New York, USA, June 27, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global employee communication software market. According to the report, the global market is projected to surpass $2,550.5 million and grow at a CAGR of 10.3% in the estimated period, 2022–2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the employee communication software market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Employee Communication Software Market
The outburst of the COVID-19 pandemic in 2020 has had a positive impact on the growth of the global employee communication software market. The pandemic increased the adoption of work from home and online communication platforms. This resulted in increased demand for communication software and video conferencing services such as Microsoft Teams, Zoom, and Google Meet. These factors are projected to fuel the market growth amidst the pandemic.
Factors Impacting the Employee Communication Software Market Growth
The key factor boosting the growth of the global employee communication software market is a significant rise in the need for employee communication software owing to the increasing need for remote communication. Furthermore, the growing need for dependable and effective communication tools as more businesses adopt remote work models is estimated to unlock lucrative opportunities for market growth in the forecast period. However, security concerns and the increased complexity and cost of maintaining and developing employee communication software are anticipated to deter the market’s growth.
The report segments the global employee communication software market into deployment model, enterprise size, industry vertical, and region.
Cloud Sub-Segment to Grab a Foremost Share of the Market
The cloud sub-segment of the deployment model segment is foreseen to observe leading growth in the forecast period. This growth is mainly owed to the increase in demand for cloud-based technologies for productive team communication across industries.
Large Enterprises Sub-Segment to Witness Massive Growth
The large enterprises sub-segment of the enterprise size segment is predicted to grow enormously in the forecast period. This growth is mainly because large enterprises have greater demand for collaborations owing to their size, complexity, and global nature.
IT & Telecom Sub-Segment to Observe Significant Growth
The IT & telecom sub-segment of the industry vertical segment is projected to grow enormously in the forecast period. This growth is mainly owed to the growing need for employee communication tools that enable remote work and teamwork.
North America Region to Perceive Maximum Growth
The report analyzes the global Employee Communication Software market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the North America market is projected to observe significant growth during the estimated period. This growth is mostly due to the presence of many employee communication software manufacturers, the widespread use of modern communication technologies, and the growing need for cloud-based communication solutions in this region.
Key Players of the Global Employee Communication Software Market
The report states some of the foremost players operating in the global market including
- GuideSpark
- Nudge Rewards Inc.
- Sociabble Inc.
- SocialChorus Inc.
- Beekeeper AG
- OurPeople
- Poppulo
- Smarp
- Workvivo Limited
- the Employee App
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
For instance, in June 2022, Axonify, a pioneer in frontline worker communications and training, announced the purchase of Nudge, a leading employee communication and execution platform. This strategic alliance will make it easier to enable frontline teams and give frontline-focused organizations access to best-in-class solutions.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Employee Communication Software Market:
- Top 5 Employee Communication Software in the Market
- Employee Communication Software Market is Reaching Newer Heights with Digital Advancements
