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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

Social employee recognition systems are the combination of software solutions that aid organizations to provide their employees' tools and techniques associated with social networking tools that facilitate them to acknowledge each other efforts and celebrate success. Social employee recognition platforms are the software system that allows users to recognize efforts of another person/co-worker and appraise them with the help of social networking websites. This helps managers to appreciate employee contribution, foster knowledge sharing, and social learning, reinforce behaviors, showcase achievements of team, identify subject matter experts, and extend corporate knowledge.

The global social employee recognition systems market is estimated to be valued at US$ 10,641.8 million in 2021 and is expected to exhibit a CAGR of 11.9% over the forecast period (2021-2028).

Recent Developments:

  • In May 2020, Salesforce launched Work.com – new technology solutions to help businesses and communities safely reopen during COVID-19 pandemic. Work.com includes new solutions, ranging from contact tracing and emergency response management to employee wellness assessment and shift management, for accelerating private and public sector response to the COVID-19 pandemic
  • In June 2020, Tanium announced a strategic partnership with Salesforce to reimagine employee service management.
  • In October 2018, Jive Software, a leading provider of employee experience solutions and part of the Aurea family of companies, announced that Vodafone Ukraine was honoured with a Gold Step Two 2018 Intranet and Digital Workplace Award for its Jive-powered enterprise community.

Europe held dominant position in the global social employee recognition systems market in 2020, accounting for 31.9% share in terms of volume, followed by North America and Asia Pacific, respectively.

Figure 1. Global Social Employee Recognition Systems Market Value (US$ Mn), by Region, 2020

Social Employee Recognition Systems  | Coherent Market Insights

Market Dynamics- Drivers

Increasing utilization of social media platforms among enterprises is expected to drive growth of the global social employee recognition systems market during the forecast period. Various social media platforms have witnessed massive adoption in organizations and business enterprises in the recent past. Social media platforms including LinkedIn and Twitter are being used by companies, in order to communicate with internal teams. Furthermore, they are also utilized to distinguish employee efforts and engage them in promotional and marketing activities. Companies are advertising new products and regarding product discounts, and plans for the new future growth of employees, in order to boost sales and increase brand loyalty online.

Growing participation of senior management is expected to propel the global social employee recognition systems market growth over the forecast period. Constant increase in involvement of senior management in employee recognition has increased the adoption of social employee recognition systems in organizations. Some companies have seen improved and stronger growth owing to participation of upper management in similar activities. These social employee recognition solutions can be app-based, which can allow senior management can actively participate from a remote location and recognize & reward the efforts made by employees. Furthermore, social employee recognition solutions can help employees to communicate with their respective teams along with seniors, thereby increasing the productivity of employees.

Market Opportunities

Increasing acceptance of BOYD culture can present major growth opportunities. Many corporate companies have started accepting the culture of bringing your own device (BOYD) although it is at nascent stage in smaller companies. This trend is creating major opportunities for market players to enhance the market presence. Organizations in various sectors are adopting BOYD culture, in order to reduce costs to the company in terms of personal computers, devices, and laptops, etc. BOYD approach allows employees to connect to coworkers and clients and help these employees to appraise co-workers and teams. This is done by providing feedbacks and increase their loyalty towards the organization.

High growth of social medial platforms can provide major business opportunities. According to Coherent Market Insights’ analysis, around 65% of internet users utilize social media platforms and online services on a daily basis. Many companies are deploying social networking tools for training of employees. This does not increase any cost to the company and enables employees to communicate with each other and recognize efforts made. Moreover, companies use social media platforms to drive interaction among employees through online communities to invite ideas for solving various complex problems and challenges associated with their businesses and then reward their contributors.

