May 26, 2024
Employee Advocacy Tool Market
Ict

Employee Advocacy Tool Market is Rising as a Trend in Marketing and Communications

The Global Employee Advocacy Tool Market is estimated to be valued at US$ 1.39 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period between 2024 to 2031.

 Employee advocacy tools enable companies to empower their employees to share organizational updates and messages on social media platforms. These tools help companies in driving advocacy, branding, recruitment, sales and other marketing initiatives through employee networks.

Key players operating in the Employee Advocacy Tool Market Demand include 4d Molecular Therapeutics, LLC, Abeona Therapeutics Inc., Advaxis, Adverum Biotech, Aevi Genomic Applied Genetic Technologies Corporation (AGTC), Alcyone Lifesciences, Allife Medical Science and Technology, Amarna Therapeutics, American Gene Technologies, Amgen, Amicus Therapeutics, Anchiano Therapeutics, AnGes MG, Apic Bio, Armata Pharmaceuticals, Arrowhead, Asklepios, Astellas, AVROBIO, BCM Families Foundation, Beijing Northland, Benitec, Biogen, BioMarin, Biosidus, bluebird bio, Boryung Group, Brain Neurotherapeutics.

The growing demand for employee advocacy programs to improve brand awareness, sales generation and employee engagement is expected to drive the employee advocacy tool market. Several organizations have realized the importance of empowering employees to participate in transparent discussions about their work which in turn boosts employer branding. The ability of employee advocacy tools to reach wider audience through employee networks acts as a key factor for their increased adoption.

The global expansion of several technology companies and growth of diverse industries has also augmented the need to promote brands and services through the exponentially growing social media channels. This has prompted companies to invest in employee advocacy tools to efficiently manage conversations and maximize outreach through social platforms.

The key trends include the rise of AI-enabled tools to make advocacy programs more personalized and optimize content reach. Vendors are focusing on leveraging AI technologies to understand employee interests and automate key processes such as content suggestion and monitoring. Another trend is the bundling of Employee Advocacy Tool Market Demand features into existing workforce communication and collaboration platforms to provide added value to users. Integrations with CRM and marketing automation solutions are also gaining prominence.

Porter’s Analysis
Threat of new entrants: New companies can enter this market easily as the technology barrier is not very high. However, established players have advantages of existing customer base and technological expertise which makes it difficult for new entrants to gain market share.

Bargaining power of buyers: There are many companies offering employee advocacy tools which gives buyers multiple options to choose from. This increases their bargaining power. Buyers can negotiate on price and demand additional features.

Bargaining power of suppliers: Majority of the tools require generic technology components which are easily available. This reduces suppliers’ bargaining power. However, some may rely on few specialized suppliers increasing their influence.

Threat of new substitutes: New technologies like social selling and digital marketing platforms can be seen as substitutes. However, employee advocacy has its own advantages which makes it difficult to completely replace.

Competitive rivalry: Being a growing market, competition is intense. Major players compete on features, technology, price and customer experience to increase market share.

Geographical regions: North America accounted for the largest share primarily due to availability of large enterprises and adoption of new age tools. Growing awareness and enterprise spending is driving growth in Europe and Asia Pacific region.

Fastest growing region: Asia Pacific is expected to grow at the fastest pace during the forecast period led by countries like China and India. Increasing internet and smartphone penetration along with expanding enterprises are some factors propelling the market in this region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it