New York, USA, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global employee communication software market is predicted to grow at a stable CAGR of 10.8%, thereby garnering a revenue of $1,197.2 million by 2026. This holistic report provides an overarching overview of the nature of the employee communication software market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2019-2026 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
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Dynamics of the Market
Drivers: Rise in adoption of communication software for web conferences is expected to be the primary growth driver of the employee communication software market in the forecast period. Along with this, growing use of employee communication software by management authorities to find project details is predicted to push the market forward.
Opportunities: Increasing adoption of Internet of Things (IoT) technology is predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, increasing acceptance with respect to bring your own device (BYOD) model is anticipated to help the market grow substantially in the analysis period.
Restraints: High capital cost for installation of communication software, however, might prove to be a hindrance in the growth trajectory of the employee communication software market.
Segments of the Market
The report has divided the employee communication software market into certain segments based on development type, end use, industry, and region.
Development Type: Cloud Sub-Segment to Garner Huge Market Share
By development type, the cloud sub-segment is predicted to be highly dominant and garner $594.1 million by 2026. The compatibility and flexibility offered by cloud-based software to management/workers is predicted to be the main factor to boost the growth of this sub-segment.
End Use: Small and Medium Enterprises Sub-segment to be Highly Dominant
By end use, the small and medium enterprises sub-segment is predicted to dominate in the forecast timeframe and generate a revenue of $512.4 million by 2026. The growing number of SMEs across the globe is predicted to propel the growth of this sub-segment.
Industry: Healthcare Sub-segment to Generate Significant Revenue
By industry, the healthcare sub-segment is predicted to be one of the most profitable and generate $95.8 million by 2026. Global increase in the adoption of employee communication software by hospitals and clinics is predicted to augment the growth rate of this sub-segment in the analysis timeframe.
Market in North America Region to be Most Lucrative
By regional analysis, the employee communication software market in the North America region is projected to become the most dominant and account for $447.1 million by 2026. Massive technological advancements in communication software are predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some prominent market players of the employee communication software market are
- Nudge Rewards Inc.
- SocialChorus Inc.
- Smarp
- GuideSpark
- Poppulo
- Sociabble Inc.
- theEMPLOYEEapp
- OurPeople
- Beekeeper AG
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
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For instance, in November 2021, Staffbase, a leading internal communications software developer, announced the acquisition of Valo Solutions, a workplace solutions provider for Microsoft 365, Microsoft Office, etc. This acquisition is expected to help Staffbase to increase its footprint in the market substantially.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the global market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Employee Communication Software Market:
- What Are the Top Rated Employee Communication Software?
- Employee Communication Software Market is Reaching Newer Heights with Digital Advancements
