Social Employee Recognition Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025
Global Social Employee Recognition Systems Market: Snapshot
The social employee recognition systems market is likely to grow at a CAGR of 11.9% in the foreseeable years from 2020 to 2030.
Further, the social employee recognition systems market has been expected to reach a valuation of US$ 10,641.8 million in the year 2021.
The social employee recognition systems market has been predicted to expand with the growing utilization of the social media platforms by enterprises.
In addition to this, the increasing adoption of the social employee recognition systems market services by the business enterprises and organizations in the past few years is also contributing to the growth impetuses.
Numerous social media platforms, for example, Twitter and LinkedIn are used by various companies to establish communication with the internal teams.
Further, these systems from the social employee recognition systems market are also used in order to distinguish the efforts of employees and engage them in marketing and promotional activities.
The companies are also advertising novel products and product discounts. These factors are further predicted to fuel growth avenues in the social employee recognition systems market in the near future.
The social employee recognition systems market is growing with the rising use of the industry services to boost sales as well as to increase the loyalty of the brand through online platforms.
Global Social Employee Recognition Systems Market: Overview
World over, the considerable drive for social employee recognition systems has stemmed from the need for getting away with traditional employee reward and recognition methods and programs. The numerous limitations of the traditional systems has led to the rapid emergence of social employee recognition system. The system occupies a key determinant of successful implementation of pay-for-performance compensation strategies and plans in a range of end-use industry verticals. The system is increasingly being gathering pace among human resource managers, IT executives, and business leaders. These systems are helping in bolstering employee engagement, making their efforts increasingly aligned toward company’s goals and visions, thus permeating across the entire company culture. The adoption of more effective approaches in talent management systems by businesses achieve better outcomes account for the rising relevance of social employee recognition systems.
Global Social Employee Recognition Systems Market: Key Trends
The market is driven by the rising implementation of social employee recognition systems across business of all sizes in end-use industries, including manufacturing, IT & telecom, consumer and retail, travel and tourism, hospitality, and healthcare. This is attributed to the widespread adoption of social and gamification concepts in devising employee recognition programs. The growing popularity of BYOT (bring your own technology) concept in the global workplace is fortifying the adoption. Furthermore, in recent years, enterprise social networking platforms have garnered colossal traction, thus boosting the demand. The rising popularity of social employee recognition system deployed through software-as-a-service (SaaS) applications is creating substantial revenues in the market.
Global Social Employee Recognition Systems Market: Market Potential
Organizations of all sizes and in diverse industry verticals are harping on adopting social employee recognition systems for an inclusive, vibrant, and performing workplaces. To this end, they seek social employee recognition system espoused by potentially human-centered software solutions. Globoforce, a multinational company pioneering in social recognition software and provider of human applications, has in April 2018 announced that it is expanding its assortment of products. This will provide new avenue for organizations looking to leverage the potential of new generation social employee recognition systems. The new suite of products notably include WorkHuman Cloud and they are launched with an objective to help organizations create more closely-knit connected teams and foster better relations among the employees.
The new HR software solutions will be used to promote effective team-driven approaches in the way world is performed across the organization, built on the concepts of crowdsourcing and transparency. The solution will be used to evaluate ongoing work achievement and give developmental feedback. Furthermore, the application of the human-centered social employee recognition cloud solution will help employees and managers to celebrate career milestones, leading to the creation of more productive workplace, believes Globoforce. This is expected to underpin a culture of innovation in organizations deploying the solution, opines the company.
Global Social Employee Recognition Systems Market: Regional Outlook
The report offers a comprehensive assessment of the potential of various regional markets by evaluating lucrative avenues and emerging opportunities. Some of the key geographical areas for the expansion of the market could be North America, Asia Pacific, Europe, the Middle East and Africa (MEA). North America in all likelihood is expected to garner potential lucrative avenues, driven by the rising uptake of cutting-edge employee recognition solutions. Asia Pacific could also be a promising regional market.
Global Social Employee Recognition Systems Market: Competitive Analysis
The study offers insights into the factors that shape the prevailing and emerging competitive landscape. It analyzes various moves and strategies adopted by various players to consolidate their shares or gain a firm foothold in the social employee recognition systems market. Some of the players holding prominent positions in the market are Terryberry, Globoforce, REFFIND Ltd., Achievers Corp., Corporate Rewards Ltd., Incentive Logic, and Peoplecart Private Limited.
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