Market Trends of Performance and Goal Management Industry
This section covers the major market trends shaping the Performance & Goal Management Market according to our research experts:
Growing Demand for Cloud Technology
- Cloud-based performance management will allow organizations to access these tools anywhere with an internet connection. Cloud computing is being used by many businesses to track employees' progress from any location at any time. Employees may also be able to establish automated due date reminders to arrive on their preferred device with a cloud-based solution. Implementing cloud-based solutions will bring new growth opportunities for the performance and goal management market.
- Key players in the performance and goal management market are increasingly migrating to cloud technology. For Instance, Oracle Talent Management Cloud Service provides a talent management solution that encompasses hiring, learning, performance management, goal management, career development, talent review, succession management, and profile management. In addition, this solution drives productivity, staff development, and retention with integrated enterprise social networking tools, business intelligence, and mobile data access.
- With the increasing penetration of cloud computing and related technologies, such as IoT, edge computing, and serverless architecture, enterprises' demand for cloud performance management services is gaining huge traction. The cloud performance management services market is immensely growing for managing corporate organizations. According to Turbonomic, in the global use of cloud providers by organizations, Microsoft Azure has the highest 56% use of cloud solutions.
- Integrating cloud-based infrastructure and business analytics is expected to provide exponential growth opportunities to the industry verticals such as transportation, BFSI, retail, and others. The popularity of cloud-based performance and goal management software is growing rapidly, owing to features such as real-time access to operational and financial data that is not available using existing legacy and on-premise systems. Infrastructure costs ranging from operating system updates to server upgrades also increase the costs of maintaining on-premise enterprise performance management systems without an assurance of higher quality. These cloud-based performance and goal management application updates are automatically pushed out to customers. These factors are anticipated to offer future opportunities for the cloud-based performance and goal management market.
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North America is Expected to Register Significant Market Growth
- Across North America region the work environment is rapidly changing. More employees are working remotely or in a hybrid work environment. As a result, to achieve organizational goals, organizations are increasingly adopting performance and goal management software tools to monitor and evaluate employees' work.
- In North America, the fastest-growing countries are the United States and Canada. The US is one of the most advanced regions in infrastructure development, innovation, development, and R&D activities. Giant players, such as Microsoft, SAS, and IBM, are headquartered in the US, contributing to the growth of the Performance and Goal Management Market.
- For Instance, Oracle Human Capital Management (HCM) and Oracle Fusion Goal Management (Goal Management) provide organizations with a tool for tracking and managing corporate and individual objectives and tightly aligning them with the overall talent management process.
- HR departments typically use performance management software to support managers in various departments. Organizations across North America use advanced technologies to carry out employee performance reviews, keep track of conversation topics, create goals for staff members, and promote 360-degree feedback.
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