Social Employee Recognition Systems Market - Forecast(2024 - 2030)

Report Code: ESR 52939 Report Format: PDF + Excel

Social Employee Recognition Systems Market Overview

The Social Employee Recognition Systems Market size is estimated to reach US$14.68 billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028. The increasing adoption of technology and digital solutions in businesses is driving the growth of the social employee recognition systems industry. Due to the increasing penetration of web applications, mobile applications, Artificial Intelligence, cloud computing, the Internet of Things (IoT) and software-as-a-service solutions among enterprises, the demand for advanced employee recognition solutions is rising at an impressive pace for providing Smart and Intelligent workspace. As the modern workforce demands motivation in an innovative and modern way, social employee recognition platforms help reinforce professional relationships in both SMEs and large enterprises. The introduction of cloud and on-premise employee engagement software further boosts the market growth. These aforementioned factors would positively influence the Social Employee Recognition Systems industry outlook during the forecast period.

Social Employee Recognition Systems Market Report Coverage

The report: “Social Employee Recognition Systems Industry Outlook – Forecast (2023-2028)” by IndustryARC, covers an in-depth analysis of the following segments in the Social Employee Recognition Systems industry.

By Deployment: Cloud and On-premise.
By Enterprise Size: Large Enterprises and Small and Medium Sized Enterprises.
By End-use Industry: Retail, IT & Telecommunication, Healthcare, Media & Entertainment, Travel & Hospitality, Manufacturing and Others.
By Geography: North America (the US, Canada and Mexico), South America (Brazil, Argentina and Others), Europe (UK, Germany, France, Italy, Spain and Others), APAC (China, Japan, South Korea, India, Australia and Others) and RoW (the Middle East and Africa).

Key Takeaways

  • The cloud segment is expected to grow at a significant CAGR of 12.3% owing to factors such as quick implementation, scalability and ease of access.
  • The Retail industry segment is expected to grow at a significant CAGR of 12.8% due to growing awareness of employee welfare and rising penetration of cloud computing, artificial intelligence and the Internet of Things (IoT).
  • Europe dominated the market with a market share of 43% in the global Social Employee Recognition Systems Market size. This is due to the growing trend of digital workforce transformation and the introduction of corporate wellness programs.

Social Employee Recognition Systems Market Value Share, by Global Region, 2022 (%)

Social Employee Recognition Systems Market

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Social Employee Recognition Systems Market Segment Analysis - by Deployment

Based on Deployment, the Cloud segment in the Social Employee Recognition Systems Market report had the highest share and it is analyzed to grow at a significant CAGR of 12.3% during the forecast period 2023-2028. Adopting cloud-based social employee recognition systems has numerous benefits, including low cost, accessibility from anywhere and at any time, quick implementation and scalability, all of which help businesses increase productivity and improve employee engagement by providing a smart and intelligent workspace. This, in turn, increases the Social Employee Recognition Systems market size. In April 2021, The Lab & Co launched a cloud-based social employee recognition system called Bucketlist. This system offers an easy and fun way to thank and recognize individuals and teams for living and demonstrating the values recognized at the Lab as critical to success. Such developments positively influence the Social Employee Recognition Systems industry outlook.

Social Employee Recognition Systems Market Segment Analysis - by End-use Industry

Based on End-use Industry, the retail segment in the Social Employee Recognition Systems Market report had the highest share and it is analyzed to grow at a significant CAGR of 12.8% during the forecast period 2023-2028. Growing awareness of employee welfare and recognition, as well as a greater understanding of the importance of worker morale in overall productivity and rising penetration of cloud computing, artificial intelligence and the Internet of Things (IoT), are expected to boost the retail segment in the Social Employee Recognition systems industry. For instance, in September 2020, Awardco launched MemoryBooks which is a way to celebrate the anniversaries of employees at work. This social employee recognition system is integrated with Amazon Business and offers millions of amazon products with zero markups. These developments would increase the Social Employee Recognition Systems market size.

Social Employee Recognition Systems Market Segment Analysis - by Geography

Europe dominated the global market for Social Employee Recognition Systems Market with a market share of 43% in 2022. The region is also analyzed to have significant growth over the forecasting period. The growing trend of digital workforce transformation, growing awareness towards employee morale and introduction of corporate wellness programs due to work-related stress and anxiety is boosting the Social Employee Recognition Systems market in this region. In December 2021, Health and Safety Executive, a UK government agency, stated that the total number of cases of work-related stress, depression or anxiety in 2020/21 was 822,000. These factors drive the demand for Social Employee Recognition Systems.

Social Employee Recognition Systems Market Drivers

Growing utilization of social media platforms:

Increasing enterprise use of social media platforms is expected to drive the growth of the Social Employee Recognition Systems market over the forecast period. In the recent past, various social media platforms have seen widespread adoption in organizations and business enterprises which had a significant effect on employee engagement. Companies are using social media platforms such as LinkedIn and Twitter to communicate with internal teams. They are also used to differentiate employee efforts and engage them in promotional and marketing activities. Companies are advertising new products and product discounts, as well as plans for future employee growth, in order to boost sales and increase brand loyalty online. In September 2022, Nectar 3 launched their newest and updated version of the social employee recognition system which is a peer-to-peer recognition system and is used by big companies such as Heineken, MLB and others.

Growing management participation:

Growing senior management participation is expected to drive the growth of the global Social Employee Recognition Systems market during the forecast period. The constant increase in senior management involvement in employee engagement and recognition has increased the adoption of social employee recognition systems in organizations. These social employee recognition solutions can be app-based, allowing senior management to actively participate from a remote location and recognize and reward employees' efforts thus providing a smart and intelligent workspace. Furthermore, social employee recognition solutions such as cloud and on-premise can assist employees in communicating with their respective teams as well as seniors, thereby increasing employee productivity. In February 2020, Infosys partnered with GE Appliances for providing smart and intelligent workforce solutions. Such developments boost the demand for Social Employee Recognition Systems.

Social Employee Recognition Systems Market Challenge

Lack of security measures:

The Social Employee Recognition Systems market is likely to be constrained by a lack of secure social networking platforms during the forecast period. Employee recognition technology implementation is hampered by the lack of appropriate security measures. When social networking sites are integrated with business applications, the company becomes vulnerable to cyber-attacks and unauthorized access. Through these cyber-attacks, confidential data become vulnerable. As a result, the demand for Social Employee Recognition Systems decreases. These factors hamper the market growth during the forecast period.

Key Market Players

Product launches, collaborations and R&D activities are key strategies adopted by players in the Social Employee Recognition Systems Market. The top 10 companies in the Social Employee Recognition Systems market are:

  1. Salesforce Inc
  2. Culture AMP
  3. Terryberry
  4. Achievers Solutions
  5. Appreiz Inc
  6. Tooodooo
  7. Nectar
  8. Wooboard Technologies
  9. Semos Cloud
  10. Workhuman

Recent Developments

  • In May 2022, Terryberry acquired Walker Tracker, a corporate wellness SaaS platform. Terryberry would be able to provide new wellness products through its employee recognition and engagement technology as a result of this acquisition.
  • In October 2021, Tooodooo Inc. announced the launch of its new incentive rewards platform. This is the first fully integrated platform and aims to bring workforce transformation and increase productivity. This is poised to increase the company’s share in the Social Employee Recognition Systems Market.
  • In September 2021, Toronto-based Achievers announced a new cloud-based platform that is aimed at improving how employees in an organization are engaged and recognized.

Relevant Report Titles: 

Employee Engagement Software Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: ITR 0279

Employee Monitoring Software Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: ITR 0280

Corporate Wellness Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast Analysis
Report Code: HCR 0223

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1. Social Employee Recognition Systems Market - Market Overview
    1.1 Definitions and Scope
2. Social Employee Recognition Systems Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends by Application
    2.3 Key trends segmented by Geography
3. Social Employee Recognition Systems Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking - Top 3 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis
4. Social Employee Recognition Systems Market – Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies (3 Case Studies)
    4.4 Customer Analysis (5 Key Customers for Top 5 Companies)
5. Social Employee Recognition Systems Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis (3 Key Startups Analyzed)
6. Social Employee Recognition Systems Market - Market Forces
    6.1 Market Drivers
    6.2 Market Challenges
    6.3 Porter's five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Social Employee Recognition Systems Market – by Strategic Analysis (Market Size - $Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle
    7.4 Suppliers and Distributors
8. Social Employee Recognition Systems Market – by Deployment (Market Size - $Million/Billion)
    8.1 Cloud
    8.2 On-Premise
9. Social Employee Recognition Systems Market - by Enterprise Size (Market Size - $Million/Billion)
    9.1 Large Enterprises
    9.2 Small and Medium-sized Enterprises
10. Social Employee Recognition Systems Market - by End-use Industry (Market Size - $Million/Billion)
    10.1 Retail
    10.2 IT & Telecommunication
    10.3 Healthcare
    10.4 Media & Entertainment
    10.5 Travel & Hospitality
    10.6 Manufacturing
    10.7 Others
11. Social Employee Recognition Systems Market - by Geography (Market Size - $Million/Billion)
    11.1 North America
        11.1.1 The US
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Chile
        11.2.4 Columbia
        11.2.5 The Rest of South America
    11.3 Europe
        11.3.1 The UK
        11.3.2 Spain
        11.3.3 Italy
        11.3.4 The Netherlands
        11.3.5 France
        11.3.6 Germany
        11.3.7 The Rest of Europe
    11.4 APAC
        11.4.1 China
        11.4.2 Japan
        11.4.3 Australia
        11.4.4 India
        11.4.5 Singapore
        11.4.6 South Korea
        11.4.7 Malaysia
        11.4.8 The Rest of APAC
    11.5 The Rest of the World
        11.5.1 Africa
        11.5.2 The Middle East
12. Social Employee Recognition Systems Market - Entropy
13. Social Employee Recognition Systems Market - Industry Competition Landscape (Premium)
    13.1 Market Share Global (10 Companies at Global Level)
    13.2 Market Share by Region (5 Companies Per Region)
    13.3 Market Share by Country (5 Companies per Country. Covering 10 Key Countries – the US, Canada, Brazil, Germany, France, the UK, China, Japan, India and the Middle East)
    13.4 Market Share by Type/End-use Industry (5 Companies per Type)
    13.5 Competition Matrix (Top 10 Global Companies)
14. Social Employee Recognition Systems Market - Key Company List by Country Premium (Premium)
(Up to 5 Companies per Country for 10 Countries - the US, Canada, Brazil, Germany, France, the UK, China, Japan, India and the Middle East – Tentative: 50 Companies Subject to Availability)
15. Social Employee Recognition Systems Market Company Analysis (Market Overview, Product Portfolio, Revenue and Developments)
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
* "Financials would be provided to private companies on best-efforts basis." 
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LIST OF TABLES

