Performance Management Systems Market 2024 Trends, Forecast, Competitive Analysis, and Growth Opportunity

Performance management (PM) is a set of activities that ensure goals and objectives of an organization are consistently met in an efficient and effective manner. The primary aim of performance management is to evaluate the performance of any employee, a department, organization, or even a process that develops a product or a service. With technology advancements, software solutions for performance evaluation known as performance management systems have witnessed unprecedented demand globally. Performance management systems offer flexible and continuous evaluation platform for self-improvement. These systems consists of basic principles such as performance review cycle, performance improvement plan and human resource specific professional practices. Performance management systems have its application across various end use industry verticals including, government, manufacturing, healthcare, retail, IT and telecom and media among others. Moreover, they are used in consulting companies, banking sectors, financial and insurance (BFSI) institutions.
The market for performance management systems is surging forward and will continue to do so in the near future. Performance management systems have witnessed unprecedented demand with introduction of Software as a Service (SaaS) delivery model. Currently, the performance management systems offer a broad array of facilities catering to multiple application areas such as performance evaluation, performance appraisal in educational institutions, universities, corporate and training organizations. . Recent performance management solutions such as Taleo (Oracle) and Kenexa (IBM) offer out-of-the-box functionalities such as candidate searching, candidate relationship management, which reduce deployment time, along with the consulting costs.
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Increasing adoption of cloud computing solutions and mobile phones, and growth traction in social networking service and big data are likely to play a vital role in market growth for performance management systems. Performance management systems help to filter data speedily and reach organization/company insights and take decisions. Introduction of advanced software solutions has contributed to a surge in demand of performance management systems. Additionally, increased spending on performance management solutions by the IT industry, despite organizational budgetary restrictions is also a key factor fueling the growth of the performance management systems market.
Established vendors in the market are continuously involved in introducing new and updated versions of their solutions every year. For instance, vendors such as Adaptive Insights and Host Analytics, Inc. offer small updates every quarter. These updates help the organizations expand core functionalities of their products and subsequently increase its customer base
Players such as IBM Corporation, CA Technologies, Inc., Compuware Corporation, Keynote Systems, Inc., BMC Software, Inc., Microsoft Corporation, SAP SE, SAS Institute Inc. and Hewlett-Packard Company dominate the performance management systems market. However, their market leadership is under pressure owing to threats from new entrants such as AppDynamics and New Relic. Additionally, technological advancements in the existing performance management solutions are key factors to obtain a competitive edge. For instance, Longview Solutions successfully introduced the SaaS version of its tax solutions. Similarly, Tagetik Software and Axiom EPM introduced the updated versions of their products, while Prophix Software, Inc. in its latest release introduced strong mobile capabilities. Such developments are further expected to fuel the market growth of the performance management systems.
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This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include