The social employee recognition system market is expected to have a value of US$ 15,441.0 million in 2023. The market has jumped from a value of US$ 13,333.2 million in 2022. The market is projected to progress at an impressive rate over the 2023 to 2033 period, with a CAGR of 15.7%. At the end of the forecast period, the market value is predicted to reach a valuation of US$ 49,455.6 million.
Social Employee Recognition Systems Market Analysis and Insights:
| Attributes | Details |
|---|---|
| Social Employee Recognition System Market Value for 2023 | US$ 15,441.0 million |
| Projected Market Value for 2033 | US$ 49,455.6 million. |
| Value-based CAGR of Market for 2023 to 2033 | 15.7% |
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The social employee recognition system market was tipped to US$ 7,596.84 million in 2018. The market likely progressed at an impressive rate of 15.1% during the historical period.
During the pandemic, the number of employees working from home increased dramatically. Thus, in-person recognition became difficult. Companies turned to social employee recognition systems to make sure the employees at home were not left out of recognition. Even after the reopening of offices, companies still banked on social employee recognition systems. By 2022, the end of the historical period, the market value had reached US$ 13,333.2 million.
| Market Value (2018) | US$ 7,596.84 million |
|---|---|
| Historical CAGR (2017 to 2022) | 15.1% |
| Historical Market Valuation (2022) | US$ 13,333.2 million |
Long-term Analysis of the Social Employee Recognition System Market
The social employee recognition system market is marked to be worth US$ 15,441.0 million in 2023. The market is predicted to grow at a stellar CAGR of 15.7% over the forecast period of 2023 to 2033.
Employers are looking at fresh ways to recognize employee work. Simple in-person recognition, monetary rewards, and mails are felt to be inadequate. Thus, employers are turning to social employee recognition systems to carry out the work of employee recognition.
The number of employees is increasing. Companies are sometimes struggling to recognize employee work, as a result leaving employees dissatisfied. Thus, social employee recognition systems are sought to handle the work of social recognition.
The increasing adoption of technology and talent management solutions is also helping the social employee recognition system market. By 2033, the value of the market is expected to reach US$ 49,455.6 million.
Principal Consultant
The social employee recognition system market can be divided into two segments: deployment and industry type. By looking at the segments, the nature of the systems adopted by organizations can be seen. The type of organizations that predominantly seek out the social employee recognition system market also become clear.
Social employee recognition systems with cloud as the type of deployment are the leaders in the deployment segment. In 2023, cloud is expected to lead the deployment segment with 44.7% of the market share.
Cloud systems provide organizations with ample space. As a result, the strain on the IT infrastructure of the organization is reduced. Social employee recognition systems too are using the cloud software to win over customers.
| Attributes | Details |
|---|---|
| Top Deployment | Cloud |
| Market Share in 20223 | 44.7% |
Companies in the retail and consumer goods sector are making increasing use of the system. In 2023, retail and consumer goods are expected to account for 29.5% of the market share by industry type.
Increasing number of employees necessitate the need for talent management services. As the size of the retail market increases, so does the number of people employed within its purview. To cope with increasing employee numbers, companies in the retail and consumer goods business are taking the help of social employee recognition systems.
| Attributes | Details |
|---|---|
| Top Industry Type | Retail and Consumer Goods |
| Market Share in 2023 | 29.5% |
The social employee recognition system market is advancing all over the world but the Asia Pacific and Europe are especially marked out for strong growth. North America is also expected to be a lucrative place of business for the market.
The people of Europe are technology-minded and thus the market is predicted to thrive in the region. In the Asia Pacific, meanwhile, encouragement to the industrial sector is increasing the number of companies operating in the region. Thus, there is need for the system.
| Countries | CAGR |
|---|---|
| Germany | 19.9% |
| China | 17.0% |
| France | 22.3% |
| India | 18.2% |
| United Kingdom | 16.0% |
France is predicted to show astounding growth in the market. For the forecast period of 2023 to 2033, the French market is expected to grow at a CAGR of 22.3%.
Players in France are looking at mergers and acquisitions to develop and improve systems. For example, in May 2023, French organization Edenred acquired employee engagement company Reward Gateway.
Germany is poised to see staggering growth in the market. For the forecast period, the CAGR in Germany is expected to be 19.9%.
German companies are taking conscious steps to diversify employee bases. The likes of immigrants and people with disabilities are being incorporated as employees. There is thus a greater focus on employee care and social employee recognition systems are one way German companies are doing it.
The United Kingdom is another European country where the market has a bright future. The CAGR for the United Kingdom over the forecast period is predicted to be a notable 16.0%.
Employee disconnectedness is on the rise in the United Kingdom. It is claimed that about two-thirds of all employees in the country do not feel connected with other employees. The companies in the country thus have the means of social employee recognition systems to promote inter-employee recognition.
