Biometrics Sector Is Fastest Growing Segment Fueling The Growth Of Social Employee Recognition Systems Market


Social Employee Recognition Systems Market 

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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Social Employee Recognition Systems are software platforms that allow organizations to publicly recognize employees for positive behavior, core values or exceptional work. These systems enable peer-to-peer recognition through social sharing features and incentive organizations to foster a culture of appreciation.

Market key trends:
One of the major trends in the Social Employee Recognition Systems market is the increasing adoption of blockchain technology. Blockchain helps secure employee data and recognition transactions on a distributed ledger. This ensures transparency and prevents recognition points from being altered. Many vendors are focusing on integrating blockchain into their existing platforms to improve security and trust in the recognition process. However, further developments are required to optimize the technology for enterprise-scale adoption of blockchain-driven social recognition solutions.

Segment Analysis
The global social employee recognition systems market is segmented by component, deployment, organization size, and vertical. Based on component, the solutions segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. Recognition and reward solutions allow companies to publicly recognize employee achievements and provide monetary and non-monetary rewards in real-time, which helps improve employee engagement and retention.

Based on deployment, the cloud segment is expected to witness higher growth over the forecast period. Cloud-based employee recognition systems offer advantages such as scalability, mobility, low installation and maintenance costs which is driving its adoption among organizations.

Key Takeaways
The Global Social Employee Recognition Systems Market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing employee engagement and retention needs of organizations.

Regional analysis - North America accounted for the largest share of the global market in 2023 and is expected to dominate over the forecast period. This is attributed to the presence of major players and early adoption of advanced HR technologies in the region. Asia Pacific is expected to grow at the fastest pace due to growing employee base of organizations in the region.

Key players operating in the social employee recognition systems market are GloboForce Ltd, BI Worldwide, SalesForce.Com, Jive Software, Inc., Aurea, Reffind Ltd, Recognize Services, Inc., Kudos, Inc., Vmware, Inc., Achievers Solutions Inc., and Madison. Key players are focused on developing innovative solutions and adopting organic and inorganice growth strategies like partnerships and mergers & acquisitions to increase their market share.

The global social employee recognition systems market size for 2023 is US$ 13325.25 Mn and is expected to reach over US$ 30000 Mn by 2030, exhibiting high growth over the forecast period.

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