July 24, 2024
Social Employee Recognition System Market
Ict

Social Employee Recognition System Market is poised to boost by Appreciation Technology Powers Social Connections

Social employee recognition systems enable organizations to connect their workforce through meaningful praise, driving engagement and productivity. Social recognition platforms offer tools to spotlight employee achievements both big and small, granting visibility within organizations. Employees can commemorate milestones, thank peers publicly, and foster a culture where people feel valued for their contributions. By facilitating social appreciation among colleagues, these solutions bolster workplace bonds and cultivate positive relationships integral to company success.

Social employee recognition systems employ various techniques to showcase worker accomplishments, from digital badges and leaderboards to social sharing and peer voting. They capture spontaneous kudos alongside structured award programs, preserving institutional memory of achievements. Administrators gain insights into engagement levels while employees feel motivated by community accolades.

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 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Social employee recognition has become increasingly important to foster connections in hybrid and remote work environments. Platforms now offer enhanced social features that mirror consumer apps, with real-time feedback, commenting and peer endorsements. AI-based recommendations help match praise opportunities to individuals or highlight under-recognized contributors. Gamification elements like points and leaderboards also boost participation. Advanced analytics reveal recognition patterns and sentiment trends to improve the employee experience.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the presence of established players and significant capital requirements. However, new players can enter this market by offering innovative products and solutions.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of multiple options from various vendors. Buyers can negotiate on the price and demand additional features in solutions.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers provide various software and services required for social employee recognition systems.

Threat of new substitutes: Threat of new substitutes is low as there is no direct substitute available for social employee recognition systems. However, traditional employee recognition programs can be treated as substitutes to some extent.

Competitive rivalry: The competitive rivalry is high among the existing players to gain maximum market share. Players differentiate by adding advanced features to existing solutions and offering customized solutions.

Key Takeaways

The Global Social Employee Recognition Systems Market Size is expected to witness high growth. 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 6.5% over the forecast period 2023 to 2030.

Regional analysis: North America is expected to dominate the social employee recognition systems market during the forecast period. Large presence of global players and rising adoption of innovation in HR technology solutions across various industries in the US and Canada drives the growth.Asia Pacific region is expected to grow at the fastest pace during the forecast period due to the rising digitalization of HR functions and growing popularity of social platforms in countries like China and India.

Key players: 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. These players are focusing on expanding their product portfolio and global footprint through mergers and acquisitions to gain maximum market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it