NEW CASTLE, Delaware, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Employee Recognition and Reward System Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium-size Enterprise), and Industry Vertical (IT and Telecom, Healthcare, Manufacturing, Transportation and Logistics, BFSI, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the market generated $15.8 billion in 2022 and is estimated to reach $65.3 Billion by 2032, exhibiting a CAGR of 15.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
Surge in evolving cyber threats drives the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. However financial limitations and integration issues are primarily expected to hamper the growth of the market. Furthermore, operational resilience is expected to create lucrative growth opportunities for the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $15.8 Billion |
| Market Size in 2032 | $65.3 Billion |
| CAGR | 15.6% |
| No. of Pages in Report | 356 |
| Segments Covered | Component, Deployment Mode, Enterprise Size, Industry Vertical, and Region. |
| Drivers | Strategic Staff Engagement and Output Attracting and Retaining Talent in Competitive Markets |
| Opportunities | Data-Driven Personalization and Decision-Making |
| Restraints | Budgetary Restrictions and ROI Issues Opposition to Shift and Harmonization with Culture |
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The solution segment rules the market.
By component, the solution segment held the major share in 2022, garnering nearly half of the global employee recognition and reward system market revenue, owing to the dedication to utilizing technology, customization, integration, accessibility, security, and ongoing development. The service segment is expected to display the fastest CAGR of 17.8% throughout the forecast period, owing to the organization providing a recognition platform that is easily integrated with current systems, supporting change management, and providing training to employees.
The cloud segment to dominate by 2032
By deployment mode, the on-premise segment accounted for nearly half of the global employee recognition and reward system market share in 2022, and is expected to dominate the market by 2032, owing to offering a higher level of data protection and security and also easily integrating the system with other internal systems and procedures while customizing them to satisfy their unique requirements, which propels the market growth significantly. The cloud segment is expected to display the fastest CAGR of 17.4% throughout the forecast period, owing to the scalability and flexibility of cloud-based solutions and massive volumes of employee data, including performance indicators, feedback, and recognition history, which are easily gathered and analyzed.
The large enterprise segment to dominate the market in 2022
By enterprise size, the large enterprise segment accounted for nearly half of the global employee recognition and reward system market share in 2022 and is expected to remain dominant by 2032, owing to the need to increase staff morale, increase retention rates, and ultimately drive organizational success by implementing an efficient recognition and incentive system, which propels the market growth significantly. The small and medium-sized enterprise segment would also display the fastest CAGR of 18.3% throughout the forecast period, owing to boosting employee appreciation and loyalty by providing individualized recognition and awards.
The healthcare segment to dominate by 2032
By end user, the manufacturing segment accounted for one-fifth of the global employee recognition and reward system market share in 2022 and is expected to dominate by 2032, owing to the rapid adoption of digital platforms and technologies by the manufacturing industry to automate and streamline their recognizing operations, which propels the market growth significantly. The healthcare segment is expected to display the fastest CAGR of 19.8% throughout the forecast period, to reduce risks and guarantee a timely and efficient reaction in the case of a crisis, as thorough risk assessments and emergency response plans are created.
Asia-Pacific garnered the major share in 2032
By region, North America garnered the highest share in 2022, holding nearly one-fourth of the global employee recognition and reward system market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increased focus on boosting a healthy workplace culture and raising employee satisfaction aiding the growth of the employee recognition and reward system market. The Asia-Pacific region would also portray the fastest CAGR of 18.6% during the forecast period, owing to promoting an environment of gratitude and inspiration, providers create platforms that enable peers and supervisors to give prompt praise and incentives. which is expected to fuel the market growth in Asia-Pacific.
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Leading Market Players-
- KUDOS®, INC.
- Dash Solutions, Inc
- BI WORLDWIDE™
- Terryberry
- Motivosity Inc.
- Salesforce, Inc.
- Smartly, Inc
- O.C. TANNER
- UKG INC.
- Workstars
The report analyzes these key players in the global employee recognition and reward system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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