According to the latest report by IMARC Group, titled, “Employee Engagement Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global employee engagement software market size reached US$ 826.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,825 Million by 2028, exhibiting a growth rate (CAGR) of 14.37% during 2023-2028.
Employee engagement software is a technological platform that aims to enhance and optimize the employee experience within an organization. It offers a comprehensive range of functions and features, including surveys, feedback mechanisms, performance management tools, collaboration platforms, training modules, recognition and rewards systems, onboarding processes, analytics capabilities, and reporting functionalities. Employee engagement software is commonly utilized by HR professionals, managers, executives, team leaders, and consultants to measure, monitor, and analyze employee engagement levels. It enables organizations to identify areas for improvement and develop adequate strategies to enhance employee satisfaction, productivity, and retention. Employee engagement software even helps improve communication channels, strengthen recognition programs, support employee development, and ensure data-driven decision-making. Consequently, it finds widespread applications across various sectors, including retail, telecommunications, healthcare, information technology (IT), hospitality, manufacturing, banking, etc.
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Employee Engagement Software Market Trends and Drivers:
The employee engagement software market is primarily driven the rising digital transformation in workplaces and the elevating need for an efficient digital tool that streamlines administrative tasks, reduces manual labor, boosts productivity, improves operational efficiency, and automates processes such as data collection, survey distribution, performance evaluations, and recognition programs. Additionally, the increasing adoption of the software to facilitate virtual communication, collaboration, and engagement among remote teams in the work-from-home culture is further catalyzing the market growth. Besides this, the expanding usage of cloud-based employee engagement software that facilitates cost-effectiveness, enhanced security, easy accessibility, scalability, automatic updates, and data recovery is acting as another significant growth-inducing factor. Moreover, the growing incorporation of gamification elements into employee engagement software, such as points, badges, and leaderboards to foster healthy competition, increases engagement, and incentivize desired behavior and contributions, is also positively influencing the global market. Apart from this, the escalating integration of artificial intelligence (AI) in employee engagement software to provide valuable insights into employee data, analyzes trends, predict engagement levels, and supports data-driven decision-making are expected to bolster the employee engagement software market over the forecasted period.
Employee Engagement Software Market 2023-2028 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 15five Inc.
- Culture Amp Pty Ltd.
- Lattice, Leapsome GmbH
- Quantum Workplace
- Salesforce Inc.
- Transcend Engagement LLC
- Vantage Circle
- Workvivo Limited
- Xoxoday Emplus, etc.
The report has segmented the market based on deployment mode, enterprise size, function, and industry.
Deployment Mode Insights:
Enterprise Size Insights:
- Large Enterprises
- Small and Medium Enterprises
- Collaboration and Interaction
- Customer Service
- Rewards and Recognitions
- IT and Telecom
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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