India is marked to have remarkable progress in the market. The CAGR for India over the forecast period is projected to be a remarkable 18.2%.
A rising number of Indian companies are using social employee recognition systems to reward workers in a non-traditional way. Instead of monetary recognition, companies in India are handing workers travel, food, and other vouchers.
China is another Asian country marked for significant progress. The CAGR in the forecast period for China is anticipated to be a robust 17.0%.
Chinese companies are preferring digital solutions in most aspects of the working. Thus, for employee recognition, Chinese companies are moving towards social employee recognition systems.
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Innovating with new software and introducing fresh products is aimed at by companies. Acquisitions and mergers are common strategies.
Partnerships and collaborations are sought with other companies in the talent management sector. The scope of the market is also being widened by targeting companies on the smaller scale.
Recent Developments in the Social Employee Recognition System Market:
The social employee recognition system market is expected to be valued at US$ 15,441.0 million in 2023.
The market size of the social employee recognition system market is predicted to have reached US$ 49,455.6 million in 2033.
Increasing adoption of technology and need for employee recognition solutions are two of the reasons there is demand for social employee recognition systems.
The social employee recognition system market is expected to progress at a remarkable CAGR of 15.7% for the period from 2023 to 2033.
Salesforce.com Inc., Globoforce Ltd., REFFIND Ltd., and Achievers Solutions Inc. are some of the prominent companies in the market.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast,2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections,2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Deployment Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Deployment Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Deployment Type,2023 to 2033
5.3.1. Cloud
5.3.2. On-premise
5.4. Y-o-Y Growth Trend Analysis By Deployment Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Deployment Type,2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Enterprise Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Enterprise Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Enterprise Type,2023 to 2033
6.3.1. Large Enterprises
6.3.2. Small and Medium Sized Enterprises
6.4. Y-o-Y Growth Trend Analysis By Enterprise Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Enterprise Type,2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Industry Type
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By Industry Type , 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Industry Type ,2023 to 2033
7.3.1. Retail & Consumer Goods
7.3.2. Healthcare
7.3.3. IT & Telecommunication
7.3.4. Travel & Hospitality
7.3.5. Manufacturing
7.3.6. Media & Entertainment
7.3.7. Others
7.4. Y-o-Y Growth Trend Analysis By Industry Type , 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Industry Type ,2023 to 2033
8. Global Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region,2023 to 2033
8.3.1. North America
8.3.2. Latin America
8.3.3. Western Europe
8.3.4. Eastern Europe
8.3.5. South Asia and Pacific
8.3.6. East Asia
8.3.7. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Deployment Type
9.2.3. By Enterprise Type
9.2.4. By Industry Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Deployment Type
9.3.3. By Enterprise Type
9.3.4. By Industry Type
9.4. Key Takeaways
10. Latin America Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
10.2.1. By Country
10.2.1.1. Brazil
10.2.1.2. Mexico
10.2.1.3. Rest of Latin America
10.2.2. By Deployment Type
10.2.3. By Enterprise Type
10.2.4. By Industry Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Deployment Type
10.3.3. By Enterprise Type
10.3.4. By Industry Type
10.4. Key Takeaways
11. Western Europe Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. UK
11.2.1.3. France
11.2.1.4. Spain
11.2.1.5. Italy
11.2.1.6. Rest of Western Europe
11.2.2. By Deployment Type
