NEW YORK, US, March 10, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Employee Engagement and Feedback Software Market Size, Share, Growth Analysis Report By Deployment Type (On Cloud and On-Premise), By Organizational Size (Small and Medium-Sized Enterprises (SME) and Large Enterprises), By Delivery Mode Type (Standalone and Integrated), By Offering Type (Turnkey and Customised), By Device Type (Desktop and Handheld), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global employee engagement and feedback software market size & share was valued at approximately USD 928.4 million in 2021. The market is expected to grow above a CAGR of 11.40% and is anticipated to reach over USD 1774.38 million by 2028.”
The report analyzes the employee engagement and feedback software market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.
Employee Engagement and Feedback Software Market Overview:
Software for employee engagement and feedback assists companies in getting input from staff members to recognize accomplishments and carry out promotion-related actions. Helping them manage organizational expectations and develop appropriate engagement activities enables managers and peers to identify gaps between employee performance and engagement. Software for employee engagement and feedback is helpful for businesses with trouble keeping personnel.
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Most sophisticated employee engagement software is implemented by corporations' human resource (HR) departments and is made available as software or services via subscription. Owing to the rise in demand for employee engagement and feedback software, the global employee engagement and feedback software market is estimated to grow at a CAGR of 11.40% during the forecast period.
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- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends
- Includes Tables and figures have been updated
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- Facts and Factors research methodology
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 928.4 Million |
| Projected Market Size in 2028 | USD 1774.38 Million |
| CAGR Growth Rate | 11.40% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Culture Amp Pty Ltd, TINYpulse, Weekdone, Impraise, Achievers Solutions Inc., Reflektive, Bam Creative, Humu Inc., EightSpokes Inc., 15Five, Saba Software., Happy, Teambit, SurveySparrow Inc., Bitrix Inc., People Gauge, Quantum Workplace., paperback, VibeCatch Oy, Qualtrics, Gensuite, Officevibe, Transcend Information Inc., and Others |
| Key Segment | By Deployment Type, Organizational Size, Delivery Mode Type, Offering Type, Device Type, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. |
Key Insights from Primary Research
- As per the analysis, the employee engagement and feedback software market share is likely to grow above a CAGR of around 11.40% between 2022 and 2028.
- The Employee Engagement and Feedback Software market size was worth around US$ 928.4 million in 2021 and is estimated to hit approximately US$ 1774.38 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Increasing demand for a growing virtual workplace, enhancing employee and management communication, and expanding outsourcing activities are propelling the Employee engagement and feedback software market forward.
- By deployment type, the on-cloud segment dominated the market in 2021.
- The large enterprises segment dominated the market by organization size in 2021.
- North America dominated the global employee engagement and feedback software market in 2021.
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Market Dynamics:
Growth Drivers
- Implementation of advanced technologies likely to pave the way for global market growth
Increased desire for a growing virtual workplace, improved employee and management communication and the expansion of outsourcing activities such as contract jobs are just a few factors driving the employee engagement and feedback software market forward. A rise in demand for cloud-based employee engagement software, an increase in demand from retailers and financial institutions, an increase in market research and development activities, and an increase in the online platform solution for employee engagement and feedback are all critical factors accelerating market growth.
Growing technology advances, software modernization, and increased demand from emerging nations will create new potential for market expansion over the projection period.
Restraints
- The threat of increasing turnover of the employee may hamper the global market growth
The two main constraints, among others, limiting the market's growth are a lack of knowledge about employee engagement and feedback software and an increase in the possibility of rising employee turnover.
Employee Engagement and Feedback Software Market: Segmentation Analysis
The global employee engagement and feedback software market is segregated based on deployment type, organizational size, delivery mode, offering type, device type, and region. Based on deployment type, the market is divided into cloud and on-premise. Among these, the on-cloud segment dominated the market in 2021. Based on organizational size, the market is divided into small and medium-sized enterprises (SMEs) and large enterprises. Over the forecast period, the large enterprises segment will dominate the market in 2021.
Based on delivery mode, the market is divided into standalone and integrated. Over the forecast period, the integrated segment will dominate the market in 2021. Based on offering type, the market is divided into turnkey and customized. Over the forecast period, the customized segment will dominate the market in 2021. Based on device type, the market is divided into desktop and handheld. Over the forecast period, the desktop segment will dominate the market in 2021.
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Regional Analysis:
The global employee engagement and feedback software market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America dominated the global employee engagement and feedback software market in 2021due to a rise in demand from businesses and financial institutions and a boom in online platform solutions for employee engagement and feedback in this area. The region is home to some of the biggest software development firms creating employee engagement and feedback systems.
Some of the largest software development companies in the region are involved in creating employee engagement and feedback software. It is accompanied by the region's technological developments and increasing contract jobs. Organizations in this region are increasingly deploying employee engagement and feedback tools in their operations to improve employee engagement and hence raise the productivity of contract-based personnel.
Competitive Players:
The report contains qualitative and quantitative research on the global Employee Engagement and Feedback Software market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Employee Engagement and Feedback Software market include;
- Culture Amp Pty Ltd
- TINYpulse
- Weekdone
- Impraise
- Achievers Solutions Inc.
- Reflektive
- Bam Creative
- Humu Inc.
- EightSpokes Inc.
- 15Five
- Saba Software.
- Happy
- Teambit
- SurveySparrow Inc.
- Bitrix Inc.
- People Gauge
- Quantum Workplace
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Recent Industry Developments:
- In June 2021, the intelligence dashboard and data feed, two of quantum workplace's improvements to the employee engagement tools, have officially launched. The intelligence dashboard and data stream capabilities will enable businesses and employees to closely monitor and analyze employee performance and business data to spot trends in turnover, engagement, and other workforce characteristics.
- In 2021, Bamboo HR formed strategic alliances with hireflix, leap some, spark hire, and plan to deliver new integrations in performance and engagement technology, video interview technology, and communications technology to its marketplace customers.
The global employee engagement and feedback software market is segmented as follows:
By Deployment Type
- On Cloud
- On-Premise
By Organizational Size
- Small and Medium-Sized Enterprises (SME)
- Large Enterprises
By Delivery Mode Type
- Standalone
- Integrated
By Offering Type
- Turnkey
- Customized
By Device Type
- Desktop
- Handheld
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the size of the employee engagement and feedback software market and what is its expected growth rate?
- What are the primary driving factors that push the employee engagement and feedback software market forward?
- What are the employee engagement and feedback software Industry's top companies?
- What are the different categories that the employee engagement and feedback software Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the employee engagement and feedback software market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Deployment Type, Organizational Size, Delivery Mode Type, Offering Type, Device Type, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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