With a strong 9.1% CAGR, the worldwide employee engagement market is anticipated to reach US$ 1.6 Bn in 2022. By 2032, the global employee engagement industry will be worth US$ 3.8 billion. Nearly 15% of the market for human resource management was taken up by the employee engagement sector.
Employee engagement is one of the most well-known solutions adopted by enterprises globally, according to Future Market Insights. In addition to enhancing staff productivity, retention, and enterprise cooperation, these solutions have a significant impact on client satisfaction, brand reputation, and shareholder value.
In recent years, there have been efficient and sophisticated employee engagement solutions that assist enterprises in the people management processes. Increasing the implementation of ML (Machine Learning) and AI (Artificial Intelligence) in the workplace to manage employees and their workflow will further spur demand in the market.
AI promotes effective communication and individualized actions that take place throughout. The HR department is able to make better-informed, data-driven decisions and make rational choices to engage & retain employees. Using these solutions, managers use the data to better understand the factors that influence employee productivity.
“Growing trend of remote work culture, along with increasing need across organizations to focus on employee centricity will augment the growth in the market,” says an FMI analyst.
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Competitive Landscape
Leading players operating in the global employee engagement market are investing in mergers, acquisitions and collaborations with start-ups and other service providers to improve sales in the market.
Some of the key players include
- IBM Corporation,
- Microsoft Corporation,
- Google, Bitrix24,
- Atlassian Corporation Plc,
- Xoxoday,
- Connecteam,
- Officevibe (GSoft Group Inc.), and others.
Key Takeaways:
· By solution, the employee engagement software segment is anticipated expand at a CAGR of 10.1% through the forecast period.
· Unified communications software will hold the largest market share of 33.4% by 2032.
· Among the enterprise size, the large enterprise segment is estimated to grow by 2.2X during the forecast period.
· By industry, the BFSI industry segment is anticipated to grow at the highest CAGR of 11.9% from 2022 to 2032, followed by the IT & telecom industry.
· North America is estimated to lead the employee engagement market followed by the Europe in 2022. Whereas South Asia & Pacific is estimated to be the fastest-growing region during the forecast period.
· Employee engagement market in East Asia is estimated to witness an absolute $ opportunity of US $322.6 Mn in the forecast period.
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Employee Engagement Market Outlook by Category
By Solution:
- Software
- Integrated Employee Engagement Platform
- Standalone Software
- Unified Communications Software
- Enterprise Social Intranet Software
- Employee Recognition & Reward Software
- Employee Performance Management Software
- Others
- Services
- Professional Services
- Consulting Services
- Integration & Implementation
- Support & Maintenance
- Training & Development
- Professional Services
- Managed Services
By Deployment:
- Cloud-Based
- On-Premises
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- IT & Telecom
- BFSI
- Retail
- Healthcare
- Government
- Manufacturing
- Others
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Employee Engagement Software Innovation / Development Trends
4. Pricing Analysis
4.1. Pricing Models, By Solution
4.1.1. Subscription Model
4.1.2. Perpetual Licenses
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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