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Social Employee Recognition Systems Market

Social Employee Recognition Systems Market By Deployment Type (Cloud, On-premise), Enterprise Type (Large Enterprises, Small and Medium Sized Enterprises), Industry Type (Retail & Consumer Goods, Healthcare, IT & Telecommunication, Travel & Hospitality, Manufacturing, Media & Entertainment, Others) & Region – Forecast 2022 – 2028

Social Employee Recognition Systems Market By Deployment Type (Cloud, On-premise), Enterprise Type (Large Enterprises, Small and Medium Sized Enterprises), Industry Type (Retail & Consumer Goods, Healthcare, IT & Telecommunication, Travel & Hospitality, Manufacturing, Media & Entertainment, Others) & Region – Forecast 2022 – 2028

Social Employee Recognition Systems Market - Analysis, Outlook, Growth, Trends, Forecasts

Social Employee Recognition Systems Market Snapshot

[254 Pages Report] The global social employee recognition systems market is set to hold a net value of US$ 13.3 Bn in 2022, and is expected to surge at a stellar CAGR of 14% and reach an estimated valuation of US$ 29.2 Bn by the end of 2028. The retail and consumer goods industry to lead market growth with a share of 30%.

Increasing adoption of technology and digital solutions in enterprises is poised to majorly influence demand for social employee recognition systems across the world. Revenue from sales of social employee recognition systems currently account for 2% share in the global talent management solution market.

Social Employee Recognition Systems Market Size (2022)

US$ 13.3 Bn

Estimated Market Revenue (2028)

US$ 29.2 Bn

Global Market Growth Rate (2022-2028)     

14% CAGR

Dominant End-use Industry

Retail & Consumer Goods (30%)

Largest Regional Market

North America

Demand Analysis of Social Employee Recognition Systems (2013 to 2021) Vs Market Estimates (2022 to 2028)

This social employee recognition platform industry survey finds that the market was worth US$ 3.7 Bn in 2013, which bloated to a whopping US$ 11.3 Bn by 2021. Global demand for social employee recognition systems saw a rise at an impressive CAGR of 14.9% from 2013 to 2021.

The effect of motivation and recognition for employees working in a company has been extensively researched, and most studies have found these factors to majorly influence the efficiency and productivity of staff as well as the organization. This propelled demand for social employee recognition platforms across multiple verticals to promote productivity and increase the profitability of organizations by incentivizing and recognising employee performances.

Rising technological proliferation in workplaces, innovations in workplace technology, and rising awareness about employee recognition are some of the major factors propelling the sales of social employee recognition systems globally.

Demand for social employee recognition systems is anticipated to surge at a CAGR of 14% over the forecast period (2022 to 2028).

Which Geographical Regions Should Social Employee Recognition System Manufacturers Target?

This research details the global social employee recognition systems landscape across North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA).

Adoption of social employee recognition systems is significant in the North American region, and this makes it a very lucrative market for stakeholders. The nation is home to major technology companies and has a budding business landscape that provides a lucrative setting for social employee recognition system manufacturers.

Similarly, the European social employee recognition systems market also has a bright outlook for the forecast period. Demand for social employee recognition systems in the region is expected to be driven by rising awareness about employee wellness and recognition and increasing realization of the importance of employee morale in overall productivity.

Adoption of social employee recognition software in East Asia, South Asia and Pacific is expected to see a steady rise as new employee recognition software and systems are being launched. The market in MEA is also anticipated to follow a similar trend over the forecast period.

Social employee recognition software companies are expected to focus on the aforementioned regions to increase their global presence and profits.

Country-wise Analysis

What is the Outlook for Social Employee Recognition Systems in the U.S.?

The U.S. is home to most of the major technology firms in the world, and the nation has a very digitally advanced approach in a majority of industry verticals. The nation is home to many rapidly developing and scaling firms, and all of whom are trying to build a skilled workforce model, with their employees and social employee recognition systems have proven to be the best to attain this goal.

Increasing awareness about the effect of recognition and the need to develop a lucrative work culture are major factors driving social employee recognition system and solution sales in the U.S.

Should Social Employee Recognition System Providers Focus on India?

The social employee recognition systems market doesn’t have a significant presence in India, and this is due to lack of awareness of the employee morale concept in the nation. However, this trend is changing rapidly as the work culture in the nation is undergoing some major changes and enterprises are now focusing on promoting employee wellness and recognition, since they realize the massive impact it has on the productivity and output of the organization as a whole.

