New York, NY, March 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Employee Engagement Software Market by Deployment (On-Premises and Cloud-Based), by Enterprise Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and by Vertical (IT and Telecommunication, BFSI, Healthcare, Retail, Manufacturing, Education, Government, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global employee engagement software market was valued at USD 142 million in 2018 and is expected to reach approximately USD 346 million by 2025, at a CAGR of slightly above 13.5% between 2019 and 2025.
The integration of application programs chosen by enterprises for productive employee retention and an increase in job satisfaction is termed as employee engagement software. This software is used by organizations to increase their overall productivities. Mostly employee engagement software is deployed for human resource (HR) departments and includes peer recognition, employee segmenting, employee surveys, and wellness assessment, among others.
Browse through 69 Tables & 28 Figures spread over 152 Pages and in-depth TOC on “Global Employee Engagement Software Market Size 2018: Industry Type, Applications, Share, Technology, Analysis and Forecast to 2025”.
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The ICT industry has grown notably over the last few years. The top IT and telecommunication companies are targeting developing economies, such as India and China. The employee engagement software market growth can be attributed to the regional expansion of the ICT industry and the growing demand for software solutions to streamline various business activities. Employee engagement software solutions are adopted by the ICT sector for enhancing the organizations’ overall productivity. In 2015, the worldwide ICT industry generated revenue of USD 4.4 trillion as compared to USD 3.4 trillion in 2010. However, the lack of awareness about the benefits and availability of employee engagement software may hinder the market. Moreover, software developers are primarily focused on developing solutions that are easily compatible with smart consumer devices, which is anticipated to create open new growth avenues for the employee engagement software market in the upcoming years.
The global employee engagement software market is segmented on the basis of deployment, enterprise size, and vertical. By deployment, the market is classified into on-premises and cloud-based. The rising demand for subscription-based solutions from the users is predicted to support the cloud-based segment in the years ahead. By enterprise size, the market is classified into small and medium enterprises (SMEs) and large enterprises. With a growing number of small and medium enterprises, this segment is likely to grow at a rapid pace over forecast timeframe. By vertical, the market includes IT and telecommunication, BFSI, healthcare, retail, manufacturing, education, government, and others. The demand for employee engagement software is anticipated to grow rapidly in the IT and telecom sector for enhancing employees’ overall productivity.
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With large-scale technological breakthroughs witnessed in North America, it is projected to make substantial contributions toward the global employee engagement software market share in the future. Furthermore, the majority of IT & telecom firms have their bases in North America and they are adopting employee engagement solutions for improving their overall employee productivity. In 2017, the IT sector in the U.S. witnessed an increase of about 18% as compared to 2016. Additionally, many technological breakthroughs along with the paradigm shift observed in technology usages, such as the introduction of IoT and 5G technology, have resulted in an increased number of IT startups in the region. Large enterprises are collaborating with these startups to gain a competitive advantage over their competitors. These large enterprises highly rely on employee engagement software solutions for various employee-related tasks.
The rising demand for employee engagement software solutions among various retailers and financial institutes in Europe is anticipated to drive this regional market. The UK is projected to hold a substantial share of the European employee engagement software market due to the escalating demand for employee engagement solutions by retailers for improving the retention rate of talented employees. Retail sales in the UK were USD 512,976 million in 2017 as compared to USD 490,010 million in 2016. Furthermore, e-commerce sales in Europe rose by almost 10% in 2018 as compared to 2017, which is also driving the demand for cloud-based employee engagement software in the region.
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The Asia Pacific region is projected to grow at a substantial rate during the forecast period. India and China are expected to have huge potential for employee engagement software market over the upcoming years. The region’s manufacturing sector will play a vital role in accelerating the employee engagement software market in the future. The Indian manufacturing sector was estimated to grow at a CAGR of 4.34% from 2012 to 2018. In addition, the Indian government is taking favorable initiatives to encourage investments in the manufacturing sector.
Latin America is estimated to make a considerable contribution to the employee engagement software market in the forthcoming years, owing to the increasing adoption of technology by the government sector. The rising adoption of technology in the education sector is predicted to propel the employee engagement software market demand in the Middle East and Africa. E-learning in the Middle East and Africa reached USD 560.7 million in 2016. Large-scale utilization of technology in the education sector has led to the requirement of online platforms that offer internal communication features, thereby driving this regional market.
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Some key participants operating in the global employee engagement software market are People Gauge, Quantum Workplace, Gensuite, Officevibe, Transcend, Tap My Back, VibeCatch, Qualtrics, KaiNexus, Key Survey, WorkTango, Bitrix, Sparble, Synergita, Pingboard, Vocoli, and Zinta.
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This report segments the global employee engagement software market into:
Employee Engagement Software Market: Deployment Analysis
- On-Premises
- Cloud-Based
Employee Engagement Software Market: Enterprise Size Analysis
- Small and Medium Enterprise (SMEs)
- Large Enterprise
Employee Engagement Software Market: Vertical Segment Analysis
- IT and Telecommunication
- BFSI
- Healthcare
- Retail
- Manufacturing
- Education
- Government
- Others
Employee Engagement Software Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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