Noida, Dehradun, July 06, 2021 (GLOBE NEWSWIRE) -- A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global employee engagement & feedback software market reached USD 878.3 million in 2020 and is further projected to reach USD 1,908.3 million by 2027, growing at a CAGR of 11.8% during 2021-2027 (forecast period). The growth of the global employee engagement & feedback software market has been positively influenced by the rising number of contract workforce, thriving virtual workplace, expanding outsourcing activities, and challenges confronted on the employee engagement front. The employee engagement & feedback software is extremely useful in receiving feedback from employees to identify the accomplishments, efforts poured by employees into the work, and to perform promotional activities. The software is next big opportunity for the corporate world to identify the prevailing gaps between the expected and actual performance of employees. It also recommends suitable employee engagement activities to uplift the work life balance of an organization.
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Rising number of organizations and implementation of advanced technologies is accelerating the growth of the global employee engagement & feedback software market
Employee engagement is becoming a pivotal part of organizations. As organizations are growing, at a faster pace than ever before, the demand for improving the productivity of the organization and the employees, and retain the valuable employees via employee recognition programs, and enhance the transparency across the organization. Employee involvement is another area where the companies can leverage progressive technologies for tracking employee’s working activity and provide suggestions to them for enhancing the delivery of solutions. Such technologies can also be leveraged for enhancing the engagement with employees across different tasks and activities besides the work.
The global employee engagement & feedback software market will experience the rise of learning analytics, the rapidly growing IoT landscape, and advanced Machine Learning (ML) capabilities. Additionally, Artificial Intelligence is also expected to undergo a dynamic shift in employee involvement. In the coming years, HR operations are likely to be governed by AI, the internet of things (IoT), and ML technologies instead of traditional employee engagement & feedback software tools that companies were leveraging earlier. These factors altogether are going to positively contribute to the growth of the global employee engagement & feedback software market.
Increasing adoption of smartphones is augmenting the global employee engagement & feedback software market growth
The rising adoption rates of smartphones across workplaces around the world have encouraged the employees to opt for employee engagement applications, which are easily accessible through smartphones. Desktop-based software involves manual maintenance, such as setting service time alarms and installing updates. In contrast to this, the task delivery through handheld devices consumes less time and improves the overall employee competency of using digital solutions. According to Pew research center, over 52% of the total adults (18-64) surveyed in a poll stated that they have used smartphones depicting that the majority of the population has already received an access to smartphone. As a result of this, rising penetration there has been a growing emphasis on development of applications catering to the demands of an organization to deploy and host employee engagement and feedback features over an app which is helping in enhancing the global employee engagement & feedback software market. Not only can it improved accessibility to advanced technologies, however it can also improve the employee-organization relationship by enhancing the transparency in the workplace. All of the factors aforementioned are augmenting the growth of the global employee engagement & feedback software market.
Large Enterprises segment in the global employee engagement & feedback software market is augmenting the market growth
Based on organization size, the global employee engagement & feedback software market is segmented into small & medium-sized enterprises, and large enterprises. Large enterprises accumulated the largest share in the global employee engagement & feedback software market in 2020. Large organizations are the ones that have confronted the most number of employees being working from home. These organizations have had to run on 50% capacities thereby reducing the employee engagement activities and got severely impacted by the pandemic. However, the global employee engagement & feedback software market confronts a lot of challenges. These organizations cannot be flexible and creative in employee engagement as compared to small and medium enterprises. As a result, many large enterprises are now increasingly embracing the employee engagement & feedback software for keeping track of employees, retaining/collecting data to improve engagement, and record the efficiency of employees via feedback from their colleagues, thus, enabling rising opportunities for the global employee engagement & feedback software market across the large enterprises segment.
On-cloud deployment occupies the largest market share in the global employee engagement & feedback software market
Based on the deployment segmentation, the global employee engagement & feedback software market is segmented into on-premise and on-cloud. The on-cloud based software deployment accounted for the largest share in the global employee engagement & feedback software market. The rising adaptability to work-from-home and the expansion of operations to more remote locations are providing rising growth potential for the cloud-based global employee engagement & feedback software market. The growth can be attributed to several benefits including the scalability options that have enabled the organizations to expand their operation son the cloud, which has exposed more employees to the cloud technologies.
