NEWARK, Del, May 26, 2022 (GLOBE NEWSWIRE) — As per Future Market Insights, the global employee engagement market is expected to grow at a CAGR of 9.1% during the forecast period (2022 to 2032), reaching nearly US$ 3.8 Bn by 2032.
Every aspect of human resource management (HRM) has been impacted by technological advancements across numerous sectors. Employee benefit platforms, performance management tools, employee recognition tools, and survey tools are widely being adopted by companies to ensure a better relationship with their employees.
Cloud-based employee engagement software has made it easier for enterprises to provide better and faster outcomes. These enterprises and their corresponding employees are benefitted from this software and the tools. The present generation is of digital nomads who embrace employee engagement through technology.
In recent years, there have been efficient and sophisticated employee engagement solutions that assist enterprises in the people management processes. Increasing implementation of ML (Machine Learning) and AI (Artificial Intelligence) in the workplace to manage employees and their workflow will further spur demand in the market.
AI promotes effective communication and individualized actions that take place throughout. HR department is able to make better-informed, data-driven decisions and make rational choices to engage & retain the employees. Using these solutions, managers use the data to better understand the factors that influence employee productivity.
“Growing trend of remote work culture, along with increasing need across organizations to focus on employee centricity will augment the growth in the market,” says an FMI analyst.
· By solution, the employee engagement software segment is anticipated expand at a CAGR of 10.1% through the forecast period.
· Unified communications software will hold the largest market share of 33.4% by 2032.
· Among the enterprise size, the large enterprise segment is estimated to grow by 2.2X during the forecast period.
· By industry, the BFSI industry segment is anticipated to grow at the highest CAGR of 11.9% from 2022 to 2032, followed by the IT & telecom industry.
· North America is estimated to lead the employee engagement market followed by the Europe in 2022. Whereas South Asia & Pacific is estimated to be the fastest-growing region during the forecast period.
· Employee engagement market in East Asia is estimated to witness an absolute $ opportunity of US $322.6 Mn in the forecast period.
Leading players operating in the global employee engagement market are investing in mergers, acquisitions and collaborations with start-ups and other service providers to improve sales in the market.
Some of the key players include IBM Corporation, Microsoft Corporation, Google, Bitrix24, Atlassian Corporation Plc, Xoxoday, Connecteam, Officevibe (GSoft Group Inc.), and others.
Employee Engagement Market Outlook by Category
- Integrated Employee Engagement Platform
- Standalone Software
- Unified Communications Software
- Enterprise Social Intranet Software
- Employee Recognition & Reward Software
- Employee Performance Management Software
- Professional Services
- Consulting Services
- Integration & Implementation
- Support & Maintenance
- Training & Development
- Professional Services
- Managed Services
By Enterprise Size:
- Small and Mid-Sized Enterprises (SMEs)
- Large Enterprises
- IT & Telecom
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Employee Engagement Software Innovation / Development Trends
4. Pricing Analysis
4.1. Pricing Models, By Solution
4.1.1. Subscription Model
4.1.2. Perpetual Licenses
4.2. Global Average Pricing Analysis Benchmark
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
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