11.2.3. By Enterprise Type
11.2.4. By Industry Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Deployment Type
11.3.3. By Enterprise Type
11.3.4. By Industry Type
11.4. Key Takeaways
12. Eastern Europe Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
12.2.1. By Country
12.2.1.1. Poland
12.2.1.2. Russia
12.2.1.3. Czech Republic
12.2.1.4. Romania
12.2.1.5. Rest of Eastern Europe
12.2.2. By Deployment Type
12.2.3. By Enterprise Type
12.2.4. By Industry Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Deployment Type
12.3.3. By Enterprise Type
12.3.4. By Industry Type
12.4. Key Takeaways
13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
13.2.1. By Country
13.2.1.1. India
13.2.1.2. Bangladesh
13.2.1.3. Australia
13.2.1.4. New Zealand
13.2.1.5. Rest of South Asia and Pacific
13.2.2. By Deployment Type
13.2.3. By Enterprise Type
13.2.4. By Industry Type
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Deployment Type
13.3.3. By Enterprise Type
13.3.4. By Industry Type
13.4. Key Takeaways
14. East Asia Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
14.2.1. By Country
14.2.1.1. China
14.2.1.2. Japan
14.2.1.3. South Korea
14.2.2. By Deployment Type
14.2.3. By Enterprise Type
14.2.4. By Industry Type
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Deployment Type
14.3.3. By Enterprise Type
14.3.4. By Industry Type
14.4. Key Takeaways
15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast2023 to 2033, By Country
15.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
15.2. Market Size Value (US$ Million) Forecast By Market Taxonomy,2023 to 2033
15.2.1. By Country
15.2.1.1. GCC Countries
15.2.1.2. South Africa
15.2.1.3. Israel
15.2.1.4. Rest of MEA
15.2.2. By Deployment Type
15.2.3. By Enterprise Type
15.2.4. By Industry Type
15.3. Market Attractiveness Analysis
15.3.1. By Country
15.3.2. By Deployment Type
15.3.3. By Enterprise Type
15.3.4. By Industry Type
15.4. Key Takeaways
16. Key Countries Market Analysis
16.1. USA
16.1.1. Pricing Analysis
16.1.2. Market Share Analysis, 2022
16.1.2.1. By Deployment Type
16.1.2.2. By Enterprise Type
16.1.2.3. By Industry Type
16.2. Canada
16.2.1. Pricing Analysis
16.2.2. Market Share Analysis, 2022
16.2.2.1. By Deployment Type
16.2.2.2. By Enterprise Type
16.2.2.3. By Industry Type
16.3. Brazil
16.3.1. Pricing Analysis
16.3.2. Market Share Analysis, 2022
16.3.2.1. By Deployment Type
16.3.2.2. By Enterprise Type
16.3.2.3. By Industry Type
16.4. Mexico
16.4.1. Pricing Analysis
16.4.2. Market Share Analysis, 2022
16.4.2.1. By Deployment Type
16.4.2.2. By Enterprise Type
16.4.2.3. By Industry Type
16.5. Germany
16.5.1. Pricing Analysis
16.5.2. Market Share Analysis, 2022
16.5.2.1. By Deployment Type
16.5.2.2. By Enterprise Type
16.5.2.3. By Industry Type
16.6. UK
16.6.1. Pricing Analysis
16.6.2. Market Share Analysis, 2022
16.6.2.1. By Deployment Type
16.6.2.2. By Enterprise Type
16.6.2.3. By Industry Type
16.7. France
16.7.1. Pricing Analysis
16.7.2. Market Share Analysis, 2022
16.7.2.1. By Deployment Type
16.7.2.2. By Enterprise Type
16.7.2.3. By Industry Type
16.8. Spain
16.8.1. Pricing Analysis
16.8.2. Market Share Analysis, 2022
16.8.2.1. By Deployment Type
16.8.2.2. By Enterprise Type
16.8.2.3. By Industry Type
16.9. Italy
16.9.1. Pricing Analysis
16.9.2. Market Share Analysis, 2022
16.9.2.1. By Deployment Type
16.9.2.2. By Enterprise Type
16.9.2.3. By Industry Type
16.10. Poland
16.10.1. Pricing Analysis
16.10.2. Market Share Analysis, 2022
16.10.2.1. By Deployment Type
16.10.2.2. By Enterprise Type
16.10.2.3. By Industry Type
16.11. Russia
16.11.1. Pricing Analysis
16.11.2. Market Share Analysis, 2022
16.11.2.1. By Deployment Type
16.11.2.2. By Enterprise Type
16.11.2.3. By Industry Type
16.12. Czech Republic
16.12.1. Pricing Analysis
16.12.2. Market Share Analysis, 2022
16.12.2.1. By Deployment Type
16.12.2.2. By Enterprise Type
16.12.2.3. By Industry Type
16.13. Romania
16.13.1. Pricing Analysis
16.13.2. Market Share Analysis, 2022
16.13.2.1. By Deployment Type
16.13.2.2. By Enterprise Type
16.13.2.3. By Industry Type
16.14. India
16.14.1. Pricing Analysis
16.14.2. Market Share Analysis, 2022
16.14.2.1. By Deployment Type
16.14.2.2. By Enterprise Type
16.14.2.3. By Industry Type