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Social Employee Recognition Systems Market Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2021: US$ 10,641.8 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2021 to 2028
Forecast Period 2021 to 2028 CAGR: 11.9% 2028 Value Projection: US$ 23,407.7 Mn
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Argentina, Brazil, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Italy, Russia, Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, South Africa, Rest of Middle East & Africa
Segments covered:
  • By Deployment: Cloud, On-Premise
  • By Enterprise Size: SME, Large Enterprise
  • By Industry: Retail & Consumer Goods, IT & Telecom, Healthcare, Media & Entertainment, Travel & Hospitality, Manufacturing, Others
Companies covered:

GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison

Growth Drivers:
  • Increasing utilization of social media platforms among enterprises
  • Growing participation of senior management
Restraints & Challenges:
  • Low availability of secured social networking platforms
  • Lack of overall employee participation

Market Trends

Small and medium enterprises are adopting this technology at a slow rate due to limited budget and lack of high security options. Small companies require solutions that fit into their budgets, along with offering an adequate level of security. Hence, companies are shifting towards adoption of cloud-based social employee engagement technology, which can provide similar performance and security as an on premise solution, without need for further expansion of IT-related infrastructure.

Large enterprises account for larger share of the global market revenue as compared to smaller players due to more capital to invest and stronger global presence. Large enterprises adopt these enterprise social networks and online collaboration solutions in order to connect with employees working globally and to promote their products and analyze user behavior related to their respective products. With growing adoption of software-as-a-service offerings, small and medium enterprises are implementing these social employee engagement programs as it becomes less costly due to availability on cloud without increasing IT infrastructure.

Figure 2. Global Social Employee Recognition Systems Market Share, By Industry, 2020

Social Employee Recognition Systems  | Coherent Market Insights

Key Takeaways of the Graph:

  • The Retail & Consumer Goods segment held dominant position in the market and accounted for 34.2% share in the global social employee recognition systems Market in 2020. The segment is expected to reach US$ 8,216.1 million in 2028, owing to the rising investment in advanced technologies in retail sector to improve operational efficiency and customer experience for customer retention.
  • The On-Premise segment was valued US$ 6,460.0 Mn in 2020 and is expected to witness a CAGR of 15.1% over the forecast period.

Market Dynamics- Restraints

Low availability of secured social networking platforms is expected to restrain growth of the global social recognition employee systems market during the forecast period. Lack of effective security measures is a major hindering factor for the adoption of social employee recognition systems. Integrating social networking websites with business applications makes the business susceptible to cyber-attacks, unauthorized access, and illegal access to information. Integration of Customer Relationship Management (CRM) or Enterprise Resource Management (ERP) with social websites allows clients, vendors, and other users to access the content of a company, and as a result, preference for social employee recognition solutions among companies is relatively low currently.     

Lack of overall employee participation is expected to hamper the global social employee recognition systems market growth over the forecast period. In various organizations, many employees have the perception that using such social media platform can put their private information into risk. Although many organizations have integrated with these technologies, they do not provide adequate training and introductory learning to their employees. As a result of this, employees are visiting their social media platforms although they are unable to offer many advantages such as real-time collaboration, peer-to-peer communication with team, etc.

Competitive Section

Major companies involved in the global social employee recognition systems market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison.

Key Developments

Key players in the market are focused on mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in June 2017, Aurea Software Inc., a software emperies, acquired Jive Software for US$ 462 million.

Social employee recognition systems provide tangible benefits for organizations. A company that does not offer employees any form of recognition may suffer from low morale, employee turnover, and poor relationship with its employees. Thus, these social employee recognition systems are designed to reward an employee's performance and contribute positively to the growth of the organization. This helps to build loyalty among employees and enhance their commitment, engagement, and productivity levels. This employee recognition and reward programs are typically incorporated into the monthly performance appraisal report to keep the metrics on the performance of the company up-to-date.

Market Dynamics

Technological innovations delivered via software-as-a-service (SaaS) applications are expected to boost the global social employee recognition systems market growth over the forecast period. SaaS applications have become an important part of software services in many industries due to technological advancements. SaaS provides numerous advantages including cost-effectiveness, flexible payment methods, enhance scalability, and improved data storage with the cloud. Hence, such factors are expected to boost market growth.

