• Thermo Fisher Scientific, Inc.
• Henry Schein, Inc.
• Waste Management, Inc
• Republic Services, Inc.
• Bemis Manufacturing Company
• Bondtech Corporation
• Medline Industries, Inc.
• Others

Key Market Developments

• In February 2024, VoPay, a leading provider of embedded financial technology solutions, has announced the launch of VoPay 360. VoPay 360, the latest addition to VoPay's growing suite of solutions, combines accounting software and payment platform functionality into a single centralized platform. VoPay 360, built on VoPay's industry-leading API, will serve as the "operating system" for all transaction data entering and exiting a business, revolutionizing how businesses manage their financial transactions.

• In March 2023, Explorance has announced the general availability of Explorer BlueML and free personalized feedback analytics reports. This allows HR and education leaders to create a more resilient and agile workforce.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global 360 Degree Feedback Software Market based on the below-mentioned segments:

360 Degree Feedback Software Market, Type Analysis

• Installed
• Web-based

360 Degree Feedback Software Market, Deployment Mode Analysis

• Cloud-Based
• On-Premises Solutions

360 Degree Feedback Software Market, Application Analysis

• Education
• Retail
• Corporate
• Travel & Hospitality
• Healthcare
• Others

360 Degree Feedback Software Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa