Social Employee Recognition System Market Set to Surge with a Projected 15.7% CAGR, Reaching US$ 49,455.6 Million

The social employee recognition system market is estimated to be worth US$ 15,441.0 million in 2023. In contrast, the 2022 value was US$ 13,333.2 million. The market is predicted to have an astonishing CAGR of 15.7% over the forecast period from 2023 to 2033. By the end of the forecast period in 2033, the market size is predicted to have shot up to US$ 49,455.6 million.

Employee recognition in the form of simple payments is becoming outmoded. Employers are on the hunt for smart ways of employee recognition and thus the help of social employee recognition systems is being sought. There has been a notable shift towards incorporating technology into most aspects of company work and social employee recognition systems are benefiting.

Talent management as a concern is rising among companies. Companies are recognizing the value of keeping employees satisfied and are thus turning to talent management software. Social employee recognition systems also fall under the talent management system umbrella and are also finding acceptance.

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Through social employee recognition systems, senior managers are taking a more hands-on approach to employee recognition. The ability of social employee recognition systems to connect to social media as well as be used as an app is also endearing the product to companies. Cloud-based social employee recognition systems are popular due to the flexibility provided.

Key Takeaways from the Social Employee Recognition System Market Report:

  • The social employee recognition system market’s size for 2023 is estimated to be US$ 15,441.0 million.
  • Cloud is the most common type of deployment in the market. For 2023, the cloud is expected to hold 44.7% of the market share by deployment.
  • Retail and consumer goods companies are the most frequent users of social employee recognition systems. For 2023, retail and consumer goods are expected to make up 29.5% of the market share by industry type.
  • The growth of the market in France is predicted to be astonishing. For the forecast period of 2023 to 2033, the CAGR for the market is predicted to be 22.3% in France.
  • The United Kingdom and Germany are other fast-growing European countries in the market. The CAGR for the United Kingdom and Germany is tipped to be 16.0% and 19.9% respectively for the forecast period.
  • China and India are also markets where the market is tipped to flourish. The market is projected to grow at a CAGR of 17.0% and 18.2% in China and India respectively.

Leading Key Players:

  • Salesforce.com Inc.
  • Globoforce Ltd.
  • REFFIND Ltd.
  • Achievers Solutions Inc.
  • Kudos Inc.
  • Madison Performance Group
  • Recognize Services Inc.
  • Aurea Software Inc.
  • BI Worldwide Ltd.
  • Terryberry
  • YouEarnedIt

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Recent Developments in the Social Employee Recognition System Market:

  • In May 2022, Walker Tracker was acquired by Terryberry. By doing so, Terryberry stepped into the social employee recognition system market.
  • In October 2021, tooodooo Inc.’s employee rewards platform was introduced in the market. The platform aims to transform the industry through innovations.
  • In September 2021, Achievers launched its Employee Experience Platform. The platform is cloud-based and makes use of gift cards and merchandise, among others, as recognition.

Social Employee Recognition System Market Segmentation:

By Deployment:

  • Cloud
  • On-premise

By Industry Type:

  • Retail and Consumer Goods
  • Healthcare
  • IT and Telecommunication
  • Travel and Hospitality
  • Manufacturing
  • Media and Entertainment
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa (MEA)

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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