Growth Accelerated by Increasing Deployment of Cloud-Based Employee Engagement and Recognition Platforms

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Growth Accelerated by Increasing Deployment of Cloud-Based Employee Engagement and Recognition Platforms

Social employee recognition systems are digital platforms that facilitate engaging and recognizing employee accomplishments and facilitating their social interactions. Social recognition enhances employee engagement and development through integrating peer acknowledgement and appreciation with formal rewards and advancement. The core functions include enabling peer-to-peer shout-outs, milestone celebrations, community forums, and gamification elements to foster connection and morale.

The global Social Employee Recognition Systems Market is estimated to be valued at US$ 13325.25 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing deployment of cloud-based employee engagement and recognition platforms is expected to drive the growth of the social employee recognition systems market over the forecast period. Cloud-based systems offer scalability, flexibility, and easy integration capabilities. They eliminate the needs for on-premise hardware and reduce upfront capital costs. Various organizations are migrating from conventional on-premise models to cloud-based SaaS solutions to streamline internal processes supporting employee engagement, performance management, and recognition activities. Cloud deployment shortens implementation timelines and enables real-time information availability across departments. Major players are focused on enhancing their cloud-based offerings with improved analytics, advanced integration features, and enhanced user experience to tap growth opportunities in this emerging trend.

Segment Analysis

The global social employee recognition systems market is dominated by the cloud-based segment. Cloud-based social employee recognition systems are less expensive to set up and manage, do not require any hardware investment or IT resources, and offer remote access to users through web-based interfaces. These systems give organizations the flexibility to recognize employees from any location at any time through smartphones and tablets. Their software-as-a-service (SaaS) models offer low upfront costs and nominal yearly or monthly subscription fees based on the number of users, making them affordable for organizations of all sizes.

Key Takeaways

The Global Social Employee Recognition Systems Market Size is estimated to be valued at US$ 13325.25 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.

Regional analysis: North America currently dominates the global market and is expected to maintain its position over the forecast period. Organizations in the region are increasingly adopting social employee recognition systems to boost employee engagement and retention. Growing awareness about the benefits of these systems and the presence of major vendors in the US and Canada are driving the North American market.

Key players: Key players operating in the social employee recognition systems market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., , td., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical. These players are focusing on new product launches and partnerships with technology providers to expand their social recognition solutions and better meet the needs of organizations across various industries.

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The Global Social Employee Recognition Systems Market is estimated to be valued at US$ 13325. Segment Analysis The global social employee recognition systems market is segmented by component, deployment, organization size, and vertical. Cloud-based employee recognition systems offer advantages such as scalability, mobility, low installation and maintenance costs which is driving its adoption among organizations. Key players operating in the social employee recognition systems market are GloboForce Ltd, BI Worldwide, SalesForce. The global social employee recognition systems market size for 2023 is US$ 13325.

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