Global OKR Software Market - Insights
OKR software is a field of business performance management that allow business enterprises to streamline their overall operations process in various fields, which includes employee engagement and project management and setting timely business goals. Enterprises are effectively implementing these software solutions for managing and evaluating the operational performance of their enterprise in order to efficiently reach their performance goals, enhance business operational efficiency, and maintain transparency across the business processes.
Global OKR Software market is expected to witness significant growth during the forecast period (2018–2026). The market growth of OKR software is majorly attributed to rising demand for effectively managing the overall business operational goals. The implementation OKR software will help to save employees time wasted on maintaining manual data entry and up-gradation of their daily tasks in excel spreadsheet. Furthermore, these software also help businesses to visualize and align their goals, flexibility in goal revision, easy accessibility, and maintaining transparency & discipline among employees regarding their tasks.
Figure 1. Global OKR Software Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2016-17
Increasing demand for the cloud-based enterprise performance management tools is expected to aid in growth of the OKR software market
Increasing implementation of cloud-based infrastructure and advanced analytical tools for aligning overall business operations is anticipated to offer lucrative growth opportunities for different end-use industries including BFSI, Retail & eCommerce, Healthcare, IT & Telecom, and Manufacturing, among others. Moreover, adoption of this software is growing significantly, owing to its several benefits such as maintaining transparency in team management, resource management, and enterprise performance management. For instance, Zenefits offers cloud-based human resource information system to their clients including Fireclay Tile, League Network, and EnviroSMART. These enterprises have implemented cloud-based software for streamlining enterprise business operations, owing to its unique features, which includes user dashboards, core human resource management, and administration activity management that helps HR department to modernize their frantic employee on-boarding process.
As per Coherent Market Insights, in 2017, OKR software is anticipated to increase at a rapid pace over the forecast period. This increasing growth is attributed to increasing need for keeping transparency in business strategies and objective. This is another key factor expected to aid in growth of the OKR software market. This software improves business operational efficiencies by automating various business routine tasks, setting timely objectives, and maintain transparency employee’s performance score on the basis of their respective task.
Figure 2. Global OKR Software Market Share (%), By Enterprise Type (2017 & 2026)
Source: Coherent Market Insights, 2016-17
North America is anticipated to hold the largest market share in the OKR software market, while Asia pacific is expected to witness fastest growth over the forecast period. The presence of large number of prominent vendors in North America region and increasing need to automate business processes are some of the key factors driving the market growth. In Asia pacific, the highest growth can be attributed to various factors which include rapid digitalization, economic developments, adoption of advanced technologies, and heavy investment by technology service providers.
Increasing demand for OKR solutions and services among small and medium sized enterprises in emerging economies of Asia Pacific region
In Asia pacific, there is a significant increase in growth of small and medium sized enterprises (SME’s) among various end-use industries, which include IT & Telecom, ITES and BPO, Manufacturing, and Retail. These enterprises are constantly focused on timely meeting their key objective goals/targets of their business sales operations. So, these enterprises are integrating OKR software management tools to streamline over business operation in various fields including sales & marketing, customer support, finance, operations, and human resource management.
Some of the key players operating in the global OKR software market include Wrike, Inc., Peoplefluent, Aha! Labs, Trakstar, Workteam, BirdDogHR, Betterworks, Javelo, Quantum Workplace, Qilo Technologies, and Perdoo GmBH, among others.