Press release
Employee Recognition Software Market is anticipated to have a CAGR of 9.7% 2032
The Global Employee Recognition Software Market was valued at US$ 10.6 Bn in 2021 and is expected to reach US$ 30 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. As per the findings of the report, market revenue through large enterprises will remain pivotal for the market as the bulk of revenue will be generated through this category.Most of HR leaders worldwide believe that employee recognition software helps employees to attain autonomy additionally they can access their information anywhere anytime which reduces unnecessary intervention from HR. Employee recognition, as one of the cornerstones of the Total Rewards Strategy, must be treated as a long-term effort. Making the staff feel appreciated necessitates a concerted effort that must be managed and updated.
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In this regard, it is important to choose employee recognition software that will develop and evolve with the company's demands. Ease of access and use, configurability, security, integration, and flexibility are the key features of employee recognition software.
Improving employee engagement, increasing employee retention, enhancing the employee experience, boosting employee productivity, supporting employee development, and creating positive company culture are some of the benefits that consumers, as well as the company, enjoy.
"The expansion of the contractual workforce, expanding outsourcing operations, the increasing trend of the virtual workplace, performance management and employee engagement difficulties are projected to significantly boost the employee recognition software demand." comments a Future Market Insights analyst.
Competitive Analysis
Companies in employee recognition software market are increasingly engaging in acquisitions, partnerships, and mergers in order to strengthen their capabilities, product portfolio, and create competitive distinctiveness. Furthermore, businesses are concentrating on gaining consumer acceptability for their software services. Some of the key companies in the market include Kudos, Achievers Corp., REFFIND Ltd., Globoforce, Terryberry, Ultimate Software, Peoplecart, CorporateRewards, Paramax, BI WORLDWIDE EMEA, and Incentive Logic.
Some of recent developments for Employee Recognition Software Market are:
In May 2022, Terryberry acquired Walker Tracker, a corporate wellness SaaS platform. Walker Tracker was purchased on April 11, 2022. Terryberry will be able to provide new wellness products through its employee recognition and engagement technology as a result of this acquisition.
In December 2021, Kudos received a US$ 10 Mn minority investment fund from the Canadian Business Growth Fund.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Employee Recognition Software Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Employee Recognition Software Market across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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Market Segments Covered in Employee Recognition Software Market Analysis
By Type:
On Premises
Cloud-based
By Application:
Large Companies
Small and Medium-Sized Companies
By Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients
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