Social Employee Recognition System Market Worth US$ 14,648.5 Million, Globally, by 2028 at 14.1% CAGR - Exclusive Report by The Insight Partners

The Insight Partners published latest research study on "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)" 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.

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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.

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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.

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

Social Employee Recognition System Market-CompanyProfiles
• Achievers Solutions Inc
• Appreiz Inc
• BI Worldwide
• Globoforce Limited (Workhuman)
• Kudos Inc.
• PossibleWorks
• Terrberry
• Semos Cloud
• Nectar HR
• Wooboard Technologies Ltd.

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