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Industry Landscape
The performance management software industry is currently experiencing growth, driven by the increasing need for businesses to enhance productivity, track performance, and manage remote teams effectively. Cloud-based solutions and AI-driven tools are becoming more prevalent, offering real-time insights and data-driven performance reviews. The focus is shifting towards continuous performance management and employee engagement, with a growing emphasis on integration with other business systems.
Total Assets Under Management (AUM)
Software Revenue in Nigeria
~₦50 Billion
(15% CAGR)
Growth driven by:
* Increasing digital adoption.
* Demand for remote work solutions.
* Focus on performance and productivity.
Total Addressable Market
1 Billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Driven Analytics
AI-driven performance analytics will enable more accurate and unbiased performance evaluations, providing actionable insights for employee development and improved decision-making.
Blockchain
Blockchain technology can enhance data security and transparency in performance management, ensuring the integrity of performance data and fostering trust among employees and employers.
Cloud Computing
Cloud-based platforms will provide scalable and accessible solutions for performance management, facilitating remote work and collaboration across distributed teams in Nigeria.
Impactful Policy Frameworks
Nigeria Data Protection Regulation (NDPR) 2019
The Nigeria Data Protection Regulation (NDPR) 2019 establishes rules for the processing of personal data, requiring organizations to implement data protection measures and comply with data subject rights.
Compliance with the Nigeria Data Protection Regulation (NDPR) will require Braudit to implement robust data protection measures, increasing operational costs and complexity but enhancing user trust and data security.
National Information Technology Development Agency (NITDA) Act 2007
The NITDA Act established the National Information Technology Development Agency (NITDA) to promote the development and use of information technology in Nigeria, setting standards and guidelines for IT practices.
The NITDA Act influences the implementation and use of technology solutions, which may require Braudit to adhere to specific standards and guidelines for software development and data handling.
Nigeria Labour Act 1971
The Nigeria Labour Act 1971 governs employment practices, including regulations related to employment contracts, working conditions, and termination of employment, ensuring fair treatment of employees.
Adhering to the Labour Act will require Braudit to ensure that its performance management tools support fair and equitable employment practices, affecting how performance data is collected and used for employee evaluations.
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