The scalability feature has positively impacted the adoption rates for cloud based software thereby enabling the employees to provide feedback and suggestions online from anywhere around the world. The cloud –based application shave helped in storing more amount of data than it is possible for the on-premises software which has helped organizations to manage the data more effectively than ever before. Additionally, these applications have helped in improving the overall productivity, cost-savings, communication, process efficiency, and other aspects of an organization which has resulted in positively contributing to the growth of the global employee engagement & feedback software market.
Global employee engagement & feedback software Market: Regional Insights
Based on region, the global employee engagement & feedback software market is divided into five regions, North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America held the largest share in the global employee engagement & feedback software market in 2020 and is further expected to record an accelerating growth rate over the forecast period. The region is home to some of the biggest software development companies that are engaged in development of employee engagement & feedback software. It is accompanied by the technological advancements confronted by the region and the rising contract jobs across the region. The organizations in this region have been increasingly resorting to the deployment of employee engagement & feedback software in their operations for improving employee engagement, thereby boosting the productivity of contract-based employees. The Asia-Pacific region is expected to register the fastest CAGR in the global employee engagement & feedback software market due to the increasing traction of software, rising workforce and internet subscription rates accompanied by expanding outsourcing activities across the multiple nations of the region.
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COVID-19 Impact Analysis
As soon as the World Health Organization (WHO) declared the novel coronavirus (COVID-19) as a pandemic, countries around the world started enforcing strict lockdown measures for preventing the spread of the virus. The COVID-19 pandemic, however has helped in enhancing the prospective plans for employee engagement & feedback software market thereby propelling the global employee engagement & feedback software market growth. The professional and private lives of employees have been affected tremendously as more and more employees are now working from home thereby abiding to the social distancing norms. Employee engagement and communication has been drastically affected due to the pandemic-infused lockdown. As a result, the companies had started developing apps and software to curb this issue of employee disengagement, thereby bringing the employee engagement & feedback software into the picture.
The leading players in the global employee engagement & feedback software market include Tap My Back, Officevibe, KaiNexus, Teamphoria, Bitrix24, Qualtrics, Synergita, Technology Advice, Quantum Workplace, Zinda, Vocoli, Motivosity, and Transcend, 15 Five, Culture Amp, Tiny Pulse, Weekdone, Impraise, Achievers, Reflektive, BAM Creative, Hyphen, Saba Software, Teambit, SurveySparrow, and others prominent players. The global employee engagement & feedback market is price-sensitive, so players compete intensively in terms of delivering cost-effective and productive services. The companies operating in the global employee engagement & feedback software market are increasingly engaging in mergers & acquisitions for improving their capabilities, product portfolio, and gaining competitive edge over others by enhancing their share in the global employee engagement & feedback software market.
In June 2021, Quantum Workplace, announced theb launch of two of its additions to the employee engagement solutions, the Intelligence Dashboard and Data Feed. The intelligence dashboard and data feed features are going to enabled the organizations as well as the employees for closely monitoring and analyzing the performance of their employees and business data for identifying patterns of engagement, turnover and various other workforce characteristics.
In July 2020, Qualtrics announced the expansion of its partnership with Korn Ferry. Over the past year, the firms had worked upon incorporating Korn Ferry’s “Engaged Performance” framework and integrating the research accumulated onto the Qualtrics XM Platform™. The companies are expecting to launch additional customer innovation inclusive of an extension to Qualtrics’ Action Planning module.
Scope of Report
By Deployment
- On-Premise
- On Cloud
By Organization Size
- Small and Medium-Sized Enterprises
- Large Enterprise
By Offering
- Turnkey
- Customized
By Device
- Desktop
- Handheld
By Region
- North America
- Europe
- The Asia Pacific
- South America
- The Middle East & Africa
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