The social employee recognition system 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.
Currently, a continuous growth in senior management participation in employee recognition is delivering a much-needed boost to the social employee recognition sector. The participation of top management in such events and programs has resulted in increased and stable growth for some businesses. These social employee recognition System Market can be app-based, allowing senior management to actively participate in events from any place while recognizing and rewarding the efforts made by employees and teams through social networking web apps on their personal devices. Additionally, social employee recognition systems enable employees to engage informally with their respective teams their superiors, resulting in increased employee productivity.
Businesses today are increasingly adopting digital and technology solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue growth by implementing effective digital solutions and automated systems. In the past few years, proliferation of smart and connected devices, adoption of cloud computing, and emergence of technologies such as artificial intelligence (AI) and internet of things (IoT) have led to the advent of smart and intelligent workplaces. Due to the increasing penetration of web applications, mobile applications, and Software-as-a-Service (SaaS)-based solutions in enterprises, the demand for advanced employee recognition solutions is rising at an impressive pace. Owing to the fact that modern workforce demands motivation in a modern way, social recognition platforms help reinforce professional relationships in both SMEs and large enterprises. With solutions such as social employee recognition platforms, industry verticals such as IT & telecom, manufacturing, retail, and healthcare can strengthen employee–employer bond. Also, the platform helps in optimizing reward costs as per the available budget. Thus, all the benefits offered by employee recognition platforms are driving the growth of market at a global level.
Impact of COVID-19 Pandemic on Social Employee Recognition System Market
The US is a prominent market for social employee recognition system in companies. The increasing number of COVID-19 confirmed cases and rising reported deaths in the country have affected software providers due to the decrease in demand for their products. The business shutdowns and social distancing across the US, Canada, and Mexico are impacting the adoption of the social employee recognition systems. North America is a home to a large number of technology companies, and the impact of the COVID-19 outbreak was moderate in 2020 and it is same in 2021. The impact of the COVID-19 pandemic is short term and is likely to decrease in the coming years.
Lucrative Regions for Social Employee Recognition System
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Market Insights
Growing Trend of Digital Workforce Transformation
Businesses today are increasingly adopting digital and technology solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue growth by implementing effective digital solutions and automated systems. In the past few years, proliferation of smart and connected devices, adoption of cloud computing, and emergence of technologies such as artificial intelligence (AI) and internet of things (IoT) have led to the advent of smart and intelligent workplaces. Due to the increasing penetration of web applications, mobile applications, and Software-as-a-Service (SaaS)-based solutions in enterprises, the demand for advanced employee recognition solutions is rising at an impressive pace. Owing to the fact that modern workforce demands motivation in a modern way, social recognition platforms help reinforce professional relationships in both SMEs and large enterprises. With solutions such as social employee recognition platforms, industry verticals such as IT & telecom, manufacturing, retail, and healthcare can strengthen employee–employer bond. Also, the platform helps in optimizing reward costs as per the available budget. Thus, all the benefits offered by employee recognition platforms are driving the growth of market at a global level.
Component-Based Market Insights
The global social employee recognition system market, by component, is bifurcated into platforms and services. Training and hiring new staff are the expensive businesses. If a company's staff turnover is high, it may become trapped in a vicious cycle of constantly replacing new team members. This makes it difficult for them to develop a positive corporate culture and attract and retain high-performing employees, whom they sorely require. An employee recognition platform helps the company improve communication to deliver its values to new and existing employees. It also supports training activities and ensures that no one's efforts and achievements are overlooked. A recognition platform strives to create long-term behavioral changes that unify a company's workforce while also ensuring that each employee feels valued, appreciated, and included. As a result, companies such as 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% activation rate, and on average, each employee receives at least one monthly award.
Social Employee Recognition System Market, by Component – 2020 and 2028
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Reward Type-Based Market Insights
By reward type, the social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others. The gift cards segment led the market with a share of 43.6% in 2020. It is expected to account for 43.4% of the total market share by 2028. Employee incentive programmes are possibly the quick and simple approach to boost employee engagement in a company. People enjoy being acknowledged for their efforts. It boosts employee motivation, increases productivity, and fosters a sense of belonging to the company. Non-tangible awards, such as gift cards, are as successful as cash-based incentives, according to academic studies. It revealed similar increases in employee productivity and efficiency. There are two types of gift cards that businesses can offer. Closed-loop gift cards can only be used at a single store or brand. For example, gift cards from a single restaurant are valid only at that store or its other branches. A credit card network, such as Visa, is usually branded on open-looped gift cards. Such cards can be used across several brands. Employees can choose the reward of their choice with gift cards. Giving employees the option to choose their own reward is practical strategy, and it fosters a sense of excitement among them.
