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 Objectives and Key Results (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.
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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.
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.
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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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