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

According to a new market research study on “South and Central 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$ 491.8 million by 2028 from US$ 257.1 million in 2021. The market is estimated to grow at a CAGR of 9.7% from 2021 to 2028. The report provides trends prevailing in the South and Central 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.

In the SAM, Brazil has the highest number of COVID-19 confirmed cases, followed by other countries such as Ecuador, Peru, Chile, and Argentina. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. The sharp decline in the business profits in the region due to lockdown measures is expected to directly impact the adoption of the social employee recognition system market in this region. The sharp decline in business earnings and limited potential to adopt new technology are expected to directly affect the growth rate of the social employee recognition system market in this region for the next few months. However, the countries in the region are significantly seeking for FDI to implement advanced technologies, which in turn lead to increased demand for solutions that easy the management of events and operations. The increase in recognition programs further provide opportunities for the social employee recognition system market players who operate globally to gain the advantage of growing demand for volunteer platform solutions in this region. As a result, the market for social employee recognition system is anticipated to grow 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 South and Central 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 South and Central America (Brazil, UAE, Rest of South and Central America).

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