The global market for social employee recognition systems is anticipated to reach a valuation of US$ 13.3 billion in 2022 and, with a CAGR of 14 percent, will grow to US$ 29.2 billion by the end of 2028.
| Social Employee Recognition Systems Market Size (2022) | US$ 13.3 Bn |
| Estimated Market Revenue (2028) | US$ 29.2 Bn |
| Global Market Growth Rate (2022-2028) | 14% CAGR |
| Dominant End-use Industry | Retail & Consumer Goods (30%) |
| Largest Regional Market | North America |
soon. Due to the general lockdown, people are being forced to stay at home, which will greatly reduce the amount of information that can be acquired from the real world, such as physical stores.
The disruption of the global retail network significantly affected the development of neuromarketing strategies, yet the market for social employee recognition systems is anticipated to reach US$ 13.3 billion by 2022, with a startling CAGR of 14% from 2022 to 2028. Future Market Insights has released another market research report on social employee recognition systems (FMI).
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long-term partnerships with significant businesses and private organisations are anticipated to assist economic growth, and industry expansion will make it possible for providers of social employee recognition systems to connect with potential customers in emerging regions. These factors are anticipated to drive the global market for social employee recognition systems higher than ever in the near future.
Dealers of social employee recognition systems should focus on growing their operations in MEA, SEA, and APAC’s developing nations. A variety of contemporary employee engagement and retention strategies and programmes have been gradually adopted by these regional marketplaces. Most likely, new players entering the market for social employee recognition systems will concentrate on forming alliances and working with seasoned competitors. In order to acquire a desirable consumer base and consequently increase their customer base and income, this will help them grasp the demand pattern and supply chain scenario.
To maintain their market positions, the businesses are also concentrating on product development and innovation. Salesforce unveiled a streamlined piece of software for small enterprises in March 2022. Essentials, a new piece of software, is a sales and customer support programme created especially for small enterprises. By releasing new, potent, and promising features at reasonable costs, Salesforce is currently aiming its marketing efforts at small enterprises. Globoforce Ltd., REFFIND Ltd., Achievers Solutions Inc., Kudos, Inc., Madison Performance Group, and Recognize Services, Inc. are some of the other top players in the market for social employee recognition systems.
Emerging Challenges in Keeping Employees Engaged to Inhibit Market Growth
The research findings presented in the article indicate that social employee recognition programmes in an organisation can only be successful if they involve employees at all levels. Including and inspiring remote workers, such as salespeople and marketing professionals, is a challenging challenge. Employees working remotely are frequently unable to engage in social employee appreciation programmes because they are typically only implemented for employees working on-site.
Competitive Landscape
Social employee recognition system providers are focusing on developing new software and programs to meet the changing needs of the industry. Companies with the best social employee recognition systems are focusing on improving their platforms to maximize productivity and incentivize performance.
- In September 2021, Toronto-based Achievers announced a new software platform that is aimed at improving how employees in an organization are engaged and recognized. The Achievers Employee Experience Platform is now live and available for use.
- In October 2021, tooodooo Inc. announced the launch of its new incentive rewards platform. The platform is the first fully integrated platform and is aimed at revolutionizing the business incentive and employee performance tracking industry.
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Key Segments of Social Employee Recognition Systems Industry Survey
Social Employee Recognition Systems Market by Distribution Type:
- Cloud Social Employee Recognition System
- In-house social employee recognition system
Social Employee Recognition Systems Market Segment by Company Type:
- Commendation system for social service personnel of large corporations
- Small business social service worker commendation system
Social Employee Recognition Systems Market Segment by Industry Type:
- Social Employee Awareness Systems for Retail and Consumer Goods
- Social Service Personnel Commendation System for Health Management
- Social Employee Awareness System for IT and Telecommunications
- Social Employee Recognition System for Travel and Hospitality
- Citation system for social service personnel for manufacturing
- Social Employee Recognition System for Media and Entertainment
- Other
Social Employee Recognition Systems Market by Regions:
- North American Social Employee Recognition Systems Market
- Latin American Social Employee Recognition Systems Market
- European Social Employee Recognition Systems Market
- East Asian Social Service Personnel Commendation System Market
- South Asia and Pacific Social Employee Recognition Systems Market
- Middle East & Africa (MEA) Social Employee Recognition Systems Market
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