Global Performance Management Systems Market to Reach US$5.0 Billion by 2018, According to New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on Performance Management Systems markets. The global market for Performance Management Systems is projected to reach US$5.0 billion by the year 2018, driven by the growing need to attract and retain the right talent. Businesses are adopting performance management systems not only to gain competitive advantage but also to enhance business performance.

Performance Management Systems: A Global Strategic Business Report

Follow us on LinkedIn – Businesses across the world are faced with numerous challenges due to the increasing geographic dispersion of the workforce. This is creating enormous complications due to widespread differences brought on by differing countries, cultures, and time zones, which coupled with the intensely competitive market environment, is making it extremely difficult for organizations to attract as well as retain the right talent. In the wake of a challenging economy and implementation of stringent regulations, businesses that have adopted basic Business Intelligence and performance management capabilities are placed in a better position to wade through the difficult times. Such businesses hold an edge over others that are still using Excel spreadsheets for analyzing company processes and performance. As businesses begin to emerge from the recession, organizations are gradually recognizing the advantages offered by an effective performance management system. In fact, the recession has proved to be a boon for the performance management systems market, as employees were forced to justify and prove their employability in the organization. With economy on a recovery mode, this pressure is only going to increase.

As stated by the new market research report on Performance Management Systems, the United States represents the single largest market for performance management systems, while Asia-Pacific region is expected to register the fastest growth through the year 2018. The growing demand for Employee Performance Management (EPM) solutions is attributed to the client desire for automating their EPM processes. Further, the solutions are being used for improving employee retention, strengthening link between performance and pay, and offering support for the development of new leadership in the company. The emphasis is thus on developing high-potential employees, and building new skills in the workforce. This focus on differentiation of talent is driving the shift towards performance management solutions. Growing proliferation of tablets and smartphones is driving vendors to incorporate context-aware and mobile options in their EPM solutions. Vendors are also increasingly looking to integrate social features into their offerings, with the potential to add talent profile data and social profile data offering high prospects in view of the greater insights offered. In addition, the potential of SaaS solutions is growing due to its greater scalability and customization.

While several companies have deployed or plan to deploy performance management systems in the foreseeable future, an equally large number of companies continue to exhibit reluctance in implementing such systems. Despite the potential of performance management systems in enhancing the operational efficiency of organizations, their penetration remains low. Most of the companies continue to rely on Excel Spreadsheets for budgeting, planning, and forecasting purposes. Ingrained spreadsheet culture and cost considerations are thus hampering broader adoption of Performance Management Systems. In addition, the implementation of performance management systems faces hurdles due to the existing cultural behaviors that are acting as barriers to their adoption, especially in developing countries. In these economies, culturally-influenced behaviors remain embedded and mutually reinforced in such a way that deriving complete potential from performance management systems becomes an arduous task.

The global employee performance management software market is witnessing consolidation activity. The intense consolidation activity is attributed to challenging economic environment that is placing increased pressure on smaller vendors. In the coming years, consolidation trend is expected to continue as market participants look to bolster their share by acquiring additional capabilities. Major players profiled in the report include Cezanne Software Limited, Covalent Software Ltd., Cornerstone OnDemand, Halogen Software Inc., Infor, Lawson Software Inc., Kenexa Corporation, Lumesse, Oracle Corporation, Peoplefluent, Rocket Software Inc., SAP AG, SuccessFactors Inc., SumTotal Systems Inc., and Taleo Corporation.

The research report titled "Performance Management Systems: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of trends, issues, strategic industry activities, and profiles of major companies worldwide. The report provides market estimates and projections across geographic markets such as the US, Canada, Japan, Europe, Asia Pacific, Middle East & Africa, and Latin America.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Performance_Management_Systems_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

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