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.
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.
Market Overview and Dynamics
The social employee recognition system market in North America is expected to grow from US$ 2,304.7 million in 2021 to US$ 5,532.4 million by 2028; it is estimated to grow at a CAGR of 13.3% from 2021 to 2028. The deployment of digital technologies and advanced software is permitting enterprises to include innovations in their organizational structure. SaaS is receiving high prominence in a broad array of industries and thus creating substantial revenue for the market. Through SaaS, the enterprises are heavily working on their potential to incorporate and access data at a faster speed. The deployment of SaaS depicts that employee recognition is transforming from a top-down approach to that which builds impressive teamwork via peer-to-peer recognition. With more key companies offering cloud-based employee recognition platform such as Wooboard Technologies Limited; O.C. Tanner; Workstars among many others, the market growth is projected to grow at an exponential rate.
Key Market Segments
In terms of component, the platform segment accounted for the largest share of the North America social employee recognition system market in 2020. In terms of deployment model, the cloud segment accounted for the largest share of the North America social employee recognition system market in 2020. In terms of reward type, the gift cards segment accounted for the largest share of the North America social employee recognition system market in 2020. In terms of industry, the retail segment accounted for the largest share of the North America 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 North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Achievers Solutions Inc., Appreiz Inc., BI Worldwide, Globoforce Limited (Workhuman), Kudos Inc., Terryberry, Semos Cloud, and Nectar HR.
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- Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.
North America 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
-
North America
- US
- Canada
- Mexico
Companies Mentioned
- Achievers Solutions Inc.
- Appreiz Inc.
- BI Worldwide
- Globoforce Limited (Workhuman)
- Kudos Inc.
- Terryberry
- Semos Cloud
- Nectar HR
North America Social Employee Recognition System Market Strategic Insights
North America Social Employee Recognition SystemMarket Report Highlights
| Report Attribute | Details |
| Market size in 2021 | US$ 2,304.7 Million |
| Market Size by 2028 | US$ 5,532.4 Million |
| CAGR (2021 - 2028) | 13.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
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|
Regions and Countries Covered
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| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
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North America Social Employee Recognition System Market Country and Regional Insights
