Press release
Social Employee Recognition System Market Forecast Showing 14.1% CAGR to 2028
Social Employee Recognition System Market
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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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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