Press release
Global Employee Engagement Market to reach a valuation of US$ 3,603.9 Million by 2034, FMI Projection
Employee Engagement Market
Employee engagement efforts are increasingly aligned with corporate social responsibility initiatives. Employees are more likely to feel engaged and fulfilled when they perceive their organization as socially responsible and contributing positively to society and the environment.
Voice of the employee programs involve soliciting feedback and insights directly from employees to understand their needs, preferences, and concerns. Organizations are leveraging employee surveys, focus groups, and sentiment analysis tools to gather actionable data and improve the employee experience.
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Companies are investing in technology enabled onboarding processes to help new employees feel welcomed, connected, and productive from day one, with the rise of remote work. Virtual orientation sessions, online training modules, and mentorship programs are key components of remote onboarding initiatives.
AI driven technologies are being integrated into employee engagement platforms to automate repetitive tasks, personalize interactions, and deliver targeted recommendations. Chatbots, virtual assistants, and predictive analytics are examples of AI powered tools that enhance employee experiences and streamline HR processes.
Continuous learning and skill development opportunities are integral to employee engagement and retention. Organizations are offering online courses, professional development workshops, and certification programs to empower employees to acquire new skills and stay competitive in their respective fields.
Employee voice platforms enable employees to share feedback, ideas, and concerns in a transparent and accessible manner. The platforms facilitate two way communication between employees and management, fostering trust, accountability, and a culture of open dialogue.
Agile methodologies and principles are being embraced by organizations to foster adaptability, innovation, and collaboration. Employee engagement efforts are aligned with agile practices, emphasizing autonomy, cross functional teams, and iterative approaches to problem solving and decision making.
Key Takeaways from the Market Study
• Global employee engagement market was valued at US$ 695.4 Million in 2023.
• From 2019 to 2023, the market demand expanded at a CAGR of 15.4%.
• The market in Japan is expected to expand at a CAGR of 17.4% through 2034.
• By solution, the integrated employee engagement software segment to account for a share of 53.5% in 2024.
• The market in Germany is expected to expand at a CAGR of 15.7% through 2034.
• In terms of deployment, the cloud based segment to account for a market share of 48.0% in 2024.
Companies are focusing on designing holistic employee experiences that encompass all touchpoints of the employee journey, from recruitment to offboarding, which includes creating seamless, intuitive interfaces for HR systems, streamlining administrative processes, and providing personalized support to employees, remarks an FMI analyst.
Competitive Landscape
Prominent players in the employee engagement market are Cisco Systems, IBM Corporation, Microsoft Corporation, Google, Bitrix24, Atlassian Corporation Plc, Xoxoday, Connecteam, Officevibe (GSoft Group Inc.), ContactMonkey Inc., Lattice, Peakon, BambooHR, Impraise, and LumApps SAS, among others.
Key Development
In 2022, Vantage Circle unveiled a partnership with a leading team collaboration software provider to enrich its employee engagement offerings. The collaborative effort aims to deliver a comprehensive platform for employee communication and collaboration, combining the strengths of both companies to provide an integrated solution for enhanced engagement and productivity.
Segmentation Analysis of the Employee Engagement Market
By Solution:
• Software
o Integrated Employee Engagement Platform
o Standalone Software
o Unified Communications Software
o Enterprise Social Intranet Software
o Employee Recognition and Reward Software
o Employee Performance Management Software
o Others
• Services
o Professional Services
o Consulting Services
o Integration and Implementation
o Support and Maintenance
o Training and Development
• Managed Services
By Deployment:
• Cloud Based
• On Premises
By Enterprise Size:
• Small and Mid Sized Enterprises
• Large Enterprises
By Industry:
• IT and Telecom
• BFSI
• Retail
• Healthcare
• Government
• Manufacturing
• Others
Region:
• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
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Suite 401, Newark, Delaware - 19713, USA
T: +1-347-918-3531
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