Moreover, the integration of advanced technologies in IT and telecom is expected to accelerate growth of the global social employee recognition systems market in the near future.

Key features of the study:

  • This report provides in-depth analysis of the social employee recognition systems market , and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global social employee recognition systems market  based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., and Madison.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global social employee recognition systems market  report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global social employee recognition systems market

Detailed Segmentation:

  • Global Social Employee Recognition Systems Market, By Deployment:
    • Cloud
    • On-Premise
  • Global Social Employee Recognition Systems Market, By Enterprise Size:
    • SME
    • Large Enterprise
  • Global Social Employee Recognition Systems Market, By Industry:
    • Retail & Consumer Goods
    • IT & Telecom
    • Healthcare
    • Media & Entertainment
    • Travel & Hospitality
    • Manufacturing
  • Global Social Employee Recognition Systems Market, By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East and Africa
  • Company Profiles
    • GloboForce Ltd*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments
      • Future Plans
    • BI Worldwide
    • Com
    • Jive Software, Inc.
    • Aurea
    • Reffind Ltd
    • Recognize Services, Inc.
    • Kudos, Inc.
    • Vmware, Inc.
    • Achievers Solutions Inc.
    • Madison

*Browse all the market data tables and figures on “Global Social Employee Recognition Systems Market- Forecast to 2028”

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Deployment
      • Market Snippet, By Enterprise Size
      • Market Snippet, By Industry
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Regulatory Scenario
    • Industry Trend
    • Merger and Acquisitions
    • New System Launch/Approval
    • Impact of COVID-19 Pandemic on Global Social Employee Recognition Systems Market
  4. Global Social Employee Recognition Systems Market, By Deployment, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Cloud
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • On-Premise
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  5. Global Social Employee Recognition Systems Market, By Enterprise Size, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • SME
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Large Enterprise
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  6. Global Social Employee Recognition Systems Market, By Industry, 2017-2028 (US$ Million)
    • Introduction
      • Market Share Analysis, 2020 and 2028 (%)
      • Segment Trends
    • Retail & Consumer Goods
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • IT & Telecom
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Healthcare
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Media & Entertainment
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Travel & Hospitality
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
    • Manufacturing
      • Introduction
      • Market Size and Forecast, 2017–2028, (US$ Million)
  7. Global Social Employee Recognition Systems Market, By Region, 2017-2028  (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2028 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • U.S.
        • Canada
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028 (%)
        • Argentina
        • Brazil
        • Mexico
        • Rest of Latin America
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • China
        • India
        • ASEAN
        • Japan
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Middle East & Africa
      • Regional Trends
      • Market Size and Forecast, By Deployment, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Enterprise Size, 2017–2028 (US$ Million)
      • Market Size and Forecast, By Industry, 2017–2028 (US$ Million)
      • Market Share Analysis, By Country, 2020 and 2028(%)
        • GCC Countries
        • South Africa
        • Rest of Middle East & Africa
  8. Competitive Landscape
    • Company Profiles
      • GloboForce Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BI Worldwide
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Com
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Jive Software, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Aurea
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Reffind Ltd
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Recognize Services, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kudos, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Vmware, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Achievers Solutions Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Madison
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  9. Section
    • References
    • Research Methodology
    • About Us and Sales Contact

*Browse market data tables and figures on “Global Social Employee Recognition Systems Market-forecast to 2028”

FAQgrowicon

Frequently Asked Questions

Europe held dominant position in the global Social Employee Recognition Systems Market in 2020, accounting for 31.9% share in terms of value.
In 2020, the Retail & Consumer Goods segment accounted for the largest share of 34.2% in the market and is expected to be valued at US$ 8,216.1 million by 2028.
Low availability of secured social networking platforms is expected to restrain growth of the market during the forecast period.
Growing participation of senior management is expected to propel the market growth over the forecast period.
High demand for cloud-based employee engagement programs is one of the emerging trends in the market.
Major companies involved in the market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison.
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