Social Employee Recognition System Market is expected to reach US$ 14,648.5 million by 2028

Fast Adoption of Cloud-Based Solutions among Enterprises for High Scalability to Provide Growth Opportunities for Social Employee Recognition System Market During 2021–2028

According to our latest market study on “Social Employee Recognition System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Model, Reward Type, and Industry,” the market was valued at US$ 5,828.9 million in 2021 and is projected to reach US$ 14,648.5 million by 2028; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.

With the rapidly changing landscape of enterprise IT solutions, businesses need to focus on various factors before opting for the right IT infrastructure. Cloud-based solutions are relevant for all types of business environments ranging from on premise, hybrid, or cloud. In addition, cloud-based solutions facilitate easy scalability, low operating expenditure, high operational flexibility, high visibility, and updates to enterprises while reducing their overall costs and operational risks. The continuously evolving cloud architectures and the integration of advanced features in cloud solutions further fuel the adoption of these solutions in diverse end-user industries. A cloud deployment type is also an attractive option for companies due to benefits such as need-basis payment, regular data backup, high security, and instant provisioning features provided by these solutions. Moreover, the complex and high installation and maintenance costs associated with on-premise solutions further drive companies to adopt cloud-based solutions. Hence, scalability, high level of security, operational flexibility, easy deployment type, and affordability are among the key advantages that are expected to boost the adoption of cloud-based employee recognition software solutions among enterprises in the coming years.

Additionally, the deployment of digital technologies and advanced software is permitting enterprises to include innovations in their organizational structure. SaaS is receiving high prominence in a broad array of industries and thus creating substantial revenue for the market. Through SaaS, the enterprises are heavily working on their potential to incorporate and access data at a faster speed. The deployment of SaaS depicts that employee recognition is transforming from a top-down approach to that which builds impressive teamwork via peer-to-peer recognition. A few key companies , such as Wooboard Technologies Limited, O.C. Tanner, and Workstars, offer cloud-based employee recognition platforms, which is projected to fuel the market growth at an exponential rate during the forecast period.

Impact of COVID-19 Pandemic on Social Employee Recognition System Market

Spain, Italy, Germany, the UK, and France are a few of the worst affected member states in Europe due to the COVID-19 outbreak. Businesses in the region are facing severe economic difficulties as they had to either suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the region experienced an economic slowdown in 2020, and it is witnessing the same in 2021 also. The member states of Europe, such as Italy, Spain, and Germany, implemented drastic measures, travel restrictions, and shutdown of schools and colleges to limit the spread of novel coronavirus among citizens. However, the COVID-19 crisis positively impacted the growth of a few sectors, such as software and technology. The demand for digital solutions has grown at a high rate in the past few months. Many corporates have taken significant initiatives to volunteer to the affected areas. As a result, the adoption rate of volunteering platform is expected to grow in the coming years to manage all the operations. The social employee recognition system markets in Italy, Spain, Germany, the UK, and France witnessed moderate negative impact in 2020. However, this impact is temporary and is expected to drive SMEs to adopt digital solutions in the coming years.

Achievers Solutions Inc, Appreiz Inc, BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., PossibleWorks, Terrberry, Semos Cloud, Neptar HR, and Wooboard Technologies Ltd. are among the key players profiled during the study of the social employee recognition system market. In addition, several other important market players were studied and analyzed during this market research study to get a holistic view of the global market and its ecosystem.

Social Employee Recognition System Market – by Geography, 2020

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Social Employee Recognition System Market to Grow at a CAGR of 14.1% to reach US$ 14,648.5 million from 2021 to 2028

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Social Employee Recognition System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Platforms and Services), Deployment Model (Cloud and On-Premise), Reward Type (Gift Cards, Prepaid Cards, Incentive Travel, and Others), and Industry (Retail, IT & Telecom, Healthcare, Media & Entertainment, Travel and Hospitality, Manufacturing, and Others)