NEWARK, Del, May 26, 2022 (GLOBE NEWSWIRE) — According to Future Market Insights, The global employee engagement market is expected to grow at a CAGR of 9.1% over the forecast period (2022 to 2032), reaching nearly US$3.8 billion by 2032.
Every aspect of human resource management (HRM) has been impacted by technological advances in many industries. Benefits platforms, performance management tools, employee recognition tools, and survey tools are widely adopted by companies to ensure a better relationship with their employees.
Cloud-based employee engagement software has made it easier for businesses to deliver better and faster results. These companies and their corresponding employees benefit from this software and tools. The current generation is made up of digital nomads who are embracing employee engagement through technology.
In recent years, effective and sophisticated employee engagement solutions have been developed to help companies with people management processes. Rising implementation of ML (Machine Learning) and AI (Artificial Intelligence) in the workplace to manage employees and their workflows will further drive the demand in the market.
AI promotes effective communication and individualized actions that happen throughout. The HR department is able to make more informed, data-driven decisions and make rational choices to engage and retain employees. With these solutions, managers use data to better understand the factors that influence employee productivity.
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“The rising trend of remote work culture, along with the growing need in organizations to focus on employee orientation, will augment the market growth,” says an IMF analyst.
Key points to remember:
· By solution, the employee engagement software segment is expected to grow at a CAGR of 10.1% during the forecast period.
Unified communications software will hold the largest market share with 33.4% by 2032.
· Among enterprise size, the large enterprise segment is expected to grow by 2.2 times during the forecast period.
By industry, the BFSI industry segment is expected to grow at the highest CAGR of 11.9% from 2022 to 2032, followed by the IT and telecommunications industry.
North America is expected to lead the employee engagement market followed by Europe in 2022. While South Asia and Pacific is estimated to be the fastest growing region over the of the forecast period.
The East Asian employee engagement market is expected to witness an absolute dollar opportunity of US$322.6 million during the forecast period.
Major players operating in the global employee engagement market are investing in mergers, acquisitions, and collaborations with start-ups and other service providers to improve market sales.
Some of the key players include IBM Corporation, Microsoft Corporation, Google, Bitrix24, Atlassian Corporation Plc, Xoxoday, Connecteam, Officevibe (GSoft Group Inc.) and others.
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Employee Engagement Market Outlook by Category
- Integrated employee engagement platform
- Standalone software
- unified communications software
- Enterprise social intranet software
- Employee recognition and reward software
- Employee Performance Management Software
- Professional services
- Consulting services
- Integration and implementation
- Support & Maintenance
- training and DEVELOPMENT
- Professional services
- Managed Services
By business size:
- Small and medium-sized enterprises (SMEs)
- Large companies
- IT & Telecom
- Health care
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa
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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 / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Employee Engagement Software Innovation / Development Trends
4. Price analysis
4.1. Pricing models, per solution
4.1.1. Subscription model
4.1.2. Perpetual Licenses
4.2. Comparative analysis of world average prices
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments based on source, application, sales channel, and end-use over the next 10 years.
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