Europe Social Employee Recognition System Market

Market Introduction

This research report on the “Social Employee Recognition System Market” provides a holistic view of the regional market size across major countries. The report further elucidates the key driving factors, restraints, growth opportunities, and future trends pertaining to the market growth.

 Thus, the growing trend of digital workplace transformation are expected to create a significant demand for social employee recognition system in the coming years, which is further anticipated to drive the social employee recognition system market.

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.

Market Overview and Dynamics

The social employee recognition system market in Europe is expected to grow from US$ 1,599.9 million in 2021 to US$ 4,198.3 million by 2028; it is estimated to grow at a CAGR of 14.8% from 2021 to 2028. With endless technological developments, digitalization is creating a communal effect on every industry of all sizes. Practicing social recognition enable the employees to feel valued for their work and contribution in an organization. Social employee recognition helps in accelerating employee retention while increasing overall organizational productivity. It has witnessed that organizations practicing social recognition has observed 40% enhancement in employee retention as compared to companies. Furthermore, as per the analysis of OC Tanner Institute, using recognition technology accelerates employee engagement by over 45% and productivity by 34% while maintain employee retention by 25%. With productivity getting high, adoption of employee recognition platform by employers in growing.

Key Market Segments

In terms of component, the platform segment accounted for the largest share of the Europe social employee recognition system market in 2020. In terms of deployment model, the cloud segment accounted for the largest share of the Europe social employee recognition system market in 2020. In terms of reward type, the gift cards segment accounted for the largest share of the Europe social employee recognition system market in 2020. In terms of industry, the retail segment accounted for the largest share of the Europe social employee recognition system market in 2020.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the social employee recognition system market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., Terryberry, and Semos Cloud.

Reasons to buy report

• To understand the Europe Social employee recognition system market landscape and identify market segments that are most likely to guarantee a strong return
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• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe Social employee recognition system market
• Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.

Europe Social Employee Recognition System Market Segmentation 

By Component

• Platform
• Services

By Deployment Model

• Cloud
• On-Premise

By Reward Type

• Gift Cards
• Prepaid Cards
• Incentive Travel
• Others

By Industry

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

By Country

• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe

Companies Mentioned

1. BI Worldwide
2. Globoforce Limited (Workhuman)
3. Kudos Inc.
4. Terryberry
5. Semos Cloud

Europe Social Employee Recognition System Market Strategic Insights

Europe Social Employee Recognition System Market Segmentation Analysis

Europe Social Employee Recognition System Market Report Highlights

Europe Social Employee Recognition System Report Scope

Europe Social Employee Recognition System Market Country and Regional Insights