Platform Segment has the Largest Share of Component in the Middle East and Africa Social Employee Recognition System Market during 2021–2028
According to The Insight Partners market research study on “Middle East and Africa Social Employee Recognition System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Delivery Mode, Reward Type, and Industry” is expected to reach US$ 804.0 million by 2028 from US$ 381.8 million in 2021. The market is estimated to grow at a CAGR of 11.2% from 2021 to 2028. The report provides trends prevailing in the Middle East and Africa social employee recognition system market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the growing trend of digital workplace transformation and greater productivity through employee recognition platforms are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the lack of adoption in SMEs.
Iran has faced the highest number of COVID-19 confirmed cases. Other major countries that are facing the economic impact of COVID-19 include Saudi Arabia, UAE, Egypt, Morocco, and Kuwait. The region comprises many growing economies such as UAE, among others, which are prospective markets for social employee recognition system providers, owing to the huge presence of diverse customer base for the several industries. Currently, the Gulf countries are on the verge of adopting transformative digital technologies in various verticals in a bid to improve the socioeconomic conditions of the countries. However, due to the outbreak, the implementation of stringent measures such as lockdowns, business shutdowns, and travel bans are aggravating the economic problems of the countries in the MEA region. Hence, the estimated decline in MEA’s economic condition and impact of COVID-19 on the growth of various industries in the region is expected to moderately impact the growth of the social employee recognition system market in 2020.
The market for social employee recognition system market is segmented into component, delivery mode, reward type, and industry. Based on component, the social employee recognition system market is segmented into platform and services. In 2020, platform segment accounted for the largest share of the market. A recognition platform strives to create long-term behavioural changes that unify a company's workforce while also ensuring that each employee feels valued, appreciated, and included. As a result, companies like McDonald's, Discover, and General Motors (GM) use employee recognition platforms on a daily basis to promote social recognition and foster a culture that their employees enjoy. This helps them achieve a whopping 97 percent activation rate, and on average, each employee receives at least one monthly award. However, the services segment is estimated to register the highest CAGR during the forecast period.
BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., Terryberry, and Semos Cloud are among the leading companies in the Middle East and Africa social employee recognition system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for social employee recognition system market is segmented into component, delivery mode, reward type, and industry. Based on component, the social employee recognition system market is segmented into platform and services. Based on delivery model, the social employee recognition system market is segmented 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 social employee recognition system market is segmented into retail, IT and telecom, healthcare, media and entertainment, travel and hospitality, manufacturing, and others. Geographically, the social employee recognition system market is segmented into Middle East and Africa (UAE, Saudi Arabia, South Africa, Rest of Middle East and Africa).
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com