Employee Engagement Market Forecasted to Surge at 9.1% CAGR, Touching US$ 3.8 Billion by 2032

The global employee engagement market is expected to grow at a CAGR of 9.1% during the forecast period (2022 to 2032), reaching nearly US$ 3.8 Billion by 2032.

Every aspect of human resource management (HRM) has been impacted by technological advancements across numerous sectors. Employee benefit platforms, performance management tools, employee recognition tools, and survey tools are widely adopted by companies to ensure a better relationship with their employees.

Cloud-based employee engagement software has made it easier for enterprises to provide better and faster outcomes. These enterprises and their corresponding employees benefit from this software and the tools. The present generation is of digital nomads who embrace employee engagement through technology.

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.

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Key Takeaways From The Employee Engagement Market Report:

• By solution, the employee engagement software segment is anticipated to 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 Europe in 2022. Whereas South Asia & Pacific is estimated to be the fastest-growing region during the forecast period.
• The employee engagement market in East Asia is estimated to witness an absolute $ opportunity of US $322.6 Million in the forecast period.

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.

Leading Key Players:

• Cisco Systems
• IBM Corporation
• Microsoft Corporation
• Google
• Bitrix24
• Atlassian Corporation Plc
• Xoxoday
• Connecteam
• Officevibe (GSoft Group Inc.)
• ContactMonkey Inc.
• Lattice
• Peakon
• BambooHR
• Impraise
• LumApps SAS

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Employee Engagement Market Segmentation:

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

• 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

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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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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