1.Global Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 ($M)
1.1 By Deployment Market 2023-2030 ($M) - Global Industry Research
2.Global Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 ($M)
2.1 By Enterprise Type Market 2023-2030 ($M) - Global Industry Research
3.Global Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 ($M)
3.1 By Industry Type Market 2023-2030 ($M) - Global Industry Research
4.Global Competition Analysis Market 2023-2030 ($M)
5.Global Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 (Volume/Units)
5.1 By Deployment Market 2023-2030 (Volume/Units) - Global Industry Research
6.Global Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 (Volume/Units)
6.1 By Enterprise Type Market 2023-2030 (Volume/Units) - Global Industry Research
7.Global Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 (Volume/Units)
7.1 By Industry Type Market 2023-2030 (Volume/Units) - Global Industry Research
8.Global Competition Analysis Market 2023-2030 (Volume/Units)
9.North America Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 ($M)
9.1 By Deployment Market 2023-2030 ($M) - Regional Industry Research
10.North America Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 ($M)
10.1 By Enterprise Type Market 2023-2030 ($M) - Regional Industry Research
11.North America Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 ($M)
11.1 By Industry Type Market 2023-2030 ($M) - Regional Industry Research
12.North America Competition Analysis Market 2023-2030 ($M)
13.South America Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 ($M)
13.1 By Deployment Market 2023-2030 ($M) - Regional Industry Research
14.South America Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 ($M)
14.1 By Enterprise Type Market 2023-2030 ($M) - Regional Industry Research
15.South America Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 ($M)
15.1 By Industry Type Market 2023-2030 ($M) - Regional Industry Research
16.South America Competition Analysis Market 2023-2030 ($M)
17.Europe Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 ($M)
17.1 By Deployment Market 2023-2030 ($M) - Regional Industry Research
18.Europe Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 ($M)
18.1 By Enterprise Type Market 2023-2030 ($M) - Regional Industry Research
19.Europe Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 ($M)
19.1 By Industry Type Market 2023-2030 ($M) - Regional Industry Research
20.Europe Competition Analysis Market 2023-2030 ($M)
21.APAC Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 ($M)
21.1 By Deployment Market 2023-2030 ($M) - Regional Industry Research
22.APAC Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 ($M)
22.1 By Enterprise Type Market 2023-2030 ($M) - Regional Industry Research
23.APAC Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 ($M)
23.1 By Industry Type Market 2023-2030 ($M) - Regional Industry Research
24.APAC Competition Analysis Market 2023-2030 ($M)
25.MENA Social Employee Recognition Systems Analysis By Deployment Market 2023-2030 ($M)
25.1 By Deployment Market 2023-2030 ($M) - Regional Industry Research
26.MENA Social Employee Recognition Systems Analysis By Enterprise Type Market 2023-2030 ($M)
26.1 By Enterprise Type Market 2023-2030 ($M) - Regional Industry Research
27.MENA Social Employee Recognition Systems Analysis By Industry Type Market 2023-2030 ($M)
27.1 By Industry Type Market 2023-2030 ($M) - Regional Industry Research
28.MENA Competition Analysis Market 2023-2030 ($M)

LIST OF FIGURES

1.US Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
2.Canada Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
3.Mexico Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
4.Brazil Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
5.Argentina Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
6.Peru Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
7.Colombia Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
8.Chile Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
9.Rest of South America Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
10.UK Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
11.Germany Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
12.France Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
13.Italy Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
14.Spain Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
15.Rest of Europe Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
16.China Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
17.India Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
18.Japan Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
19.South Korea Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
20.South Africa Social Employee Recognition Systems Adoption Trends Market Revenue, 2023-2030 ($M)
21.North America Social Employee Recognition Systems Adoption Trends By Application
22.South America Social Employee Recognition Systems Adoption Trends By Application
23.Europe Social Employee Recognition Systems Adoption Trends By Application
24.APAC Social Employee Recognition Systems Adoption Trends By Application
25.MENA Social Employee Recognition Systems Adoption Trends By Application