Report : North America Social Employee Recognition System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Platform and Services), Deployment Model (Cloud and On-premise), Reward Type (Gift Cards, Prepaid Cards, Incentive Travel, and Others), and Industry (Retail, IT and Telecom, Healthcare, Media and Entertainment, Travel and Hospitality, Manufacturing, and Others)

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

According to a new market research study on “North America 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$ 5,532.4 million by 2028 from US$ 2,304.7 million in 2021. The market is estimated to grow at a CAGR of 13.3% from 2021 to 2028. The report provides trends prevailing in the North America 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.

Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak. The US is a prominent market for social employee recognition system in companies. The huge increase in the number of confirmed cases and rising reported deaths in the country has affected software providers to some extent due to the decrease in demand for their products. The business shutdowns as well as social distancing across the US, Canada, and Mexico are impacting the adoption of the social employee recognition system market. North America region is home to a large number of technology companies, and the impact of coronavirus outbreak is anticipated to be moderate in the year 2020 and likely in first quarter of 2021. The impact of COVID-19 is short-term; it is likely to decrease 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.

Achievers Solutions Inc., Appreiz Inc., BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., Terryberry, Semos Cloud, and Nectar HR are among the leading companies in the North America 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 North America (US, Canada, Mexico).

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