Rewards and incentives Market 2023 Growing Rapidly with Modern Trends, Industry Share, Future Business Prospect by Forecast to 2032
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The market for rewards and incentives is anticipated to expand at a CAGR of 15% over the course of the forecast period and is projected to reach US$10,852,.6 million in value by 2031. This expansion is largely attributable to corporations putting more emphasis on enhancing worker productivity and performance, as well as to an increase in the use of incentive and reward programmes for employee retention. Because incentives and rewards have become a crucial component of many organisations' human resources strategy, businesses all over the world are employing them more and more to reward and inspire workers.
Due to the growing adoption of cutting-edge digital technologies like loyalty programmes, employee recognition platforms, and e-vouchers to increase employee engagement and motivation, the digital reward segment is anticipated to grow at the highest rate among all reward types during the forecast period. Additionally, it is anticipated that the growing trend of employing digital technologies and virtual incentive programmes to offer prizes will fuel the expansion of this market.
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Attributed to the increasing usage of employee engagement and incentive tools by businesses, the workers' segment accounts for the highest proportion of the market by application.
Additionally, it is anticipated that the growing trend of employing incentives and prizes to encourage workers and recognise their accomplishments would have a substantial impact on this market's expansion.
Given the increasing adoption of cutting-edge technologies like artificial intelligence (AI) and cloud-based solutions in the region, the North American market is anticipated to provide the biggest regional contribution. Further supporting the growth of the employee incentives and recognition market in North America is the accessibility of digital solutions like software-as-a-service (SaaS), which facilitate simple product customization and scalability.
Amazon announced the debut of their cloud-based rewards and recognition programme, Amazon Incentives, in March 2022. This initiative aims to recognise employees for their accomplishments and promote healthy behaviours.
The introduction of Microsoft Corporation's Employee Recognition platform, which offers businesses a variety of configurable employee awards and recognition choices, was announced for July 2022. With the help of this platform, businesses may design recognition programmes that are specific to their needs, such as offering cash bonuses or point-based incentives to employees.
Google's Employee Prizes and Recognition programme, which enables businesses to swiftly recognise employees for their contributions and provide them rewards that are tailored to their specific requirements, was made public in September 2022. The fact that these platforms will be released in 2022 by titans of the tech industry like Amazon, Microsoft, and Google shows how important employee recognition is becoming in the workplace.
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