Global Social Employee Recognition Systems Market - Prospects, Outlook and Growth Analysis for the Period 2018 - 2026

A fresh report has been added to the wide database of Market Research Report Search Engine (MRRSE). The research study is titled “Global Social Employee Recognition Systems Market - Prospects, Outlook and Growth Analysis for the Period 2018 - 2026” which encloses important data about the production, consumption, revenue and market share, merged with information related to the market scope and product overview.

The market for enterprise social networks and online communities is expanding because of increasing usage of social media websites and software among employees for collaboration, integration, and expert advice. As a result, the proliferating market for enterprise social networks and online communities is expected to pave the way for social employee recognition systems market in near future. The deployment of social employee recognition systems is exponentially high in retail and consumer goods as well as IT and telecom, owing to strong presence of large scale enterprises and hefty expenditure budget. As social employee recognition systems are not a necessity but a value addition that adds up to existing costs, their adoption will possibly remain restricted.

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Revenue contribution from the large enterprise segment is anticipated to increase significantly over the estimated period. The segment is expected to witness good revenue growth due to the growing usage of cloud-based internet applications at the organisational level. The large enterprise segment is estimated to be valued at more than US$ 3,000 Mn in 2018 and is projected to reach more than US$ 10,000 Mn by 2026 end. The large enterprise segment is anticipated to register a CAGR of 15.0% between 2016 and 2026. The large enterprise segment is likely to create incremental opportunity of more than US$ 10,000 Mn between 2018 and 2026. It is projected to be the most attractive segment in the global social employee recognition systems market during the period of assessment.

Various social media platforms have been witnessing increasing adoption across organisations globally in the recent past. Platforms such as Twitter and LinkedIn, which are primarily used by business professionals and companies to interact and connect with internal teams, are also used to recognise employee efforts and engage with employees apart from engaging in promotional and marketing activities. Companies also advertise new product launches and details regarding product discounts etc., new strategies and plans for future growth of the company on these platforms in order to drive sales and increase brand loyalty online. Companies also connect with their business partners via these portals and platforms on a real-time basis. Thus, increasing usage of social media platforms is creating a positive impact on the enterprise segment.

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Continuous increase in the involvement of senior management in employee recognition is driving the growth of the enterprise segment at a slow but steady pace currently. Some companies have seen improved and stronger growth owing to the involvement of senior management in employee recognition activities and programmes. Social employee recognition solutions can also be app-based due to which, senior management can actively participate from any location and recognise and reward the efforts made by employees and teams with the help of social networking web apps in their smartphones. Moreover, these social employee recognition solutions also help employees communicate with their respective teams and seniors informally, which increases the productivity of employees.

Another factor that is likely to create robust development in the enterprise segment is the creation of internal marketing teams. Many companies have started creating internal marketing teams to inform employees about the social employee engagement programmes so that employees are aware of how to use social media-based recognition systems, how to post information on these platforms and how to earn points online. Creation of an internal marketing ecosystem can help in the planning of monthly activities, monthly goals and awards without any bias. The task of the internal marketing team is to establish a link between employees and the senior management, introduce new employees to social employee recognition programmes, and engage all levels of employees within the programme.

The large enterprise segment is projected to be the most attractive segment in the North America social employee recognition systems market during the estimated period. The large enterprise segment is estimated to be valued at more than US$ 900 Mn and is predicted to remain the dominant segment throughout the forecast period in North America. In Latin America, the large enterprise segment is projected to register a relatively higher CAGR of 10.6% over the assessment period. The segment is likely to be attractive in the APEJ social employee recognition systems market during the projected period. In Japan, the large enterprise segment is estimated to be valued close to US$ 300 Mn and is expected to remain dominant throughout the forecast period.

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