The social employee recognition system market is expected to have a value of US$ 15,441.0 million in 2023. The market has jumped from a value of US$ 13,333.2 million in 2022. The market is projected to progress at an impressive rate over the 2023 to 2033 period, with a CAGR of 15.7%. At the end of the forecast period, the market value is predicted to reach a valuation of US$ 49,455.6 million.
Social Employee Recognition Systems Market Analysis and Insights:
| Attributes | Details |
|---|---|
| Social Employee Recognition System Market Value for 2023 | US$ 15,441.0 million |
| Projected Market Value for 2033 | US$ 49,455.6 million. |
| Value-based CAGR of Market for 2023 to 2033 | 15.7% |
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The social employee recognition system market was tipped to US$ 7,596.84 million in 2018. The market likely progressed at an impressive rate of 15.1% during the historical period.
During the pandemic, the number of employees working from home increased dramatically. Thus, in-person recognition became difficult. Companies turned to social employee recognition systems to make sure the employees at home were not left out of recognition. Even after the reopening of offices, companies still banked on social employee recognition systems. By 2022, the end of the historical period, the market value had reached US$ 13,333.2 million.
| Market Value (2018) | US$ 7,596.84 million |
|---|---|
| Historical CAGR (2017 to 2022) | 15.1% |
| Historical Market Valuation (2022) | US$ 13,333.2 million |
Long-term Analysis of the Social Employee Recognition System Market
The social employee recognition system market is marked to be worth US$ 15,441.0 million in 2023. The market is predicted to grow at a stellar CAGR of 15.7% over the forecast period of 2023 to 2033.
Employers are looking at fresh ways to recognize employee work. Simple in-person recognition, monetary rewards, and mails are felt to be inadequate. Thus, employers are turning to social employee recognition systems to carry out the work of employee recognition.
The number of employees is increasing. Companies are sometimes struggling to recognize employee work, as a result leaving employees dissatisfied. Thus, social employee recognition systems are sought to handle the work of social recognition.
The increasing adoption of technology and talent management solutions is also helping the social employee recognition system market. By 2033, the value of the market is expected to reach US$ 49,455.6 million.
Principal Consultant
Apart from the social employee recognition system market, Future Market Insights has gathered reports on two similar markets. The markets are the talent management software market and the augmented analytics market. By looking at the markets in conjunction, the overwhelmingly positive trajectories of management systems can be seen.
Social Employee Recognition System Market:
| Attributes | Market |
|---|---|
| Value-based CAGR (2023 to 2033) | 15.7% |
| Projected Market Value (2033) | US$ 49,455.6 million |
| Market Trends |
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| Growth Factors |
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Talent Management Software Market:
| Attributes | Market |
|---|---|
| Value-based CAGR (2023 to 2033) | 8.7% |
| Projected Market Value (2033) | US$ 20,450.8 million |
| Market Trends |
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| Growth Factors |
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Augmented Analytics Market:
| Attributes | Market |
|---|---|
| Value-based CAGR (2023 to 2033) | 21.8% |
| Projected Market Value (2033) | US$ 62,360 million |
| Market Trends |
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| Growth Factors |
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The social employee recognition system market can be divided into two segments: deployment and industry type. By looking at the segments, the nature of the systems adopted by organizations can be seen. The type of organizations that predominantly seek out the social employee recognition system market also become clear.
Social employee recognition systems with cloud as the type of deployment are the leaders in the deployment segment. In 2023, cloud is expected to lead the deployment segment with 44.7% of the market share.
Cloud systems provide organizations with ample space. As a result, the strain on the IT infrastructure of the organization is reduced. Social employee recognition systems too are using the cloud software to win over customers.
| Attributes | Details |
|---|---|
| Top Deployment | Cloud |
| Market Share in 20223 | 44.7% |
Companies in the retail and consumer goods sector are making increasing use of the system. In 2023, retail and consumer goods are expected to account for 29.5% of the market share by industry type.
