Pune, India, Feb. 01, 2023 (GLOBE NEWSWIRE) -- The global employee engagement software market size was valued at USD 791.9 million in 2022 and USD 911.0 million in 2023. The market is expected to reach USD 2,753.0 million by 2030 with a CAGR of 17.1% during the forecast period. Innovations and advancements in the gamification-based software is expected to propel market growth. Fortune Business Insights™ shares this information in its report titled “Employee Engagement Software Market Forecast, 2023-2030.”
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Key Industry Development
November 2022: Vantage Circle announced a collaboration with a team collaboration software provider for enhancing its employee engagement capabilities. Together, the companies aim to offer all-in-one platform for employee collaboration and communication.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.1% |
| 2030 Value Projection | USD 2753 Million |
| Base Year | 2022 |
| Biometric System Market Size in 2022 | USD 791.9 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Deployment, Enterprise Type, Function, Industry and Geography |
Key Takeaways
- Employee engagement software market size in North America was USD 270.2 Million in 2022
- Major driving factors include integration of advanced features such as gamification, digital workplace and others
- By industry, IT & telecom segment holds the maximum market share
- Global demand is driven by customer service segment
- Boost in digitization for workplaces will drive the market in the forecast period, 2023-2030
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Drivers and Restraints
- Adoption of Digital Workplaces to Propel Market Growth
- Increasing adoption of digital workplaces for enhancing the workplaces and operations is projected to drive the employee engagement software market growth.
- Workplaces have been integrated with employee engagement tools. The integration of employee engagement enhances the employee’s ability to manage the work efficiently.
- In a digitalized workplace, employees have the access to tools that simplify work tasks, provide efficient collaboration, and improved interaction.
- However, time-consuming activities of the software will impede the market expansion.
Segments
On-Premises to be Prime Part as it Offers Full Control
According to deployment, the market is bifurcated into cloud and on-premises. On-premises segment to hold the largest part in the segment as internally established software offers full control to the organizations over cloud-based software. Cloud is also set to have rapid growth owing to quick customization, collaboration, and process integration.
Large Enterprises to Lead the Segment Due to Vast Number of Employees
According to enterprise type, the market is divided into large enterprises and small & medium enterprises. Large enterprises are set to dominate due to the presence of a vast number of employees with cultural and geographic differences. Organizations use multi-location businesses struggle in understanding and engaging their employees.
Collaboration & Interaction to Lead the Segment as it Offers Enhanced Decision Making
According to function, the market is divided into onboarding, training, collaboration & interaction, customer service, rewards & recognitions, others. Collaboration & interaction segment is set to dominate as it offers real-time communication so that the employees can enhance decision making capabilities and improve productivity.
IT & Telecom to Lead the Segment Due to Adoption of Advanced Tools
According to industry, the market is divided into retail, BFSI, government, healthcare, IT & telecom, hospitality, manufacturing, and others. IT and telecom to dominate as it is the early adopter of advanced tools.
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Regional Insights
North America to Dictate Market Share with Increasing Number of Investments
North America is expected to hold majority part in the employee engagement software market share owing to growing investments in digital solutions and HR tech tools. Mexico has been investing in tools that have been used to ensure business continuation in the country and boost employee productivity.
Europe is projected to show important progression as organizations are facing many challenges due to unsatisfied number of employees. Job providers are investing in employee management tools to boost productivity.
Asia Pacific is anticipated to show steady growth due to increasing number of small and medium enterprises that focus on employee retention. Governments across countries are supporting employees in maintaining work-life balance and transparent company work culture.
Competitive Landscape
Partnership Strategies by Key Players to Propel Market Progress
Key employee engagement software players have been focusing on partnership strategies which will help both the partners in gaining new customers. In June 2021, Leapsome GmbH announced its partnership with Bamboo HR for providing integration of its engagement and performance management. It provides automatic sync that helps with real-time feedback, goal setting, and 360-degree reviews. It will help customers by providing a flexible working model with added benefits.
List of Key Players Profiled in the Report
- 15Five (U.S.)
- Lattice (U.S.)
- Smartly, Inc. (Bonusly) (U.S.)
- Vantage Circle (U.S.)
- Xoxoday Emplus (U.S.)
- Workvivo Limited (Ireland)
- Synergita Software Private Limited (U.S.)
- Leapsome GmbH (Germany)
- Kudos, Inc. (Canada)
- Culture Amp Pty Ltd. (Australia)
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Major Table of Contents:
- Global Employee Engagement Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Function (USD)
- Onboarding
- Training
- Collaboration & Interaction
- Customer Service
- Rewards & Recognitions
- Others (Surveys, etc.)
- By Industry (USD)
- Retail
- BFSI
- Government
- Healthcare
- IT & Telecom
- Hospitality
- Manufacturing
- Others (Media & Entertainment, etc.)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Employee Engagement Software Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Deployment (USD)
- Cloud
- On-premises
- By Enterprise Type (USD)
- Large Enterprises
- Small & Medium Enterprises
- By Function (USD)
- Onboarding
- Training
- Collaboration & Interaction
- Customer Service
- Rewards & Recognitions
- Others (Surveys, etc.)
- By Industry (USD)
- Retail
- BFSI
- Government
- Healthcare
- IT & Telecom
- Hospitality
- Manufacturing
- Others (Media & Entertainment, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
TOC Continued…!
FAQs
How big is the employee engagement software market?
Employee engagement software market size was USD 791.9 Million in 2022.
How fast is the employee engagement software market growing?
The employee engagement software market will exhibit a CAGR of 17.1% during the forecast period, 2023-2030
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