According to our latest market study on “Asia Pacific Social Employee Recognition System Market Forecast to 2028 – COVID-19 Impact and Analysis – by Component, Deployment Model, Reward Type, and Industry,” the Asia Pacific Social Employee Recognition System Market is expected to grow from US$ 1,599.81 million in 2021 and is projected to reach US$ 3,545.01 million by 2028; it is estimated to grow at a CAGR of 12.3% from 2022 to 2028.
Social employee recognition systems are designed to recognize an employee's contribution to the company's success. Such solutions enhance staff morale and reward their participation in key tasks. Social employee recognition systems are frequently used in practically all sizes of businesses due to their technological innovation. Over the forecast period, the Asia Pacific social employee recognition system market is expected to increase significantly.
Employees increasingly use social media websites and applications for collaboration, integration, and expert assistance. As a result, the market for workplace social networks and online communities is growing, paving the way for Asia Pacific social employee recognition system market growth. Due to the high presence of large organizations and hefty expenditure budgets, social employee recognition systems are implemented exponentially high in retail and consumer goods and IT and telecom. However, the adoption of social employee recognition systems is limited as they are not a requirement but rather a value that adds to current costs
Apart from incentives and recognition, an employee's mental needs must be met. When an employee has a good attitude toward their employer, their productivity doubles. Such professionals go beyond in their respective fields to achieve new milestones. As a result, raising morale becomes critical in such situations. As a result, social recognition at work is a vital component of human resources, and employee recognition can build an ideal environment.
Impact of COVID-19 Pandemic on Asia Pacific Social Employee Recognition System Market
Asia Pacific is characterized by a large number of developing countries, a positive economic outlook, a high industrial presence, and a huge population. The high growth rate of urbanization in developing countries of the region is anticipated to offer ample growth opportunities to the market players operating in the social employee recognition system market, as the investments in advanced technologies development are high in the region. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside China were impacted by the COVID-19 pandemic, such as India, South Korea, Australia, and Japan, and experienced downward growth. China and India were among the worst-affected COVID-19 countries worldwide. The government took drastic measures to reduce the effects of the COVID-19 outbreak by announcing lockdowns, travel, and trade bans. The SMEs were substantially seeking funding to run their operations due to shut down and limited capital to manage. Therefore, these end-users showcased less potential in adopting new technologies by investing a certain amount in the present scenario. For instance, Achievers Solutions Inc. announced its integration with WellRight, a leading corporate wellness program and configurable platform designed to boost engagement and support employees in their wellness journeys. Moreover, the firms started working from home, and the demand for software solutions mounted gradually, even during the COVID-19 pandemic. Thus, this disruption hardly affected the Asia Pacific social employee recognition system market growth, which boosted the demand for the social employee recognition system.
The report segments the Asia Pacific social employee recognition system market as follows:
The Asia Pacific social employee recognition system market analysis on the basis of components is divided into solution and services. The solution segment led the Asia Pacific social employee recognition system market with a higher market share in 2021. Based on the deployment model, Asia Pacific social employee recognition system market is segmented into cloud and on-premise. The on-premise segment led the Asia Pacific social employee recognition system market with a higher market share in 2021. Based on the reward type, Asia Pacific social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others. The gift card type segment led the Asia Pacific social employee recognition system market with the highest market share in 2021. Based on the industry, Asia Pacific social employee recognition system market is segmented into retail, IT & Telecomm, healthcare, media & entertainment, travel & hospitality, manufacturing, BFSI, and others. The retail segment led the Asia Pacific social employee recognition system market with the highest market share in 2021.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com