Employee Recognition System Market Size Set to Achieve USD 34.1 Billion by 2030 growing at 13.4% CAGR - Exclusive Report by Acumen Research and Consulting

TOKYO, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The Global Employee Recognition System Market Size valued for USD 11.1 Billion in 2021 and is projected to occupy a market size of USD 34.1 Billion by 2030 growing at a CAGR of 13.4% from 2022 to 2030.

Employee recognition system, also known as employee recognition software and social employee recognition system, is a platform that recognizes and rewards employee achievement or behavior. The growing workforce, as well as the significant amount of resources and paperwork required to evaluate an employee's performance, makes HR's job more difficult. To relieve the stress of such hectic tasks, organizations are installing employee recognition software in their portals, allowing them to assess each employee's performance and reward them with exciting rewards. Employees who are happy and engaged are more likely to stay. According to one survey of HR professionals, 68% believe that their recognition programs have a positive impact on employee retention. Employees want to work for organizations that value them and demonstrate their appreciation through tangible actions.

Employee Recognition System Market Statistics

• Global employee recognition system market revenue valued at USD 11.1 Billion in 2021, with a 13.4% CAGR from 2022 to 2030
• According to a survey, when companies spend 1% or more on recognition, 85% notice a positive impact on engagement
• As per a recent analysis, 76% of employees who do not feel appreciated looking for a job change
• North American employee recognition software market share gathered 33% in 2021
• Asia-Pacific social employee recognition system market growth is estimated to attain around 15% CAGR from 2022 to 2030
• By deployment mode, the on-premises sub-segment seized USD 6.1 billion in market revenue in 2021
• Based on industry, the retail & consumer goods sub-segment gathered US$ 21 billion in income in 2021
• The growing adoption of cloud-based employee recognition software is a key trend in the employee recognition system industry

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Employee Recognition System Market Report Coverage:

Employee Recognition System Market Dynamics

The growing trend of digital workforce innovation is the primary factor driving the growth of the global employee recognition system market. Businesses are increasingly implementing advanced digital solutions and automated systems to transform their business models and existing processes to improve operational efficiency and revenue growth. Furthermore, technological advancements provided through software-as-a-service (SaaS) solutions are key driving factors for the global employee recognition market. The enhanced use of cloud-based services is an important factor in market growth. Another factor propelling the market forward is the growing need to simplify HR activities.

The worldwide social recognition employee systems market is expected to be hampered by a lack of secure social networking platforms. Also, the employee recognition technology implementation is hampered by a lack of proper security measures. When social networking sites are incorporated with business applications, the organization becomes susceptible to cyber-attacks, unauthorized access, and unauthorized data access.

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Employee Recognition System Market Segmentation

The global market has been split into deployment, enterprise size, industry, geography, and region.

The deployment segment is further categorized into cloud-based and on-premises. Based on enterprise size, the industry is split into large enterprises and small and medium enterprises (SMEs). By end-use, the segmentation includes retail & consumer goods, IT & telecom, healthcare, media & entertainment, travel & hospitality, manufacturing, and others. Furthermore, the regional categorization is comprised of North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa.

Employee Recognition System Market Share

According to our employee recognition system industry research, the on-premises sub-segment will contribute for a sizable market share in 2021. In contrast, the cloud-based sub-segment is expected to expand significantly between 2022 and 2030. According to our market forecast for employee recognition systems, the large enterprise size segment is predicted to gain a significant market share by 2030. Furthermore, demand for employee recognition system platforms has increased in the retail and consumer goods industries, and the manufacturing industry is predicted to increase in prominence in the coming years.

Employee Recognition System Market Regional Outlook

According to our regional analysis, the North America region collected the most income in 2021 and is expected to maintain its dominance throughout the forecast timeframe. The United States is home to the majority of the world's major technology firms, and the country has a very digitally advanced approach in the majority of industry verticals. Rising recognition awareness and the need to create a profitable work culture are key drivers of social employee recognition system sales in the United States. The Europe region would emerge as a market leader in the global employee recognition software industry. Employee recognition software demand in the region is expected to be driven by increasing acceptance of worker well-being and recognition, as well as growing recognition of the importance of job satisfaction in overall productivity.

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Employee Recognition System Market Players

Some prominent employee recognition system companies covered in the industry are Achievers Corp., BI WORLDWIDE EMEA, CorporateRewards, Globoforce, Incentive Logic Kudos, Paramax, Peoplecart, REFFIND Ltd., Terryberry, and Ultimate Software.

Questions Answered By This Report

• What was the market size of Employee Recognition System Market in 2021?
• What will be the CAGR of Employee Recognition System Market during the forecast period from 2022 to 2030?
• Who are the major players in Global Employee Recognition System Market?
• Which region held the largest share in Employee Recognition System Market in 2021?
• What are the key market drivers of Employee Recognition System Market?
• Who is the largest end user Employee Recognition System Market?
• What will be the Employee Recognition System Market value in 2030?
  

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