The social employee recognition system market is estimated to be worth US$ 15,441.0 million in 2023. In contrast, the 2022 value was US$ 13,333.2 million. The market is predicted to have an astonishing CAGR of 15.7% over the forecast period from 2023 to 2033. By the end of the forecast period in 2033, the market size is predicted to have shot up to US$ 49,455.6 million.
Talent management as a concern is rising among companies. Companies are recognizing the value of keeping employees satisfied and are thus turning to talent management software. Social employee recognition systems also fall under the talent management system umbrella and are also finding acceptance.
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Through social employee recognition system market growth, senior managers are taking a more hands-on approach to employee recognition. The ability of social employee recognition systems to connect to social media as well as be used as an app is also endearing the product to companies. Cloud-based social employee recognition systems are popular due to the flexibility provided.
Key Takeaways from the Social Employee Recognition System Market Report:
The Social Employee Recognition System Market Report highlights significant trends and projections for the industry. With an estimated size of US$15,441.0 million in 2023, cloud deployment emerges as the predominant choice, capturing 44.7% of the market share. Notably, retail and consumer goods sectors lead in adoption, comprising 29.5% of the market. The report forecasts remarkable growth in France, with a predicted CAGR of 22.3% from 2023 to 2033, while the United Kingdom and Germany are anticipated to experience CAGRs of 16.0% and 19.9% respectively during the same period. Additionally, China and India are identified as burgeoning markets, poised for significant expansion at CAGRs of 17.0% and 18.2% respectively. These insights underscore the dynamic landscape and promising prospects within the social employee recognition system market across various regions globally.
Leading Key Players:
The social employee recognition system market is driven by several key players who offer diverse and innovative solutions. Salesforce.com Inc. is a major player, leveraging its robust CRM platform to integrate recognition tools. Globoforce Ltd. and BI Worldwide Ltd. provide comprehensive employee engagement solutions, emphasizing peer-to-peer recognition. Achievers Solutions Inc. and Kudos Inc. are known for their user-friendly platforms that foster a positive work culture. Madison Performance Group and Terryberry offer customized recognition programs tailored to company needs. Recognize Services Inc. and YouEarnedIt (part of the Kazoo family) focus on creating engaging and scalable recognition systems, while Aurea Software Inc. integrates recognition with broader employee engagement strategies. REFFIND Ltd. also contributes with innovative mobile-centric recognition solutions.
Recent Developments in the Social Employee Recognition System Market:
In May 2022, Walker Tracker was acquired by Terryberry. By doing so, Terryberry stepped into the social employee recognition system market.
In October 2021, tooodooo Inc.’s employee rewards platform was introduced in the market. The platform aims to transform the industry through innovations.
In September 2021, Achievers launched its Employee Experience Platform. The platform is cloud-based and makes use of gift cards and merchandise, among others, as recognition.