The nation is also seeing major technological advancements in the workplace, and innovations are also fuelling new trends and practices. As this progresses, demand for social employee recognition platforms is expected to rise significantly and prove beneficial for all market players.

The Indian social employee recognition systems industry is expected to be a potentially lucrative market over the next few years.

Category-wise Analysis

Which Industry Dominates Demand for Social Employee Recognition Systems?

As per industry, the retail & consumer goods industry vertical shows a dominant outlook while accounting for 3/10 of the global social employee recognition system demand. This segment is expected to have a bright outlook over the forecast period as well.

Second to the retail and consumer goods industry is high demand from the IT and telecom industry, which currently enjoys 26% share global social employee recognition system consumption.

COVID-19 Evaluation

The world saw the rise of coronavirus infections across the globe in the first quarter of 2020 and this completely changed our world in ways that were never imagined. The world saw restrictions as it had never seen before and this just completely changed how all aspects of life were governed in these tough times. The pandemic majorly revolutionized workplaces as they moved from traditional offices to the new concept of work from home.

Modern workspaces and work culture has changed drastically and the focus on employees’ mental health has also increased substantially as the workloads have also increased. Employee wellness and recognition have gained substantial importance over the past couple of decades and this trend is now stronger than ever. Demand for social employee recognition solutions is expected to be strong as companies become more concerned about their employee wellness and motivation as productivity is the key to the success of any organization in these times of competition.

The pandemic increased focus on employee recognition as the new work from home trend was seen to enhance productivity, which was doubtful when it was first proposed. Demand for social employee recognition systems is anticipated to be prominent in the post-pandemic era as well.

Competitive Landscape

Social employee recognition system providers are focusing on developing new software and programs to meet the changing needs of the industry. Companies with the best social employee recognition systems are focusing on improving their platforms to maximize productivity and incentivize performance.  

  • In September 2021, Toronto-based Achievers announced a new software platform that is aimed at improving how employees in an organization are engaged and recognized. The Achievers Employee Experience Platform is now live and available for use.
  • In October 2021, tooodooo Inc. announced the launch of its new incentive rewards platform. The platform is the first fully integrated platform and is aimed at revolutionizing the business incentive and employee performance tracking industry.

Social Employee Recognition Systems Industry Report Scope

Attribute

Details

Forecast Period

2022-2028

Historical Data Available for

2013-2021

Market Analysis

US$ Mn for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • and GCC Countries

Key Market Segments Covered

  • Deployment Type
  • Enterprise Type
  • Industry Type
  • Region

Key Companies Profiled

Pricing                   

Available upon Request

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Key Segments of Social Employee Recognition Systems Industry Survey

Social Employee Recognition Systems Market by Deployment Type:

  • Cloud Social Employee Recognition Systems
  • On-premise Social Employee Recognition Systems

Social Employee Recognition Systems Market by Enterprise Type:

  • Social Employee Recognition Systems for Large Enterprises
  • Social Employee Recognition Systems for Small and Medium Sized Enterprises

Social Employee Recognition Systems Market by Industry Type:

  • Social Employee Recognition Systems for Retail & Consumer Goods
  • Social Employee Recognition Systems for Healthcare
  • Social Employee Recognition Systems for IT & Telecommunication
  • Social Employee Recognition Systems for Travel & Hospitality
  • Social Employee Recognition Systems for Manufacturing
  • Social Employee Recognition Systems for Media & Entertainment
  • Others

Social Employee Recognition Systems Market by Region:

  • North America Social Employee Recognition Systems Market
  • Latin America Social Employee Recognition Systems Market
  • Europe Social Employee Recognition Systems Market
  • East Asia Social Employee Recognition Systems Market
  • South Asia & Pacific Social Employee Recognition Systems Market
  • Middle East & Africa (MEA) Social Employee Recognition Systems Market

Key Questions Answered in the Report

What is the projected social employee recognition systems market value for 2022?

In 2022, the global social employee recognition systems market is set to be valued at US$ 13.3 Bn.
As per the social employee recognition systems market insights, the market is predicted to surge at a CAGR of 14% over the forecast period.
The social employee recognition systems market statistics suggest that the industry is slated hold a value of US$ 29.2 Bn by 2028.
Some of the key players mentioned in this social employee recognition systems research survey are Salesforce.com Inc., Globoforce Ltd., REFFIND Ltd., Achievers Solutions Inc., Kudos Inc., Madison Performance Group, Recognize Services Inc., Aurea Software Inc., BI Worldwide Ltd., Terryberry, and YouEarnedIt.
The retail and consumer goods industry holds a dominant share of 30% in the global social employee recognition system and software market.

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