Social Employee Recognition Systems Market will Increase at a CAGR of 5.8% during 2016-2026
Large enterprise segment is anticipated to witness significant revenue growth during the projected period
Revenue contribution from the large enterprise segment is anticipated to increase significantly over the estimated period. The segment is expected to witness good revenue growth due to the growing usage of cloud-based internet applications at the organisational level. The large enterprise segment is estimated to be valued at more than US$ 3,000 Mn in 2017 and is projected to reach more than US$ 10,000 Mn by 2026 end. The large enterprise segment is anticipated to register a CAGR of 15.0% between 2016 and 2026. The large enterprise segment is likely to create incremental opportunity of more than US$ 10,000 Mn between 2016 and 2026. It is projected to be the most attractive segment in the global social employee recognition systems market during the period of assessment.
Integration of business technologies with enterprise social networking platforms will help support enterprise segment growth over the forecast period
Various social media platforms have been witnessing increasing adoption across organisations globally in the recent past. Platforms such as Twitter and LinkedIn, which are primarily used by business professionals and companies to interact and connect with internal teams, are also used to recognise employee efforts and engage with employees apart from engaging in promotional and marketing activities. Companies also advertise new product launches and details regarding product discounts etc., new strategies and plans for future growth of the company on these platforms in order to drive sales and increase brand loyalty online. Companies also connect with their business partners via these portals and platforms on a real-time basis. Thus, increasing usage of social media platforms is creating a positive impact on the enterprise segment.
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Continuous increase in the involvement of senior management in employee recognition is driving the growth of the enterprise segment at a slow but steady pace currently. Some companies have seen improved and stronger growth owing to the involvement of senior management in employee recognition activities and programmes. Social employee recognition solutions can also be app-based due to which, senior management can actively participate from any location and recognise and reward the efforts made by employees and teams with the help of social networking web apps in their smartphones. Moreover, these social employee recognition solutions also help employees communicate with their respective teams and seniors informally, which increases the productivity of employees.
Another factor that is likely to create robust development in the enterprise segment is the creation of internal marketing teams. Many companies have started creating internal marketing teams to inform employees about the social employee engagement programmes so that employees are aware of how to use social media-based recognition systems, how to post information on these platforms and how to earn points online. Creation of an internal marketing ecosystem can help in the planning of monthly activities, monthly goals and awards without any bias. The task of the internal marketing team is to establish a link between employees and the senior management, introduce new employees to social employee recognition programmes, and engage all levels of employees within the programme.
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Large enterprise segment is anticipated to register significantly higher CAGR by revenue over the forecast period across the globe
The large enterprise segment is projected to be the most attractive segment in the North America social employee recognition systems market during the estimated period. By 2017, the large enterprise segment is estimated to be valued at more than US$ 900 Mn and is predicted to remain the dominant segment throughout the forecast period in North America. In Latin America, the large enterprise segment is projected to register a relatively higher CAGR of 10.6% over the assessment period. The segment is likely to be attractive in the APEJ social employee recognition systems market during the projected period. In Japan, the large enterprise segment is estimated to be valued close to US$ 300 Mn and is expected to remain dominant throughout the forecast period.
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Pradnya Virkar | Future Market Insights
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