The global OKR software market was valued at US$ 555.1 million in 2017 and is expected to increase to US$ 1,592.3 million by 2026, registering a CAGR of 14.10% over the forecast period from 2018 to 2026, according to OKR Software Market Report, by Component Type (Solutions and Services), by Enterprises Type (SMEs and Large Enterprises), by Deployment Type (On-premises and Cloud-based), by Verticals (BFSI, Retail and Ecommerce, Healthcare, IT& Telecom, Manufacturing, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Growing competition in industries such as telecom, automotive, healthcare, and e-commerce is expected to contribute to growth of the global OKR software market. These industries are focused on increasing investment on different types of enterprise performance management software such as OKR. These solutions enable enterprises to automate their business operations in order to enhance overall business performance. Moreover, these solutions help companies to manage their targets efficiently, which further contributes in increasing revenue of the company. OKR software also helps organization to set their monthly, quarterly, and annual goals and strategies. Moreover, these solutions help enterprises to effectively maintain and track employee performance and to focus on core business competencies. Furthermore, the amount of business and customer data generated by organizations is significantly increasing. Therefore, enterprises are focusing on implementing OKR software to track and gather quick responses related to business operational issues. The software also helps to cater to increasing business needs and helps to align business for maximizing profitability. Therefore, all these factors are expected to propel growth of the OKR software market over forecasted period.
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Key Trends and Analysis of the Global OKR Software Market:
- North America held dominant position in the global OKR software market in 2017 and it is projected to retain its dominance throughout the forecast period. Rapid digital transformation and increasing use of cloud computing services are some of the major factors that drive growth of the OKR software market in North America. Moreover, presence of major software providers such as Google, Inc., IBM Corporation, Microsoft Corporation, and Oracle Corporation is also expected to propel demand for OKR software in the region.
- Asia Pacific is expected to be the fastest growing market throughout the forecast period. This is owing to growing IT, telecom, and e-commerce sectors in emerging economies such as India and China. For instance, according to India Brand Equity Organization’s analysis, in 2017, India accounted for the second-largest telecommunications market with a subscriber base of 1.17 billion.
- Moreover, significant growth in the telecommunication sector has led to increasing volume of data flow from business and consumers. Therefore, organizations adopt OKR software to manage the increasing data flow as the software offers quicker results as compared to conventional operations management software. Moreover, the real-time data generated from OKR software helps enterprises to gain optimistic insights from enormous data sets, which in turn helps to make quick decisions for enhanced employee performance and productivity. Therefore, all these factors are expected to propel growth of the OKR software market in Asia Pacific.
- Among deployment type, the on-premises deployment segment held dominant position in the market in 2017 and is expected to retain its dominance during the forecast period. Increasing concerns regarding data security is one of the major factors propelling demand for on-premises based solutions in BFSI and healthcare industry.
- Major players operating in the global OKR software market include, Aha! Labs, Betterworks, BirdDogHR, Javelo, Peopleflunet, Qilo Technologies, Qunatum Workplace, Workteam, and Wrike, Inc.