Asia Pacific Social Employee Recognition System Market Market to Grow at a CAGR of 12.3% to reach US$ 3,545.01 million from 2021 to 2028

The Asia Pacific social employee recognition system market share is expected to grow from US$ 1,599.81 million in 2021 to US$ 3,545.01 million by 2028; it is estimated to grow at a CAGR of 12.3% during 2021–2028.

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 businesses due to their technological innovation. Over the forecast period, the Asia Pacific market for social employee recognition systems is expected to increase significantly.

Employees increasingly use social media websites and applications for collaboration, integration, and expert assistance. The market for workplace social networks and online communities is growing. As a result, the market for workplace social networks and online communities is growing, paving the way for social employee recognition systems. 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. The adoption of social employee recognition systems is limited as they are not a requirement but rather a value that adds to current costs.

Impact of COVID-19 Pandemic on Asia Pacific Social Employee Recognition System Market

Asia Pacific is characterized by many 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 market, which boosted the Asia Pacific social employee recognition systems market growth.

Asia Pacific Social Employee Recognition System Market Insights
Growing Trend ofDigital Workplace Fuels Asia Pacific Social Employee Recognition System Market Growth

Businesses are increasingly adopting digital solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue by implementing effective digital solutions and automated systems. In the past few years, the proliferation of smart and connected devices, the adoption of cloud computing, and the emergence of technologies such as artificial intelligence (AI) and the Internet of things (IoT)  led to smart and intelligent workplaces. Due to the increasing penetration of web applications, mobile applications, software-as-a-service (SaaS)-based solutions in enterprises, and advanced employee recognition solutions are rising at an impressive pace. Since the modern workforce demands motivation in a modern way, social recognition platforms help reinforce professional relationships in SMEs and large enterprises. With solutions such as social employee recognition platforms, industry verticals such as IT & telecom, manufacturing, retail, and healthcare can strengthen the employee-employer bond. Also, the platform helps in optimizing reward costs as per the available budget. According to the NTT 2021 Global Workplace Report, 55.1% of businesses are extremely satisfied with their company's ability to accommodate hybrid working. Thus, driving Asia Pacific social employee recognition system market growth.

Component-Based Asia Pacific Social Employee Recognition System Market Insights

The Asia Pacific social employee recognition system market, by component, is bifurcated into solution and services. In 2021, the solution segment accounted for a larger market share.

Deployment Model-Based Asia Pacific Social Employee Recognition System Market Insights

The Asia Pacific social employee recognition system market, based on deployment model, is bifurcated into cloud and on-premise. In 2021, the on-premise segment accounted for the largest market share.

Reward Type-Based Asia Pacific Social Employee Recognition System Market Insights

By reward type, the Asia Pacific social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others. In 2021, the gift card type segment accounted for the largest market share.

Industry-Based Asia Pacific Social Employee Recognition System Market Insights

By industry, the Asia Pacific social employee recognition system market is segmented into retail, IT and telecom, healthcare, media and entertainment, travel and hospitality, manufacturing, BFSI, and others. In 2021, the retail segment accounted for the largest market share.

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Asia Pacific Social Employee Recognition System Market: Strategic Insights

Asia Pacific Social Employee Recognition System Market

• Market Size 2021
  US$ 1,599.81 Million
• Market Size 2028
  US$ 3,545.01 Million

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Regional Overview

• Asia-Pacific

Market Segmentation

Component

• Solution
• Services

Deployment Model

• Cloud and On-Premise

Reward Type

• Gift Cards
• Prepaid Cards
• Incentive Travel

Industry

• Retail
• IT and Telecom
• Healthcare
• Media and Entertainment
• Travel and Hospitality
• Manufacturing
• BFSI

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The players operating in the Asia Pacific social employee recognition system market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key market players are listed below:

• In August 2021, Kudos was one of the 15 Canadian firms to get selected for federal funding to scale up and enhance productivity in Western Canada. The funding is expected to support the company’s growth and market expansion strategies.
• In August 2020, Fond added to its extensive worldwide portfolio with the recent addition of specific benefits for consumers in Australia. Fond provides employee recognition software to companies worldwide, including Salesforce, WW International, and Hard Rock Cafe, which the firm can serve in part because of its worldwide reach.

Asia Pacific Social Employee Recognition System Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Social Employee Recognition System Market Segmentation

Asia Pacific Social Employee Recognition System Market - By Component

• Solution
• Services

Asia Pacific Social Employee Recognition System Market - By Deployment Model

• Cloud
• On-premise

Asia Pacific Social Employee Recognition System Market-By Reward Type

• Gift Cards
• Prepaid Cards
• Incentive Travel
• Others

Asia Pacific Social Employee Recognition System Market – By Industry

• Retail
• IT and Telecom
• Healthcare
• Media and Entertainment
• Travel and Hospitality
• Manufacturing
• BFSI
• Others

Asia Pacific Social Employee Recognition System Market – By Country

• Australia
• Japan
• India
• South Korea
• Indonesia
• Singapore
• Malaysia
• Vietnam
• Thailand
• Philippines
• Rest of Asia Pacific

Asia Pacific Social Employee Recognition System Market – Company Profiles

• ACHIEVERS
• APPREIZ INC.
• FOND TECHNOLOGIES
• MOTIVOSITY INC
• GRG INDIA
• KUDOS INC.
• POSSIBLEWORKS
• TERRYBERRY
• WORKSTRIDE
• WORKSTARS

Asia Pacific Social Employee Recognition System Market Report Scope