The social employee recognition system market is expected to reach US$ 14,648. 5 million by 2028 from US$ 5,828. 9 million in 2021; it is estimated to grow at a CAGR of 14. 1% from 2021 to 2028.
New York, Oct. 21, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Social Employee Recognition System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Model, Reward Type, and Industry" - https://www.reportlinker.com/p06176803/?utm_source=GNW
The overall market has been segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa, and South and Central America.Currently, a continuous growth in senior management participation in employee recognition is delivering a much-needed boost to the social employee recognition sector.
The participation of top management in such events and programs has resulted in increased and stable growth for some businesses.These social employee recognition solutions can be app-based, allowing senior management to actively participate in events from any place while recognizing and rewarding the efforts made by employees and teams through social networking web apps on their personal devices.
Additionally, social employee recognition systems enable employees to engage informally with their respective teams their superiors, resulting in increased employee productivity.
The market for workplace social networks and online communities is growing because employees are increasingly using social media websites and applications for collaboration, integration, and expert assistance.As a result, the social employee recognition systems market is expected to grow in the coming years.
Due to the enormous presence of large size organizations and hefty expenditure budgets, the implementation of social employee recognition systems is exponentially high in retail and consumer goods, and IT & telecom industries. As social employee recognition systems are not a requirement but rather a value add that adds to current costs, their adoption is likely to be limited during the forecast period.
The social employee recognition system market is segmented on the basis of component, deployment model, reward type, industry, and geography.Based on component, the market is bifurcated into platforms and services.
By deployment model, the market is bifurcated into cloud and on-premise.Based on reward type, the social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others.
Based on industry, the market is segmented into retail, IT & telecom, healthcare, media & entertainment, travel and hospitality, manufacturing, and others.
Emergence of bring your own device (BYOD): With rising access to social networking platforms such as Yammar, Convo, and LinkedIn, the use of BYOD is also making its place among enterprises.In the era of constant technological developments, many enterprises are forecasted to broaden their BYOD policies to cater a rising number of employees in the workplace.
The growing smartphone and internet users is also having a catalyst impact on the adoption of employee-recognition systems. For instance, Salesforces Inc. in March 2018 had introduced a new software “Essentials” to cater to the requirement of small businesses. The new software is customer service and sales software available to enhance employee satisfaction. Such software will help in raising both performance and productivity.
Achievers Solutions Inc, Appreiz Inc, BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., PossibleWorks, Terrberry, Semos Cloud, Neptar HR, and Wooboard Technologies Ltd. are among the key players operating in the global social employee recognition system market.
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