Industry-Based Market Insights
By industry, the social employee recognition system market is segmented into retail, IT & telecom, healthcare, media & entertainment, travel and hospitality, manufacturing, and others. The retail segment led the market with a share of 29.1% in 2020. It is further expected to account for 28.1% of the total market share by 2028.
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Social Employee Recognition System Market: Strategic Insights
Market Size Value in US$ 5,828.9 million in 2021 Market Size Value by US$ 14,648.5 million by 2028 Growth rate CAGR of 14.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Social Employee Recognition System Market: Strategic Insights
| Market Size Value in | US$ 5,828.9 million in 2021 |
| Market Size Value by | US$ 14,648.5 million by 2028 |
| Growth rate | CAGR of 14.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Product development is the commonly adopted strategy by companies to expand their product portfolio. Terryberry, Kudos Inc., globoforce, Achievers Solutions Inc., and BI Worldwide are among the key players implementing strategies to enlarge their customer base and gain significant share in the global social employee recognition system market, which, in turn, permit them to maintain their brand name globally. A few of the recent key developments are:
- In 2021, RADA Electronic Industries Ltd., an Israel-based company focusing on radar solutions, signed a Memorandum of Understanding (MoU) with Alpha Design Technologies Pvt. Ltd. to form a joint venture for manufacturing and selling RADA's radars in India.
- In 2021, Amphenol Corp., one of the leading designers and manufacturers of interconnect systems and electronic and fiber optic connectors, acquired Positronic. The deal brings together the experience and expertise of both the companies and provide customers with technical design support for interconnect solutions.
Social Employee Recognition System Market Segmentation:
By Component
- Platforms
- Services
By Deployment Model
- Cloud
- On-Premise
By Reward Type
- Gift Cards
- Prepaid Cards
- Incentive Travel
- Others
By Industry
- Retail
- IT & Telecom
- Healthcare
- Media & Entertainment
- Travel and Hospitality
- Manufacturing
- Others
Company Profiles
- Achievers Solutions Inc
- Appreiz Inc
- BI Worldwide
- Globoforce Limited (Workhuman)
- Kudos Inc.
- PossibleWorks
- Terrberry
- Semos Cloud
- Nectar HR
- Wooboard Technologies Ltd.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment Model, Reward Type, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Because employees are increasingly using social media websites and applications for collaboration, integration, and expert assistance, the market for workplace social networks and online communities is growing. As a result, the market for workplace social networks and online communities is likely to grow in the near future, paving the way for the market for social employee recognition systems. Due to the enormous presence of large size organizations and hefty expenditure budgets, the implementation of social employee recognition systems is exponentially high in retail and consumer goods, as well as IT and telecom.
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.
The global social employee recognition system market was dominated by the gift card segment with market share of more than 40% in 2020. Employee incentive programmes are possibly the quickest and simplest approach to boost employee engagement in your company. People enjoy being acknowledged for their efforts. It boosts employee motivation, boosts productivity, and fosters a sense of belonging to the company. Non-tangible awards (such as gift cards) are just as successful as cash-based incentives, according to academic studies. Employees can choose the reward of their choice with gift cards. Giving employees the option to choose their own reward is not only more practical, but it also fosters a sense of excitement among them.
In 2020, North America led the market with a substantial revenue share. The region led the social employee recognition system market in 2020. Because of the large presence of diverse industries with organizations of all sizes, North America is considered a mature market for social employee recognition systems. Employee recognition systems based on social media are intended to acknowledge an employee's contribution to the company's success. Such methods are worthwhile to boost employee morale and encourage involvement in critical tasks.
The major companies in social employee recognition system includes Terryberry; Kudos Inc.; globoforce; Achievers Solutions Inc.; and BI Worldwide. The listing of these five key players is derived by considering following key parameters: overall revenue, segmental revenue, brand image & industry expertise, current social employee recognition system portfolio and related solutions, customer base, geographical reach, research and development investments, patents, technology integration, new product launches, partnerships, mergers & acquisitions and other market related activities.
The major industries in social employee recognition system includes retail, IT and telecom, healthcare, media and entertainment, travel and hospitality, manufacturing, and others. The retail segment led the social employee recognition system market globally with a market share of over 27% in the year 2020.
The List of Companies - Social Employee Recognition System Market
- Achievers Solutions Inc
- Appreiz Inc
- BI Worldwide
- Globoforce Limited (Workhuman)
- Kudos Inc.
- PossibleWorks
- Terrberry
- Semos Cloud
- Wooboard Technologies Ltd.
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