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.