The global employee recognition software market was estimated to be worth US$ 10.6 billion in 2021 and is projected to grow to US$ 30 billion by 2032, per a recent industry study by Future Market Insights (FMI). The majority of market income will come from large firms, thus the report’s conclusions indicate that this segment will continue to be crucial to the industry.
Employee recognition software, according to the majority of HR directors worldwide, empowers workers by enabling them to access their data at any time and from any location, thereby minimising the need for HR intervention. As a cornerstone of the Total Rewards Strategy, employee recognition has to be seen as an ongoing project. It takes a coordinated effort that has to be monitored and overseen to ensure that workers feel valued.
In this regard, it is critical to select employee recognition software that will grow and evolve in tandem with the needs of the company. Employee recognition software’s key features include ease of access and use, configurability, security, integration, and flexibility.
Improving employee engagement, increasing employee retention, improving the employee experience, increasing employee productivity, supporting employee development, and creating a positive company culture are just a few of the advantages that consumers and the company enjoy.
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“The expansion of the contractual workforce, expanding outsourcing operations, the increasing trend of the virtual workplace, performance management and employee engagement difficulties are projected to significantly boost the employee recognition software demand.” comments a Future Market Insights analyst.
Competitive Analysis
Companies in employee recognition software market are increasingly engaging in acquisitions, partnerships, and mergers in order to strengthen their capabilities, product portfolio, and create competitive distinctiveness. Furthermore, businesses are concentrating on gaining consumer acceptability for their software services. Some of the key companies in the market include Kudos, Achievers Corp., REFFIND Ltd., Globoforce, Terryberry, Ultimate Software, Peoplecart, CorporateRewards, Paramax, BI WORLDWIDE EMEA, and Incentive Logic.
Some of recent developments for Employee Recognition Software Market are:
- In May 2022, Terryberry acquired Walker Tracker, a corporate wellness SaaS platform. Walker Tracker was purchased on April 11, 2022. Terryberry will be able to provide new wellness products through its employee recognition and engagement technology as a result of this acquisition.
- In December 2021, Kudos received a US$ 10 Mn minority investment fund from the Canadian Business Growth Fund.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Employee Recognition Software Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Employee Recognition Software Market across five regions (North America, Asia Pacific, Europe, Middle East & Africa and Latin America).
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Market Segments Covered in Employee Recognition Software Market Analysis
By Type:
- On Premises
- Cloud-based
By Application:
- Large Companies
- Small and Medium-Sized Companies
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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