Employers are embracing social employee recognition systems as a smart and tech-driven approach to reward and retain talent, aligning with the rising concern for talent management in a technology-driven workplace.
NEWARK, Del, Nov. 02, 2023 (GLOBE NEWSWIRE) — The social employee recognition system market is estimated to be worth US$ 15,441.0 million in 2023. In contrast, the 2022 value was US$ 13,333.2 million. The market is predicted to have an astonishing CAGR of 15.7% over the forecast period from 2023 to 2033. By the end of the forecast period in 2033, the market size is predicted to have shot up to US$ 49,455.6 million.
Employee recognition in the form of simple payments needs to be updated. Employers are on the hunt for smart ways of employee recognition and thus the help of social employee recognition systems is being sought. There has been a notable shift towards incorporating technology into most aspects of company work and social employee recognition systems are benefiting.
Talent management as a concern is rising among companies. Companies are recognizing the value of keeping employees satisfied and are thus turning to talent management software. Social employee recognition systems also fall under the talent management system umbrella and are also finding acceptance.
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Through social employee recognition system market growth, senior managers are taking a more hands-on approach to employee recognition. The ability of social employee recognition systems to connect to social media as well as be used as an app is also endearing the product to companies. Cloud-based social employee recognition systems are popular due to the flexibility provided.
Key Takeaways from the Social Employee Recognition System Market Report:
- The social employee recognition system market’s size for 2023 is estimated to be US$ 15,441.0 million.
- Cloud is the most common type of deployment in the market. For 2023, the cloud is expected to hold 44.7% of the market share by deployment.
- Retail and consumer goods companies are the most frequent users of social employee recognition systems. For 2023, retail and consumer goods are expected to make up 29.5% of the market share by industry type.
- The growth of the market in France is predicted to be astonishing. For the forecast period of 2023 to 2033, the CAGR for the market is predicted to be 22.3% in France.
- The United Kingdom and Germany are other fast-growing European countries in the market. The CAGR for the United Kingdom and Germany is tipped to be 16.0% and 19.9% respectively for the forecast period.
- China and India are also markets where the market is tipped to flourish. The market is projected to grow at a CAGR of 17.0% and 18.2% in China and India respectively.
“The Social Employee Recognition System Market, as analyzed by our research team, exhibits substantial growth potential in the coming years. This market study reveals a growing adoption of social employee recognition systems by organizations seeking to enhance employee engagement and motivation. With the increasing emphasis on employee well-being and productivity, the Social Employee Recognition System Market is poised for significant expansion.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Leading Key Players:
- 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
- YouEarnedIt
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Recent Developments in the Social Employee Recognition System Market:
- In May 2022, Walker Tracker was acquired by Terryberry. By doing so, Terryberry stepped into the social employee recognition system market.
- In October 2021, tooodooo Inc.’s employee rewards platform was introduced in the market. The platform aims to transform the industry through innovations.
- In September 2021, Achievers launched its Employee Experience Platform. The platform is cloud-based and makes use of gift cards and merchandise, among others, as recognition.
Social Employee Recognition System Market Segmentation:
By Deployment:
- Cloud
- On-premise
By Industry Type:
- Retail and Consumer Goods
- Healthcare
- IT and Telecommunication
- Travel and Hospitality
- Manufacturing
- Media and Entertainment
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
- Employee Engagement Market Growth: Globally it is expected to total US$ 1.6 Billion in 2022, with sales growing at a robust 9.1% CAGR. The total employee engagement market size will reach US$ 3.8 Billion by 2032.
- Pharma and Healthcare Social Media Marketing Market Scope: The overall demand for this market is projected to grow at a CAGR of 17.5% between 2022 and 2032, totaling around US$ 55,500.0 Million by 2032.
- Employee Recognition Software Market Share: With 9.7% CAGR projected growth during 2022 to 2032, the market is expected to reach a valuation of US$ 30 Billion by 2032.
- Systems Administration Management Tools Market Scope: The market was valued at US$ 11,892.4 million in 2022 and is projected to reach US$ 32,547 million by 2032, with a CAGR of 10.6% from 2022 to 2032.
- Employee Advocacy Software Market Analysis: A CAGR of 8.5% during the period ranging from 2022 to 2032. The market is anticipated to reach US$ 930.7 Million in 2032
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