Increasing number of employees necessitate the need for talent management services. As the size of the retail market increases, so does the number of people employed within its purview. To cope with increasing employee numbers, companies in the retail and consumer goods business are taking the help of social employee recognition systems.
| Attributes | Details |
|---|---|
| Top Industry Type | Retail and Consumer Goods |
| Market Share in 2023 | 29.5% |
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The social employee recognition system market is advancing all over the world but the Asia Pacific and Europe are especially marked out for strong growth. North America is also expected to be a lucrative place of business for the market.
The people of Europe are technology-minded and thus the market is predicted to thrive in the region. In the Asia Pacific, meanwhile, encouragement to the industrial sector is increasing the number of companies operating in the region. Thus, there is need for the system.
| Countries | CAGR |
|---|---|
| Germany | 19.9% |
| China | 17.0% |
| France | 22.3% |
| India | 18.2% |
| United Kingdom | 16.0% |
France is predicted to show astounding growth in the market. For the forecast period of 2023 to 2033, the French market is expected to grow at a CAGR of 22.3%.
Players in France are looking at mergers and acquisitions to develop and improve systems. For example, in May 2023, French organization Edenred acquired employee engagement company Reward Gateway.
Germany is poised to see staggering growth in the market. For the forecast period, the CAGR in Germany is expected to be 19.9%.
German companies are taking conscious steps to diversify employee bases. The likes of immigrants and people with disabilities are being incorporated as employees. There is thus a greater focus on employee care and social employee recognition systems are one way German companies are doing it.
The United Kingdom is another European country where the market has a bright future. The CAGR for the United Kingdom over the forecast period is predicted to be a notable 16.0%.
Employee disconnectedness is on the rise in the United Kingdom. It is claimed that about two-thirds of all employees in the country do not feel connected with other employees. The companies in the country thus have the means of social employee recognition systems to promote inter-employee recognition.
India is marked to have remarkable progress in the market. The CAGR for India over the forecast period is projected to be a remarkable 18.2%.
A rising number of Indian companies are using social employee recognition systems to reward workers in a non-traditional way. Instead of monetary recognition, companies in India are handing workers travel, food, and other vouchers.
China is another Asian country marked for significant progress. The CAGR in the forecast period for China is anticipated to be a robust 17.0%.
Chinese companies are preferring digital solutions in most aspects of the working. Thus, for employee recognition, Chinese companies are moving towards social employee recognition systems.
Innovating with new software and introducing fresh products is aimed at by companies. Acquisitions and mergers are common strategies.
Partnerships and collaborations are sought with other companies in the talent management sector. The scope of the market is also being widened by targeting companies on the smaller scale.
Recent Developments in the Social Employee Recognition System Market:
The social employee recognition system market is expected to be valued at US$ 15,441.0 million in 2023.
The market size of the social employee recognition system market is predicted to have reached US$ 49,455.6 million in 2033.
Increasing adoption of technology and need for employee recognition solutions are two of the reasons there is demand for social employee recognition systems.
The social employee recognition system market is expected to progress at a remarkable CAGR of 15.7% for the period from 2023 to 2033.
