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.
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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.
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
- North America
- Asia Pacific
- Europe
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of
current trends in the market, industry growth drivers, and restraints.
It provides market projections for the coming years. It includes
analysis of recent developments in technology, Porter’s five force model
analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing
market players and new entrants along with detailed value chain
analysis.
Reasons for Buying this Report
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