Continuous Performance Management Software Market with a CAGR of 12.4% by Forecast till 2029

Continuous performance management software enables companies to manage and access employees' details effectively in real-time. This is likely to drive the performance management software market in the future. Several software development providers and distributors focus on enriching performance management software by integrating value-added processing to improve software, such as human resource compliance management tools, labor analytics, etc. Increasing demand for better architectures that can be used for talent and recruitment functions is vital to the growth and functioning of talent management software models, such as employee benefits management, employee verification, and job application processing.

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Industry Participants

Some of the prominent players in the global continuous performance management software market are SAP SE, 15Five, Inc, SnapEval, LLC, Reflective, Zugata, TINY Pulse, 7Geese, Workboard Inc, Clear Review, and BetterWorks.

Continuous Performance Management Software Market: Segmentation

By Type

Cloud
On-premise

By Application

SME
Large enterprise

By Region

North America
Europe
Asia-Pacific
Central and South America and the Caribbean
The Middle East and Africa

Regional Outlook

With North America being an early adopter of emerging solutions, over the forecast period, 2019-2028, the region is projected to dominate the global continuous performance management (CPM) market with a CAGR of 12.4%. In 2018, 64.01% and 35.99% of shares were accounted for by large companies and SMEs, and these figures are estimated to reach 62.5% and 37.5% by 2028, respectively. In this context, it is clear that the growth of large businesses will lead to the rapid adoption of solutions for CPM software over traditional practices. Traditional practices are cost-intensive and time-consuming compared to CPM software solutions and offer inefficient evaluation processes, compelling SMEs, and large enterprises to gradually shift to the former.

Segmental Outlook

By type, the global continuous performance management (CPM) software is segmented into on-premise and cloud-based. In 2019, a cloud-based solution dominated the market owing to factors such as high security, less maintenance, ease of integration, and access. Besides, the cloud-based design utilizes lower capital spending and security investment, which is projected to increase market growth rapidly. According to Salesforce.com, 69% of businesses are already utilizing cloud technology, whereas 18% of companies plan to implement cloud computing in the coming years.

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