Salesforce.com Inc., Globoforce Ltd., REFFIND Ltd., and Achievers Solutions Inc. are some of the prominent companies in the market.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2018 to 2022 and Forecast,2023 to 2033 4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) Projections,2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Deployment Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Deployment Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment Type,2023 to 2033 5.3.1. Cloud 5.3.2. On-premise 5.4. Y-o-Y Growth Trend Analysis By Deployment Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Deployment Type,2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Enterprise Type 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By Enterprise Type, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Enterprise Type,2023 to 2033 6.3.1. Large Enterprises 6.3.2. Small and Medium Sized Enterprises 6.4. Y-o-Y Growth Trend Analysis By Enterprise Type, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Enterprise Type,2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Industry Type 7.1. Introduction / Key Findings 7.2. Historical Market Size Value (US$ Million) Analysis By Industry Type , 2018 to 2022 7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry Type ,2023 to 2033 7.3.1. Retail & Consumer Goods 7.3.2. Healthcare 7.3.3. IT & Telecommunication 7.3.4. Travel & Hospitality 7.3.5. Manufacturing 7.3.6. Media & Entertainment 7.3.7. Others 7.4. Y-o-Y Growth Trend Analysis By Industry Type , 2018 to 2022 7.5. Absolute $ Opportunity Analysis By Industry Type ,2023 to 2033 8. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Region 8.1. Introduction 8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022 8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region,2023 to 2033 8.3.1. North America 8.3.2. Latin America 8.3.3. Western Europe 8.3.4. Eastern Europe 8.3.5. South Asia and Pacific 8.3.6. East Asia 8.3.7. Middle East and Africa 8.4. Market Attractiveness Analysis By Region 9. North America Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 9.2.1. By Country 9.2.1.1. USA 9.2.1.2. Canada 9.2.2. By Deployment Type 9.2.3. By Enterprise Type 9.2.4. By Industry Type 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Deployment Type 9.3.3. By Enterprise Type 9.3.4. By Industry Type 9.4. Key Takeaways 10. Latin America Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 10.2.1. By Country 10.2.1.1. Brazil 10.2.1.2. Mexico 10.2.1.3. Rest of Latin America 10.2.2. By Deployment Type 10.2.3. By Enterprise Type 10.2.4. By Industry Type 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Deployment Type 10.3.3. By Enterprise Type 10.3.4. By Industry Type 10.4. Key Takeaways 11. Western Europe Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 11.2.1. By Country 11.2.1.1. Germany 11.2.1.2. UK 11.2.1.3. France 11.2.1.4. Spain 11.2.1.5. Italy 11.2.1.6. Rest of Western Europe 11.2.2. By Deployment Type 11.2.3. By Enterprise Type 11.2.4. By Industry Type 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Deployment Type 11.3.3. By Enterprise Type 11.3.4. By Industry Type 11.4. Key Takeaways 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 12.2.1. By Country 12.2.1.1. Poland 12.2.1.2. Russia 12.2.1.3. Czech Republic 12.2.1.4. Romania 12.2.1.5. Rest of Eastern Europe 12.2.2. By Deployment Type 12.2.3. By Enterprise Type 12.2.4. By Industry Type 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Deployment Type 12.3.3. By Enterprise Type 12.3.4. By Industry Type 12.4. Key Takeaways 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 13.2.1. By Country 13.2.1.1. India 13.2.1.2. Bangladesh 13.2.1.3. Australia 13.2.1.4. New Zealand 13.2.1.5. Rest of South Asia and Pacific 13.2.2. By