Objectives and key results software is a goal management framework that helps organizations to implement strategies. OKR helps companies to communicate these strategies to employees in an actionable, measurable manner. The main benefit of the software is to connect the company, team, and personal objectives to measurable results. The software helps in improving the overall efficiency of an organization by improving employee focus, and increasing transparency and productivity in teams.
The concept of OKR has been around during the 1970s and
since then has become an important focus for companies such as Google,
LinkedIn, Airbnb, Twitter, Dropbox, Spotify, and Uber. Increasing trend of
streamlining the enterprise business process is a factor responsible for driving
the OKR
software market. Enterprises are increasingly focusing on
deploying this software in order to increase efficiency by streamlining various
business operational tasks such as HR operations management, workforce
planning, and supply chain performance (SCP) management. OKR software is used
to connect employees to corporate goals and align them to analyze root causes
behind the company’s efficient performance. The software also helps in
maintaining transparency related to targets between management and employees
and also to track employee efficiency on a timely basis. Moreover, increasing
demand for real-time data analysis is expected to boost the growth of the OKR
software market. Therefore, all these factors are expected to propel the
objectives and key results software market over the forecast period.
OKR software can be integrated with other enterprise
software modules as well. For instance, it stores real time information of
employees and links employees to business processes to help the organization to
achieve goals. Moreover, the results provided by OKR software also helps the
organization in the decision-making process, which includes decisions for
operational, tactical, and strategic planning. The software also aids in
reducing cost, saving time, and improving communication processes related to
enterprises.
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Rise in IT investments is anticipated to create lucrative
opportunities for OKR software vendors across the world, especially in North
America. Additionally, rise in adoption of such software in medium- and
small-sized enterprises is expected to create significant opportunities for key
players in the next few years. However, the cost of implementation of OKR
software restricts the growth of the market. Furthermore, cybersecurity is a
major concern for vendors in implementing this software. Data security issues
are estimated to hinder the market during the forecast period.
The global OKR software market can be segmented based on
component, application, end-use, enterprise size, and region. In terms of
component, the OKR software market can be divided into software (on-premise,
cloud (public cloud, private cloud), and hybrid) and services (managed services
and professional services (maintenance, integration, and installation)). Based
on application, the OKR software market can be classified into management,
monitoring, test, and communication. In terms of end-use, the market is
segregated into aviation, healthcare, transportation, oil and gas, power and
utilities, automotive, chemical, and others. Based on enterprise size, the OKR software
market can be classified into small & medium enterprises (SMEs) and large
enterprises.
In terms of region, the OKR software market can be
classified into North America, South America, Europe, Asia Pacific, and Middle
East & Africa. North America is expected to account for a major share of
the global market during the forecast period. This can be ascribed to the rise
in number of enterprises and presence of a large number of vendors providing
solutions to various industries in the region. Asia Pacific is anticipated to
be a rapidly expanding region of the OKR software market, due to a rise in
adoption of management software in enterprises across the region.
Major players operating in the global OKR software market
include Aha! Labs, Betterworks, BirdDogHR,
Javelo, Khorus, PeopleFluent, Qilo Technologies, Gtmhub, Quantum Workplace,
Workteam, and Wrike, Inc.
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