Social Employee Recognition System Market Share and Forecast by 2031

The Social employee recognition system market size is projected to reach US$ 21.80 billion by 2031 from US$ 7.59 billion in 2023. The market is expected to register a CAGR of 14.1% during 2023–2031. Gamification and real-time recognition are likely to remain a key trend in the market.

Social Employee Recognition System Market Analysis

A modern employee recognition program is a way to recognize and honor the contributions of staff members that are in line with the varied and technologically savvy needs of today's workforce. It makes use of technology to provide quick, meaningful, and personalized recognition, fostering a healthy workplace culture and raising employee engagement.

Social Employee Recognition System Market Overview

Social recognition improves the bonds between leaders, coworkers, and employees. Interaction between deskless, in-office, and remote workers is made possible by it. Moreover, social recognition platforms—which are especially helpful in large organizations—assist in dismantling departmental silos by showcasing the accomplishments of many departments. For example, companies with the greatest staff engagement scores had 21% higher profitability, 10% higher customer evaluations, and 24% lower attrition, according to a Terryberry poll from 2024.

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Social Employee Recognition System Market: Strategic Insights

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Social Employee Recognition System Market Drivers and Opportunities

Rising Focus on Employee Engagement and Retention to Favor the Market

As per the Haiilo 2024 survey, in the workplace, employee involvement boosts productivity. Employees who are engaged perform better than their disengaged peers. Employers with a high level of employee engagement make 21% more money overall. A study on workplace engagement conducted in the United States found that disengaged workers cost their employers between US$ 450 and 550 billion annually. This is driving the companies to increase their focus on employee engagement. Social employee engagement initiatives go a long way in enabling employee retention.

Personalized Solutions

For increased success, organizations should customize their employee recognition and rewards programs to meet the needs of both their staff and their business. Companies can gain a competitive edge by personalizing recognition for employees.

Social Employee Recognition System Market Report Segmentation Analysis

Key segments that contributed to the derivation of the social employee recognition system market analysis are XX.

• Based on the component, the social employee recognition system market is divided into platforms and services. The platforms segment held the largest share in 2023.
• Based on the deployment model, the market is divided into cloud and on-premise.
• Based on the reward type, the market is divided into gift cards, prepaid cards, incentive travel, and others.
• Based on the industry, the market is divided into retail, IT & telecom, healthcare, media & entertainment, travel and hospitality, manufacturing, and others.

Social Employee Recognition System Market Share Analysis by Geography

The geographic scope of the Social employee recognition system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds a significant share of the social employee recognition system market in 2023. North American organizations, especially those in the US and Canada, have strong adoption rates for HR technologies and employee engagement programs.

Social Employee Recognition System Market Regional Insights

The regional trends and factors influencing the Social Employee Recognition System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Social Employee Recognition System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Social Employee Recognition System Market Report Scope

Social Employee Recognition System Market Players Density: Understanding Its Impact on Business Dynamics

The Social Employee Recognition System Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Social Employee Recognition System Market are:

1. Achievers Solutions Inc
2. Appreiz Inc
3. BI Worldwide
4. Globoforce Limited (Workhuman)
5. Kudos Inc.
6. PossibleWorks

Disclaimer: The companies listed above are not ranked in any particular order.

Social Employee Recognition System Market News and Recent Developments

The Social employee recognition system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the social employee recognition system market are listed below:

• Achievers declared the opening of an Employee Experience Platform, which would serve as a single, centralized hub for employee experience initiatives. (Source: Achievers Solutions Inc, Press Release, September 2021)
• Terryberry introduces a comprehensive platform for employee engagement that includes Milestone Awards, Employee Benefits, and Recognition. (Source: Terrberry, Press Release, March 2023)

Social Employee Recognition System Market Report Coverage and Deliverables

The “Social Employee Recognition System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Social employee recognition system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Social employee recognition system market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Social employee recognition system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the social employee recognition system market
• Detailed company profiles