Deployment Type 13.2.3. By Enterprise Type 13.2.4. By Industry Type 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Deployment Type 13.3.3. By Enterprise Type 13.3.4. By Industry Type 13.4. Key Takeaways 14. East Asia Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 14.2.1. By Country 14.2.1.1. China 14.2.1.2. Japan 14.2.1.3. South Korea 14.2.2. By Deployment Type 14.2.3. By Enterprise Type 14.2.4. By Industry Type 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Deployment Type 14.3.3. By Enterprise Type 14.3.4. By Industry Type 14.4. Key Takeaways 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country 15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033 15.2.1. By Country 15.2.1.1. GCC Countries 15.2.1.2. South Africa 15.2.1.3. Israel 15.2.1.4. Rest of MEA 15.2.2. By Deployment Type 15.2.3. By Enterprise Type 15.2.4. By Industry Type 15.3. Market Attractiveness Analysis 15.3.1. By Country 15.3.2. By Deployment Type 15.3.3. By Enterprise Type 15.3.4. By Industry Type 15.4. Key Takeaways 16. Key Countries Market Analysis 16.1. USA 16.1.1. Pricing Analysis 16.1.2. Market Share Analysis, 2022 16.1.2.1. By Deployment Type 16.1.2.2. By Enterprise Type 16.1.2.3. By Industry Type 16.2. Canada 16.2.1. Pricing Analysis 16.2.2. Market Share Analysis, 2022 16.2.2.1. By Deployment Type 16.2.2.2. By Enterprise Type 16.2.2.3. By Industry Type 16.3. Brazil 16.3.1. Pricing Analysis 16.3.2. Market Share Analysis, 2022 16.3.2.1. By Deployment Type 16.3.2.2. By Enterprise Type 16.3.2.3. By Industry Type 16.4. Mexico 16.4.1. Pricing Analysis 16.4.2. Market Share Analysis, 2022 16.4.2.1. By Deployment Type 16.4.2.2. By Enterprise Type 16.4.2.3. By Industry Type 16.5. Germany 16.5.1. Pricing Analysis 16.5.2. Market Share Analysis, 2022 16.5.2.1. By Deployment Type 16.5.2.2. By Enterprise Type 16.5.2.3. By Industry Type 16.6. UK 16.6.1. Pricing Analysis 16.6.2. Market Share Analysis, 2022 16.6.2.1. By Deployment Type 16.6.2.2. By Enterprise Type 16.6.2.3. By Industry Type 16.7. France 16.7.1. Pricing Analysis 16.7.2. Market Share Analysis, 2022 16.7.2.1. By Deployment Type 16.7.2.2. By Enterprise Type 16.7.2.3. By Industry Type 16.8. Spain 16.8.1. Pricing Analysis 16.8.2. Market Share Analysis, 2022 16.8.2.1. By Deployment Type 16.8.2.2. By Enterprise Type 16.8.2.3. By Industry Type 16.9. Italy 16.9.1. Pricing Analysis 16.9.2. Market Share Analysis, 2022 16.9.2.1. By Deployment Type 16.9.2.2. By Enterprise Type 16.9.2.3. By Industry Type 16.10. Poland 16.10.1. Pricing Analysis 16.10.2. Market Share Analysis, 2022 16.10.2.1. By Deployment Type 16.10.2.2. By Enterprise Type 16.10.2.3. By Industry Type 16.11. Russia 16.11.1. Pricing Analysis 16.11.2. Market Share Analysis, 2022 16.11.2.1. By Deployment Type 16.11.2.2. By Enterprise Type 16.11.2.3. By Industry Type 16.12. Czech Republic 16.12.1. Pricing Analysis 16.12.2. Market Share Analysis, 2022 16.12.2.1. By Deployment Type 16.12.2.2. By Enterprise Type 16.12.2.3. By Industry Type 16.13. Romania 16.13.1. Pricing Analysis 16.13.2. Market Share Analysis, 2022 16.13.2.1. By Deployment Type 16.13.2.2. By Enterprise Type 16.13.2.3. By Industry Type 16.14. India 16.14.1. Pricing Analysis 16.14.2. Market Share Analysis, 2022 16.14.2.1. By Deployment Type 16.14.2.2. By Enterprise Type 16.14.2.3. By Industry Type 16.15. Bangladesh 16.15.1. Pricing Analysis 16.15.2. Market Share Analysis, 2022 16.15.2.1. By Deployment Type 16.15.2.2. By Enterprise Type 16.15.2.3. By Industry Type 16.16. Australia 16.16.1. Pricing Analysis 16.16.2. Market Share Analysis, 2022 16.16.2.1. By Deployment Type 16.16.2.2. By Enterprise Type 16.16.2.3. By Industry Type 16.17. New Zealand 16.17.1. Pricing Analysis 16.17.2. Market Share Analysis, 2022 16.17.2.1. By Deployment Type 