Activities arranged for employee participation & performance are actively reviewed by senior leaders, and they are doing so in a very informal manner.
Valley Cottage, NY -- (SBWIRE) -- 04/04/2017 -- Various social media platforms are gaining adoption across the globe, and this has effectuated a considerable rise in employment of social networking analytic programs. Incidentally, such developments are favouring the use of social media applications in employee recognition software. Blending social media with corporate workforce analysis is being collectively identified as social employee recognition, and systems offering such services are gaining traction across multiple industrial verticals. Future Market Insights' recent publication on the global social employee recognition system market reveals that by the end of 2016, more than US$ 5,150 Mn worth of revenues were amassed from around the world. The demand for social employee recognition solutions is, thus, anticipated to grow robustly, registering a value CAGR of 14.3%.
By the end of 2026, the global market for social employee recognition solutions will be valued at an estimated US$ 19,586.2 Mn, according to the report. A striking factor that has propelled the adoption of social employee recognition solutions is increasing involvement of senior management in the development of their employees. Activities arranged for employee participation & performance are actively reviewed by senior leaders, and they are doing so in a very informal manner.
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Big Companies Need Social Employee Recognition Solutions
Such a collaborative approach is easily feasible in large companies and multinational conglomerates. Key excerpts of the report suggest that in 2017 and beyond, large enterprises will dominate the global social employee recognition systems market by closing in on a 70% value share. Revenues emanating from adoption of social employee recognition solutions in such corporate behemoths will surge at a staggering 15% CAGR. By the same token, the market is also anticipated to be dominated by on-premise deployment model, revenues from which are expected to surpass US$ 14,000 Mn by 2026-end.
The report also states how creation of an internal marketing team leads to adoption of social employee recognition services. Such teams work towards communicating with employees in social settings and bestow praises through awards or bonus monetary allowances. A stumbling block for adoption of social employee recognition solutions, however, lies in high implementation costs, coupled with lack of outright employee participation. On the account of expensive implementation, the demand for social employee recognition solutions will lose traction among tight-budgeted small & medium enterprises (SMEs).
Impact of BYOD Approach on Global Social Employee Recognition Systems Market
Through 2026, retail & consumer goods will be identified as the largest end-user industry for social employee recognition solutions. Demand for such solutions is also expected to gain traction in IT & telecommunication business. Factors promoting the sales of social employee recognition solutions in such industrial verticals include growing acceptance for Bring Your Own Device (BYOD) approach, and rising presence of enterprise social networking platforms such as LinkedIn, Convo and Yammer. Some of the leading companies participating in the global social employee recognition systems market include GloboForce Ltd., Reffind Ltd., Kudos, Inc., SalesForce.com, Madison, BI Worldwide, Jive Software, Inc., Achievers Corporation, Vmware Inc., and Recognize Services Inc.
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In the report, titled "Social Employee Recognition Systems Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," North America has been observed as a dominant region, procuring over one-third of global revenues by the end of forecast period. Adoption of social employee recognition systems will also be significantly high in Western Europe and the Asia-Pacific excluding Japan (APEJ) region. Western Europe's social employee recognition systems market is being anticipated to proliferate at more than 26% CAGR, indicating that by the end of 2026, the region will rake in revenues worth ten times its present market value. Japan's social employee recognition system revenues will also soar at more than 20% CAGR, while the APEJ social employee recognition system market will record a gain of 30 BPS during the forecast period.