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:
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% |
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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.
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 USD 15,441.0 million in 2023.
The market size of the social employee recognition system market is predicted to have reached USD 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.
Technology
April 2024
REP-GB-3300
279 pages
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