16.17.2.2. By Enterprise Type 16.17.2.3. By Industry Type 16.18. China 16.18.1. Pricing Analysis 16.18.2. Market Share Analysis, 2022 16.18.2.1. By Deployment Type 16.18.2.2. By Enterprise Type 16.18.2.3. By Industry Type 16.19. Japan 16.19.1. Pricing Analysis 16.19.2. Market Share Analysis, 2022 16.19.2.1. By Deployment Type 16.19.2.2. By Enterprise Type 16.19.2.3. By Industry Type 16.20. South Korea 16.20.1. Pricing Analysis 16.20.2. Market Share Analysis, 2022 16.20.2.1. By Deployment Type 16.20.2.2. By Enterprise Type 16.20.2.3. By Industry Type 16.21. GCC Countries 16.21.1. Pricing Analysis 16.21.2. Market Share Analysis, 2022 16.21.2.1. By Deployment Type 16.21.2.2. By Enterprise Type 16.21.2.3. By Industry Type 16.22. South Africa 16.22.1. Pricing Analysis 16.22.2. Market Share Analysis, 2022 16.22.2.1. By Deployment Type 16.22.2.2. By Enterprise Type 16.22.2.3. By Industry Type 16.23. Israel 16.23.1. Pricing Analysis 16.23.2. Market Share Analysis, 2022 16.23.2.1. By Deployment Type 16.23.2.2. By Enterprise Type 16.23.2.3. By Industry Type 17. Market Structure Analysis 17.1. Competition Dashboard 17.2. Competition Benchmarking 17.3. Market Share Analysis of Top Players 17.3.1. By Regional 17.3.2. By Deployment Type 17.3.3. By Enterprise Type 17.3.4. By Industry Type 18. Competition Analysis 18.1. Competition Deep Dive 18.1.1. Salesforce.com Inc. 18.1.1.1. Overview 18.1.1.2. Product Portfolio 18.1.1.3. Profitability by Market Segments 18.1.1.4. Sales Footprint 18.1.1.5. Strategy Overview 18.1.1.5.1. Marketing Strategy 18.1.2. Globoforce Ltd. 18.1.2.1. Overview 18.1.2.2. Product Portfolio 18.1.2.3. Profitability by Market Segments 18.1.2.4. Sales Footprint 18.1.2.5. Strategy Overview 18.1.2.5.1. Marketing Strategy 18.1.3. REFFIND Ltd. 18.1.3.1. Overview 18.1.3.2. Product Portfolio 18.1.3.3. Profitability by Market Segments 18.1.3.4. Sales Footprint 18.1.3.5. Strategy Overview 18.1.3.5.1. Marketing Strategy 18.1.4. Achievers Solutions Inc. 18.1.4.1. Overview 18.1.4.2. Product Portfolio 18.1.4.3. Profitability by Market Segments 18.1.4.4. Sales Footprint 18.1.4.5. Strategy Overview 18.1.4.5.1. Marketing Strategy 18.1.5. Kudos Inc. 18.1.5.1. Overview 18.1.5.2. Product Portfolio 18.1.5.3. Profitability by Market Segments 18.1.5.4. Sales Footprint 18.1.5.5. Strategy Overview 18.1.5.5.1. Marketing Strategy 18.1.6. Madison Performance Group 18.1.6.1. Overview 18.1.6.2. Product Portfolio 18.1.6.3. Profitability by Market Segments 18.1.6.4. Sales Footprint 18.1.6.5. Strategy Overview 18.1.6.5.1. Marketing Strategy 18.1.7. Recognize Services Inc. 18.1.7.1. Overview 18.1.7.2. Product Portfolio 18.1.7.3. Profitability by Market Segments 18.1.7.4. Sales Footprint 18.1.7.5. Strategy Overview 18.1.7.5.1. Marketing Strategy 18.1.8. Aurea Software Inc. 18.1.8.1. Overview 18.1.8.2. Product Portfolio 18.1.8.3. Profitability by Market Segments 18.1.8.4. Sales Footprint 18.1.8.5. Strategy Overview 18.1.8.5.1. Marketing Strategy 18.1.9. BI Worldwide Ltd. 18.1.9.1. Overview 18.1.9.2. Product Portfolio 18.1.9.3. Profitability by Market Segments 18.1.9.4. Sales Footprint 18.1.9.5. Strategy Overview 18.1.9.5.1. Marketing Strategy 18.1.10. Terryberry 18.1.10.1. Overview 18.1.10.2. Product Portfolio 18.1.10.3. Profitability by Market Segments 18.1.10.4. Sales Footprint 18.1.10.5. Strategy Overview 18.1.10.5.1. Marketing Strategy 18.1.11. YouEarnedIt 18.1.11.1. Overview 18.1.11.2. Product Portfolio 18.1.11.3. Profitability by Market Segments 18.1.11.4. Sales Footprint 18.1.11.5. Strategy Overview 18.1.11.5.1. Marketing Strategy 19. Assumptions & Acronyms Used 20. Research Methodology
Technology
January 2022
REP-GB-3300
April 2024
279 pages
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Social Employee Recognition System Market
