Social Employee Recognition System Market

Social Employee Recognition System Market Overview for 2023 to 2033

The social employee recognition system market is expected to have a value of USD 15,441.0 million in 2023. The market has jumped from a value of USD 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 USD 49,455.6 million.

Social Employee Recognition Systems Market Analysis and Insights:

• Simple monetary rewards for employees are becoming less common. Employers are on the lookout for innovative solutions that recognize the work of employees. Thus, sales of social employee recognition system globally are increasing.
• Companies are adopting technology in all sectors of working. The adoption of technology is conducive to the growth of the social employee recognition system market.
• Companies are recognizing the value of employees as a resource. Thus, greater investment is being put into talent management solutions. Social employee recognition system is one such talent management solution that companies are increasingly investing in.
• Employers are wary of employee dissatisfaction. Both non-recognition and recognition in an ill-suited way have the ability to raise employee dissatisfaction. Thus, social employee recognition systems are being increasingly trusted by companies to combat employee dissatisfaction.
• Employers believe that recognition of employee work is influential in raising morale and, ultimately, the quality of work. Thus, social employee recognition systems are being invested in by employers.

Attributes	Details
Social Employee Recognition System Market Value for 2023	USD 15,441.0 million
Projected Market Value for 2033	USD 49,455.6 million.
Value-based CAGR of Market for 2023 to 2033	15.7%

Historical Performance of the Social Employee Recognition System Market

The social employee recognition system market was tipped to USD 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 USD 13,333.2 million.

Market Value (2018)	USD 7,596.84 million
Historical CAGR (2017 to 2022)	15.1%
Historical Market Valuation (2022)	USD 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 USD 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 USD 49,455.6 million.

Social Employee Recognition System Market Trends

• There has been a rise in companies using social media platforms. Social employee recognition systems facilitate the use of social media through which employee work can be recognized.
• Cloud-based social employee recognition systems are seeing increasing adaptation. Cloud-based systems reduce the load on the software infrastructure of the organization and allow more room for data.
• While large companies are still the dominating portion of customers for the social employee recognition system market, small and medium-sized companies are accepting the product too. A large part in the acceptance of medium and small companies of the system is due to the product getting cheaper.
• Senior management members are increasingly interested in talent solutions. Social employee recognition systems provide an easy pathway for senior management to recognize employee work.
• Social employee recognition systems provide recognition in an instant manner. Unlike manual systems, there are no stopgaps and the working is fast. Thus, social employee recognition systems are becoming more commonplace in companies.
• Social employee recognition systems are also available in apps, allowing for easy employee recognition. Thus, the ease provided by the systems is paving the way for the adoption of the product in companies.
• Organizations are becoming aware of the mental health of employees. Social employee recognition systems are one way through which the morale of employees can be boosted. Thus, social employee recognition systems are becoming a part of the mental care for employees by organizations.

Category-wise Outlook

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.

Cloud-based Social Employee Recognition Systems Prove Popular Due to Ease Provided

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%

Organizations in the Retail and Consumer Goods Sector are the Most Prominent Users of Social Employee Recognition Systems

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%

Country-Wise Analysis

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%

Acquisitions and Mergers Lead the Way in France

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.

Increasing Focus on Employee Welfare Seeing the Market Grow in Germany

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.

Employee Disconnectedness is Common in the United Kingdom and Thus the Market is Spurred

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.

Indian Companies are Choosing the Route of Vouchers as 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.

Digital Revolution Swooping China is Aiding the Market

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.

Competitive Landscape in the Social Employee Recognition System Market

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:

• In May 2022, Terryberry acquired industry player Walker Tracker. Through the means of the acquisition, Terryberry entered the social employee recognition system market.
• In October 2021, tooodooo Inc. launched its employee rewards platform. The platform aims to revitalize the industry through innovations.
• In September 2021, the Achievers Employee Experience Platform was launched. It is a cloud-based platform that offers recognition, among other things, through gift cards and merchandise.

Key Companies in the Social Employee Recognition System Market

• Salesforce.com Inc.
• Globoforce Ltd.
• REFFIND Ltd.
• Achievers Solutions Inc.
• Kudos Inc.
• Madison Performance Group
• Recognize Services Inc.
• Aurea Software Inc.
• BI Worldwide Ltd.
• Terryberry
• YouEarnedIt

Key Segments

By Deployment:

• Cloud
• On-premise

By Industry Type:

• Retail and Consumer Goods
• Healthcare
• IT and Telecommunication
• Travel and Hospitality
• Manufacturing
• Media and Entertainment
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East and Africa (MEA)

Frequently Asked Questions

How Big is the Social Employee Recognition System Market?

The social employee recognition system market is expected to be valued at USD 15,441.0 million in 2023.

What Will be the Market Size of Social Employee Recognition System in 2033?

The market size of the social employee recognition system market is predicted to have reached USD 49,455.6 million in 2033.

Why is There Demand for Social Employee Recognition Systems?

Increasing adoption of technology and need for employee recognition solutions are two of the reasons there is demand for social employee recognition systems.

How will the Social Employee Recognition System Market Progress?

The social employee recognition system market is expected to progress at a remarkable CAGR of 15.7% for the period from 2023 to 2033.

Who are the Prominent Companies in the Social Employee Recognition System Market?

Salesforce.com Inc., Globoforce Ltd., REFFIND Ltd., and Achievers Solutions Inc. are some of the prominent companies in the market.