Social Employee Recognition System Market Forecast Showing 14.1% CAGR to 2028

"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.

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.

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Companies Profiled in this report includes: Achievers Solutions Inc,Appreiz Inc,BI Worldwide,Globoforce Limited (Workhuman),Kudos Inc.,PossibleWorks,Terrberry,Semos Cloud,Nectar HR,Wooboard Technologies Ltd.

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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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.

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