The Social employee recognition system market size is projected to reach US$ 21.80 billion by 2031 from US$ 7.59 billion in 2023. The market is expected to register a CAGR of 14.1% during 2023–2031. Gamification and real-time recognition are likely to remain a key trend in the market.
A modern employee recognition program is a way to recognize and honor the contributions of staff members that are in line with the varied and technologically savvy needs of today's workforce. It makes use of technology to provide quick, meaningful, and personalized recognition, fostering a healthy workplace culture and raising employee engagement.
Social recognition improves the bonds between leaders, coworkers, and employees. Interaction between deskless, in-office, and remote workers is made possible by it. Moreover, social recognition platforms—which are especially helpful in large organizations—assist in dismantling departmental silos by showcasing the accomplishments of many departments. For example, companies with the greatest staff engagement scores had 21% higher profitability, 10% higher customer evaluations, and 24% lower attrition, according to a Terryberry poll from 2024.
As per the Haiilo 2024 survey, in the workplace, employee involvement boosts productivity. Employees who are engaged perform better than their disengaged peers. Employers with a high level of employee engagement make 21% more money overall. A study on workplace engagement conducted in the United States found that disengaged workers cost their employers between US$ 450 and 550 billion annually. This is driving the companies to increase their focus on employee engagement. Social employee engagement initiatives go a long way in enabling employee retention.
For increased success, organizations should customize their employee recognition and rewards programs to meet the needs of both their staff and their business. Companies can gain a competitive edge by personalizing recognition for employees.
Key segments that contributed to the derivation of the social employee recognition system market analysis are XX.
The geographic scope of the Social employee recognition system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds a significant share of the social employee recognition system market in 2023. North American organizations, especially those in the US and Canada, have strong adoption rates for HR technologies and employee engagement programs.
The regional trends and factors influencing the Social Employee Recognition System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Social Employee Recognition System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.59 Billion |
| Market Size by 2031 | US$ 21.80 Billion |
| Global CAGR (2023 - 2031) | 14.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Social Employee Recognition System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Social Employee Recognition System Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Social employee recognition system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the social employee recognition system market are listed below:
The “Social Employee Recognition System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the social employee recognition system market in 2023.
A rising focus on employee engagement and retention and remote work culture is expected to drive the social employee recognition system market.
Gamification and real-time recognition are likely to remain key trends in the market.
Achievers Solutions Inc., Appreiz Inc., BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., PossibleWorks, Terrberry, Semos Cloud, Nectar HR, and Wooboard Technologies Ltd are among the leading payers operating in the social employee recognition system market.
The Social employee recognition system market size is projected to reach US$ 21.80 billion by 2031
The Social employee recognition system market is expected to register a CAGR of 14.1% during 2023–2031.