The worldwide social employee recognition systems market is set to hold a net worth of US$ 13.3 Bn in 2022 and is supposed to flood at a heavenly CAGR of 14% and arrive at an expected valuation of US$ 29.2 Bn toward the finish 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. Since individuals are being bound to their homes because of the overall lockdown, information gathered from the genuine world, for example, physical shops, will be extraordinarily decreased.
The worldwide store network disturbance impacted the assembling of neuromarketing arrangements fundamentally, yet the Social Employee Recognition Systems Market is supposed to arrive at a net worth of US$ 13.3 billion out of 2022, with a staggering CAGR of 14% from 2022 to 2028. Another market research examination on social employee recognition systems has been delivered by Future Market Insights (FMI).
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Long haul organizations with large companies and confidential organizations are expected to support income development, and industry advancement will permit social employee recognition framework suppliers to contact new planned purchasers in arising locales. Before very long, these variables are projected to impel the worldwide market for social employee recognition systems higher than ever.
Social employee recognition system dealers can put emphasis on expanding their businesses across developing countries in MEA, SEA, and APAC. These regional markets have been steadily adopting a range of modern employee engagement and retention systems/programs. New players venturing into the social employee recognition systems market are most likely to focus on entering into partnerships and collaborations with established players. This will help them understand the demand pattern and supply chain scenario, in order to gain an attractive customer base and thereby, generate higher revenues.
The companies are also focusing on product development and innovation in order to retain their positions in the market. In March 2022, Salesforce launched a simplified software aimed at small businesses. This new software, called ‘Essentials‘, is a sales and customer service software that has been tailored specifically for small businesses. Salesforce is currently targeting small businesses by launching new, powerful, promising tools at affordable prices. The other leading companies operating in the global social employee recognition systems market are Globoforce Ltd., REFFIND Ltd., Achievers Solutions Inc., Kudos, Inc., Madison Performance Group, and Recognize Services, Inc.
Emerging Challenges in Keeping Employees Engaged to Inhibit Market Growth
According to the research findings included in the report, social employee recognition programmes can only be successful in an organization when it includes employees at all stages. It is a difficult task to include and motivate employees operating remotely such as salespersons and marketing staff. Companies generally implement social employee recognition solutions for employees working within the premises, due to which, employees working remotely are unable to participate in such programmes.
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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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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