Mentoring Software Market Analysis by Program (Diversity Mentoring, Flash Mentoring, Hi-Potential Mentoring, Professional Association Mentoring, and Reverse Mentoring); by Deployment (Cloud-Based and On-Premise); and by End User (Industry, Government & NFP and Universities)-Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

Global Mentoring Software Market Size, Forecast, and Trend Highlights Over 2022 - 2031

The global mentoring software market is estimated to garner a revenue of ~ USD 8 billion by the end of 2031 by growing at a CAGR of ~16% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~ USD 3 billion in the year 2021. Mentoring software is a technology platform that helps organizations to help their employees channel their efficiency in the right direction by providing them with the proper training. In addition to letting organizations match mentees with the correct mentor, this software helps the users to schedule sessions and track progress. It is also a great way for businesses to scale mentoring according to their needs. The rising number of startups and their needs are the primary factors driving the growth of the global mentoring software market. For instance, the United States (U.S.), the leading nation for entrepreneurial ventures, is the home to more than 71000 startups as of 2022.

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Up to 20% of startups find competition to be the most difficult challenge in business. For the same reason good employee engagement and employee productivity are crucial for small businesses to survive the competition. Approximately 93% well-planned employee training programs have been observed to affect employees’ level of engagement favorably.  Shortage of funds is another main reason for small businesses failing. Mentoring software help startups save on training infrastructure considerably.  It also gives them better-trained and engaged employees. Additionally, a good mentoring system ensures an overall better company culture thereby resulting in better revenue generation.

Global Mentoring Software Market: Growth Drivers and Challenges

Growth Drivers

• Massive Digital Transformation of Businesses Worldwide - Up to 66% of the businesses in the world were thought to be digitized by 2020. In the same year, it was observed that digital technologies helped enterprises meet their goals in workforce diversity, financial returns, and environmental targets by more than 20%. Growth opportunities are the reason for more than 50% of the effort put into digital transformation by enterprises. More than 50% of organizations believe that digital business should help improve employee productivity through tools, including AI-assisted processes. Improved operational efficiency, changing customer experience expectations, and better business performance management are some other reasons for organizations to adopt a digital business model. Mentoring software has a significant role to in a digital workplace as it enables virtual mentoring of mentees by letting them connect with the right mentors through virtual media, including video and voice calls.

• Immense Need for High Employee Engagement – It has been estimated that globally only up to 21% of employees are properly engaged at work. However, companies with high employee engagement are observed to be ~22% more profitable than others. Additionally, ~75% of disengaged employees are thought to be actively searching for new jobs. Mentoring software can improve employee engagement considerably and reduce the number of turnovers.

• Great Importance of Performance Management – A constant communication between organizations and employees about how well goals are met and of areas that need improvement is inevitable for improving the overall performance of a business. Moreover, it has been observed that close to 40% of employees consider recognition for their work as the most important aspect of a job.

• Great Significance in Succession Planning - It has been estimated that employees receiving leadership training increase their learning capacity by ~26% and performance by about 21%. Organizations with an open approach to leadership development outperform those that don’t by up to five times. Mentoring software can make the leadership training process effective and streamlined.

• Considerable Significance Placed on Business Automation – It has been estimated that more than 95% of organizations think of business automation as a prerequisite for digital transformation. Additionally, more than 65% of businesses have initiated automation of processes in some business functions. The increased automation is considered to open new opportunities for mentoring software in the global mentoring software market forecast.

Challenges

• Unfamiliarity of Businesses with the Concept of Mentoring Software

• Hesitance of Organizations Towards Digital Transformation

• Serious Concern of Businesses About Data Security on Digital Platforms

The global mentoring software market is segmented and analyzed for demand and supply by deployment into cloud-based and on premise. Of these the cloud-based segment is anticipated to hold the largest market size by the end of 2031. Cloud computing is an inevitable online technology used by many businesses globally. It facilitates on-demand availability of resources like data storage and computing power while freeing the users from active direct management of the same. For the same reason, the adoption of cloud computing has increased since the onset of COVID-19. Presently ~95% of organizations are thought to have adopted cloud globally. More than 65% of organizations already employ a cloud center of excellence or a cloud team. Cost cutting is the major reason for the high cloud adoption among organizations (more than 61%). The other reasons for adopting cloud services include greater security, scalability, and flexibility.

Global Mentoring Software Market Regional Synopsis

Regionally, the global mentoring software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North American region is projected to hold the largest market share by the end of 2031. The chief reason for the high market share in the region is the considerable presence of startups and small businesses there. For instance, a minimum of 99% of businesses in the U.S. are thought to be small businesses. Small businesses are more open to innovative ideas and approaches toward development and are more likely to adopt mentoring software. The mentoring software market in North America should also grow for the significance given to employee engagement and adoption of technologies like cloud computing and artificial intelligence (AI).

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Market Segmentation

Our in-depth analysis of the global mentoring software market includes the following segments:

Key Companies Dominating the Global Mentoring Software Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global mentoring software market that are included in our report are Chronus LLC., MentorcliQ, Oracle, MentorCity Inc., Qooper. (Cognata Technologies LLC.), Almabase, Inc., CleverMemo, Emergent Software, LLC, Graduway, Insala Limited., and others.

Global Mentoring Software Market: Latest Developments

• October, 2021: Chronus LLC. – announced the launch of new courses feature and the creation of Chronus institute to house its thought leadership, mentorship skill-building content, and mentoring program best practices. The courses feature enables customers to tailor-make mentorship training to incorporate the organization's culture and the need of the program participants.

• December, 2020: Emergent Software, LLC – announced achieving the status of the triple gold partner of Microsoft showing their competency in the three areas of Cloud Platform, Application Development, and Data Platform.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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