by Social employee recognition systems help organizations to acknowledge and motivate their employees for delivering exceptional performance. These systems allows organizations to publicly recognize employees for their achievements and contributions. It plays a key role in engaging and retaining employees. Social employee recognition platforms facilitates peer-to-peer appreciation, reward points redemption, and gamification features to make the recognition experience more fun and rewarding for employees. The global adoption of gamification features in workplace recognition programs is expected to drive the growth of social employee recognition systems market. Gamification engages and motivates employees to participate in recognition activities. It creates a competitive environment where employee strive to attain rewards and leaderboard positions. Features like badges, levels, points, and virtual rewards transforms the recognition experience into a game.
The global social employee recognition systems market is estimated to be valued at US$ 13325.25 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The adoption of gamification in workplace recognition and growing demand for engaging employee experience are the major drivers propelling the growth of social employee recognition systems market. Gamification makes recognition more fun for employees by introducing game elements like points, leaderboards, levels and virtual rewards. It encourages healthy competition among employees and motivates them to excel in their work. Moreover, social employee recognition plays a pivotal role in employee engagement. Recognizing and rewarding top performers boost employee morale and satisfaction. Public appreciation on social platforms fosters a sense of belonging. Recognition also helps in attracting and retaining talents. These factors are accentuating the demand for social employee recognition solutions.
Segment Analysis
The social employee recognition systems market can be segmented by component, deployment, organization size, vertical and region. Based on component, the market is divided into software and services. The software segment is dominating as most organizations utilize online recognition software for recognition programs.
PEST Analysis
Political: The Social employee recognition system market growth is impacted by government support for initiatives to motivate workforce. Regulations around data privacy and security also impact market adoption.
Economic: In periods of recession, organizations focus more on employee retention through recognition programs to boost morale and productivity. Economic growth leads to increased IT budgets for such systems.
Social: Younger demographics expect continual feedback and recognition in workplaces. They are comfortable using social and mobile technologies which adoption of social recognition systems caters to. Emphasis on work-life balance increases need for flexible work recognition programs.
Technological: Advancements in artificial intelligence, analytics and cloud computing enables sophisticated social recognition features like analytics of recognition patterns, automatic recognition based on performance parameters etc aiding market growth. Integration of systems with collaboration platforms supplements hybrid work models.
Key Takeaways
The Global Social Employee Recognition Systems Market Growth is expected to witness high over the forecast period driven by increasing adoption among large enterprises and focus on talent retention. The global social employee recognition systems market is estimated to be valued at US$ 13325.25 million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
Regional analysis comprises:
North America represents the largest market for social employee recognition systems led by presence of key vendors and early adoption among organizations to drive engagement. The Asia Pacific region is expected to grow at the fastest pace with rapidly growing economies, expansion of organizations and focus on improving workplace culture.
Key players operating in the social employee recognition systems market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., , td., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical. Key players are focused on integrating advanced technologies to offer enhanced and personalized recognition experiences to users.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
