New York, Sept. 29, 2021 (GLOBE NEWSWIRE) -- Social Employee Recognition System Market: Key Insights
According to our new research study on “Social Employee Recognition System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Model, Reward Type, Industry, and Geography,” the Social Employee Recognition System Market Size is projected to reach US$ 14,648.5 million by 2028 from US$ 5,828.9 million in 2021; it is estimated to grow at a CAGR of 14.1% during the 2021–2028.
Social Employee Recognition System Market: Competitive Landscape and Key Developments
Achievers Solutions Inc, Appreiz Inc, BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., PossibleWorks, Terrberry, Semos Cloud, Neptar HR, and Wooboard Technologies Ltd. are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global social employee recognition system market and its ecosystem.
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In 2021, Achievers Solutions Inc. has entered into a strategic partnership with Revolut, a global financial super-app that offers hassle-free spending to 15 million customers. Through this partnership, the Achievers Marketplace catalog is expected to offer Revolut as a reward option.
Businesses today are increasingly adopting digital and technology solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue growth by implementing effective digital solutions and automated systems. In the past few years, proliferation of smart and connected devices, adoption of cloud computing, and emergence of technologies such as artificial intelligence (AI) and internet of things (IoT) have led to the advent of smart and intelligent workplaces.
Due to the increasing penetration of web applications, mobile applications, and Software-as-a-Service (SaaS)-based solutions in enterprises, the demand for advanced employee recognition solutions is rising at an impressive pace. Owing to the fact that modern workforce demands motivation in a modern way, social recognition platforms help reinforce professional relationships in both SMEs and large enterprises. With solutions such as social employee recognition platforms, industry verticals such as IT & telecom, manufacturing, retail, and healthcare can strengthen employee–employer bond. Also, the platform helps in optimizing reward costs as per the available budget. Thus, all the benefits offered by employee recognition platforms are driving the growth of the market at a global level.
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North America is considered a mature market for social employee recognition systems. Employee recognition systems based on social media are intended to acknowledge an employee's contribution to the company's success. Such methods are worthwhile to boost employee morale and encourage involvement in critical tasks. Social employee recognition systems are widely used in practically all sizes of businesses. The rapid advancements in the IT industry are likely to provide major growth opportunities for the social employee recognition systems market in Europe in the coming years. Integration of various technologies, such as the Internet of Things, machine learning, artificial intelligence, is anticipated to improve capabilities and performance of social employee recognition systems. In addition, market players that provide social employee recognition systems that use deep learning technology have witnessed a rise in demand.
With the rapidly changing landscape of enterprise IT solutions, businesses need to focus on various factors before opting for the right IT infrastructure. Cloud-based solutions are relevant for all types of business environments ranging from on premise, hybrid, or cloud. In addition, cloud-based solutions facilitate easy scalability, low operating expenditure, high operational flexibility, high visibility, and updates to enterprises while reducing their overall costs and operational risks. The continuously evolving cloud architectures and the integration of advanced features in cloud solutions further fuel the adoption of these solutions in diverse end-user industries. A cloud deployment type is also an attractive option for companies due to benefits such as need-basis payment, regular data backup, high security, and instant provisioning features provided by these solutions. Moreover, the complex and high installation and maintenance costs associated with on-premise solutions further drive companies to adopt cloud-based solutions. Hence, scalability, high level of security, operational flexibility, easy deployment type, and affordability are among the key advantages that are expected to boost the adoption of cloud-based employee recognition software solutions among enterprises in the coming years.
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Social Employee Recognition System Market: Industry Overview
By industry, the social employee recognition system market is segmented into retail, IT & telecom, healthcare, media & entertainment, travel and hospitality, manufacturing, and others. The retail segment led the with a share of 29.1% in 2020. It is further expected to account for 28.1% of the total market share by 2028. Owing to factors such as the rising disposal income of masses and the increasing adoption of modern lifestyle and consumer goods, the retail industry is growing at a significant rate. The growth of the industry has increased competition in market. Therefore, retailers across the world are significantly investing in advanced technologies and personnel training and development programs to improve operational efficiency and customer experience for customer retention. The social employee recognition solution is one of the tools that is gaining traction among retailers for improving processes. For instance, one of well-established retail chain (named undisclosed) with more than 225 retail locations across West Coast of US, sought to leverage connection between customer satisfaction & loyalty and employee engagement for aligning employees and organizations goals. The retailers adopted social employee recognition solution, which enabled the organization to create 112% increase in customer satisfaction within 18 months across its 225 retail branches.
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