Platform Segment has the Largest Share of Component in the Europe Social Employee Recognition System Market during 2021–2028

According to a new market research study on “Europe Social Employee Recognition System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Delivery Mode, Reward Type, and Industry” is expected to reach US$ 4,198.3 million by 2028 from US$ 1,599.9 million in 2021. The market is estimated to grow at a CAGR of 14.8% from 2021 to 2028. The report provides trends prevailing in the Europe social employee recognition system market along with the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the growing trend of digital workplace transformation and greater productivity through employee recognition platforms are the key factors driving the market growth. However, the market is expected experiencing slow growth during the forecast period owing to the lack of adoption in SMEs.

Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region due to the COVID-19 outbreak. Businesses in the region are facing severe economic difficulties as they had either to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the region is anticipated to face an economic slowdown in 2020 and most likely in 2021 also. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures, travel restrictions, and shutdown of schools and colleges to limit the spread of coronavirus among its citizens. However, the COVID-19 crisis positively impacted the growth of some sectors, such as software and technology. The demand for digital solutions, especially has grown at a high rate in the past few months. A significant number of corporates have taken significant initiatives to volunteer to the affected areas. As a result, the adoption rate of volunteering platform is expected to grow in the coming years to manage all the operations. Italy, Spain, Germany, UK, and France social employee recognition system markets are anticipated to see the moderate negative impact in 2020. However, this impact is temporary and is expected to drive SMEs to adopt digital solutions in the coming years.

The market for social employee recognition system market is segmented into component, delivery mode, reward type, and industry. Based on component, the social employee recognition system market is segmented into platform and services. In 2020, platform segment accounted for the largest share of the market. A recognition platform strives to create long-term behavioural changes that unify a company's workforce while also ensuring that each employee feels valued, appreciated, and included. As a result, companies like McDonald's, Discover, and General Motors (GM) use employee recognition platforms on a daily basis to promote social recognition and foster a culture that their employees enjoy. This helps them achieve a whopping 97 percent activation rate, and on average, each employee receives at least one monthly award. However, the services segment is estimated to register the highest CAGR during the forecast period.

BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., Terryberry, and Semos Cloud are among the leading companies in the Europe social employee recognition system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.

The market for social employee recognition system market is segmented into component, delivery mode, reward type, and industry. Based on component, the social employee recognition system market is segmented into platform and services. Based on delivery model, the social employee recognition system market is segmented into cloud and on-premise. Based on reward type, the social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others. Based on industry, the social employee recognition system market is segmented into retail, IT and telecom, healthcare, media and entertainment, travel and hospitality, manufacturing, and others. Geographically, the social employee recognition system market is segmented into Europe (Germany, UK, France, Italy, Russia, Rest of Europe).

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