16.15. Bangladesh
16.15.1. Pricing Analysis
16.15.2. Market Share Analysis, 2022
16.15.2.1. By Deployment Type
16.15.2.2. By Enterprise Type
16.15.2.3. By Industry Type
16.16. Australia
16.16.1. Pricing Analysis
16.16.2. Market Share Analysis, 2022
16.16.2.1. By Deployment Type
16.16.2.2. By Enterprise Type
16.16.2.3. By Industry Type
16.17. New Zealand
16.17.1. Pricing Analysis
16.17.2. Market Share Analysis, 2022
16.17.2.1. By Deployment Type
16.17.2.2. By Enterprise Type
16.17.2.3. By Industry Type
16.18. China
16.18.1. Pricing Analysis
16.18.2. Market Share Analysis, 2022
16.18.2.1. By Deployment Type
16.18.2.2. By Enterprise Type
16.18.2.3. By Industry Type
16.19. Japan
16.19.1. Pricing Analysis
16.19.2. Market Share Analysis, 2022
16.19.2.1. By Deployment Type
16.19.2.2. By Enterprise Type
16.19.2.3. By Industry Type
16.20. South Korea
16.20.1. Pricing Analysis
16.20.2. Market Share Analysis, 2022
16.20.2.1. By Deployment Type
16.20.2.2. By Enterprise Type
16.20.2.3. By Industry Type
16.21. GCC Countries
16.21.1. Pricing Analysis
16.21.2. Market Share Analysis, 2022
16.21.2.1. By Deployment Type
16.21.2.2. By Enterprise Type
16.21.2.3. By Industry Type
16.22. South Africa
16.22.1. Pricing Analysis
16.22.2. Market Share Analysis, 2022
16.22.2.1. By Deployment Type
16.22.2.2. By Enterprise Type
16.22.2.3. By Industry Type
16.23. Israel
16.23.1. Pricing Analysis
16.23.2. Market Share Analysis, 2022
16.23.2.1. By Deployment Type
16.23.2.2. By Enterprise Type
16.23.2.3. By Industry Type
17. Market Structure Analysis
17.1. Competition Dashboard
17.2. Competition Benchmarking
17.3. Market Share Analysis of Top Players
17.3.1. By Regional
17.3.2. By Deployment Type
17.3.3. By Enterprise Type
17.3.4. By Industry Type
18. Competition Analysis
18.1. Competition Deep Dive
18.1.1. Salesforce.com Inc.
18.1.1.1. Overview
18.1.1.2. Product Portfolio
18.1.1.3. Profitability by Market Segments
18.1.1.4. Sales Footprint
18.1.1.5. Strategy Overview
18.1.1.5.1. Marketing Strategy
18.1.2. Globoforce Ltd.
18.1.2.1. Overview
18.1.2.2. Product Portfolio
18.1.2.3. Profitability by Market Segments
18.1.2.4. Sales Footprint
18.1.2.5. Strategy Overview
18.1.2.5.1. Marketing Strategy
18.1.3. REFFIND Ltd.
18.1.3.1. Overview
18.1.3.2. Product Portfolio
18.1.3.3. Profitability by Market Segments
18.1.3.4. Sales Footprint
18.1.3.5. Strategy Overview
18.1.3.5.1. Marketing Strategy
18.1.4. Achievers Solutions Inc.
18.1.4.1. Overview
18.1.4.2. Product Portfolio
18.1.4.3. Profitability by Market Segments
18.1.4.4. Sales Footprint
18.1.4.5. Strategy Overview
18.1.4.5.1. Marketing Strategy
18.1.5. Kudos Inc.
18.1.5.1. Overview
18.1.5.2. Product Portfolio
18.1.5.3. Profitability by Market Segments
18.1.5.4. Sales Footprint
18.1.5.5. Strategy Overview
18.1.5.5.1. Marketing Strategy
18.1.6. Madison Performance Group
18.1.6.1. Overview
18.1.6.2. Product Portfolio
18.1.6.3. Profitability by Market Segments
18.1.6.4. Sales Footprint
18.1.6.5. Strategy Overview
18.1.6.5.1. Marketing Strategy
18.1.7. Recognize Services Inc.
18.1.7.1. Overview
18.1.7.2. Product Portfolio
18.1.7.3. Profitability by Market Segments
18.1.7.4. Sales Footprint
18.1.7.5. Strategy Overview
18.1.7.5.1. Marketing Strategy
18.1.8. Aurea Software Inc.
18.1.8.1. Overview
18.1.8.2. Product Portfolio
18.1.8.3. Profitability by Market Segments
18.1.8.4. Sales Footprint
18.1.8.5. Strategy Overview
18.1.8.5.1. Marketing Strategy
18.1.9. BI Worldwide Ltd.
18.1.9.1. Overview
18.1.9.2. Product Portfolio
18.1.9.3. Profitability by Market Segments
18.1.9.4. Sales Footprint
18.1.9.5. Strategy Overview
18.1.9.5.1. Marketing Strategy
18.1.10. Terryberry
18.1.10.1. Overview
18.1.10.2. Product Portfolio
18.1.10.3. Profitability by Market Segments
18.1.10.4. Sales Footprint
18.1.10.5. Strategy Overview
18.1.10.5.1. Marketing Strategy
18.1.11. YouEarnedIt
18.1.11.1. Overview
18.1.11.2. Product Portfolio
18.1.11.3. Profitability by Market Segments
18.1.11.4. Sales Footprint
18.1.11.5. Strategy Overview
18.1.11.5.1. Marketing Strategy
19. Assumptions & Acronyms Used
20. Research Methodology
Technology
April 2024
REP-GB-3300
279 pages
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Social Employee Recognition System Market
