Explorance, a pioneer in Feedback Analytics, was named a leader in the global 360 Degree Feedback Software Market by Fortune Business Insights, the leading publisher in market research reports. Explorance stands out from other players in the market with its unique turnkey approach leveraging 360-degree feedback tools to help both corporate and educational institutions promote a feedback culture; empowering action, psychological safety and decision-grade insights that ultimately contribute to the success of individuals and organizations.
According to the latest Fortune Business Insights’ report, the Global 360 Degree Feedback Software Market size is projected to grow from $1,001.2 million in 2023 to an estimated $2,136.0 million by 2030, reflecting a substantial compound annual growth rate (CAGR) of 11.4%. This market expansion underscores the growing recognition of the vital role played by 360-degree feedback software in enhancing organizational effectiveness.
Commenting on the announcement, Samer Saab, CEO and Founder, Explorance said, “We are honored to be acknowledged as a global leader in the 360 Degree Feedback Software Market for the second consecutive year. In today's dynamic landscape, where skill gaps and economic uncertainty present ongoing challenges, we believe in the power of 360-degree feedback to assist organizational development. This recognition reaffirms our commitment to empowering organizations with valuable feedback data, which we see as a fundamental contributor to productivity. At Explorance, we remain dedicated to innovation, ensuring our clients have cutting-edge solutions to excel in their domains."
Often referred to as Multi-Rater feedback, 360-degree feedback is a methodology for gathering feedback and performance evaluations from various sources such as peers, subordinates, supervisors, customers, and suppliers. The Fortune Business Insights report offers a comprehensive study and analysis of companies offering 360-degree feedback software, including Explorance Blue, MLY, and Metrics That Matter.
360-degree feedback software plays a pivotal role in aiding Chief Human Resources Officers (CHROs) in the development and execution of strategies aligned with their organizational direction. Explorance stands out by offering a comprehensive turnkey solution, characterized by end-to-end support. This support spans from the identification of specific organizational needs, the deployment of tools, to the interpretation and effective response to insights. Explorance's unwavering commitment lies in contributing to enhanced productivity and operational efficiency within organizations.
To learn more, access the full report https://lp.explorance.com/360-feedback-market-report
About Explorance
Founded in 2003, Explorance supports more than 20 million people in their individual journeys of purpose, growth, and impact. As the leading provider of next-generation Feedback Analytics solutions, Explorance empowers organizations with actionable decision-making by measuring employees’ and students’ needs, expectations, skills, knowledge, and competencies. Explorance facilitates continuous improvement and accelerates the insight-to-action cycle leading to personal growth and organizational agility. Headquartered in Montreal with business units in Chicago, Chennai, Melbourne, Amman, and London. Explorance works with 25% of the Fortune 100 and 30% of the top Higher Education institutions, including 8 of the world’s top 10 business schools. The company has clients in more than 50 countries.
About Fortune Business Insights
Fortune Business Insights™ provides sophisticated corporate analysis and precise data, assisting organizations of all sizes promptly to make well-informed decisions. Fortune Business Insights specializes in tailoring innovative solutions that address unique challenges for our client’s businesses. Their objective is to empower our clients with comprehensive market intelligence, offering a detailed overview of the market in which they operate.
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