The global Social Employee Recognition Systems Market is estimated to be valued at US$ 13325.25 Mn in 2023 and is expected to exhibit a CAGR of 11.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Social employee recognition systems help organizations recognize and reward their employees for performance, achievements, values and behavior. These systems allow organizations to publicly acknowledge employee achievements through social network-style communications. They also enable assigning badges, points and leaderboard rankings to employees. This fosters healthy competition among employees and recognition of high performers. These systems have significant advantages for organizations. They improve employee engagement and motivation levels by making employees feel valued. Recognition also plays a key role in employee retention. Social recognition systems make the recognition process more transparent and inclusive. They provide analytics on rewards that help optimize recognition strategies. With the growing younger workforce that values continuous feedback and recognition, social employee recognition systems are gaining more prominence in the workplace.
Market key trends:
One of the key trends in the social employee recognition systems market is the growing focus on instant and continuous recognition. Earlier recognition was event-based but now organizations are recognizing employees in real-time for even small accomplishments. Mobile-optimized social recognition platforms are enabling this through features like check-ins and shout-outs. Another trend is the integration of recognition programs with business objectives and tools. Rewards are now being linked to key performance indicators and company values. Recognition data is also being integrated with HR platforms for combined insight. Gamification of recognition is also a growing trend where badges, points and leaderboards turn recognition into a fun experience. Customized rewards catalogs and gift cards are further enhancing employee choice and experience. Growth of SaaS delivery model and integration of advanced analytics are expanding the capabilities of social recognition solutions.
Porter’s Analysis
Threat of new entrants: The threat is moderate. The social employee recognition systems market requires high initial investments and established distribution networks. This poses moderately high entry barriers.
Bargaining power of buyers: The bargaining power is moderate. The presence of various vendors provides options to buyers, however switching costs are moderately high.
Bargaining power of suppliers: The bargaining power is low. There are numerous solution providers in this market.
Threat of new substitutes: The threat is low. There are few alternative systems available that can effectively substitute social employee recognition systems.
Competitive rivalry: High as the market is growing and fragmented with the presence of both global and regional players.
Key Takeaways
The global Social Employee Recognition Systems Market Share is expected to witness high growth, exhibiting CAGR of 11.9% over the forecast period, due to increasing need to boost employee engagement and productivity.
Regional analysis: North America accounts for the largest share in the global social employee recognition systems market, followed by Europe. Growth in the Asia Pacific social employee recognition systems market is expected to be fastest, exhibiting a CAGR of over 13% between 2023 to 2030, due to increasing adoption across countries such as China and India.
Key players: Key players operating in the social employee recognition systems market incorporate GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.