Employee Engagement Software Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031
The global employee engagement software market is anticipated to grow at a considerable CAGR of 18.5% during the forecast period.. The key drivers of the market are the advantages of employee engagement software. This type of software assists businesses in retaining staff, providing easier communication, increasing productivity, and enhancing customer service, resulting in increased business growth and income. Additionally, rising staff turnover and a lack of management communication are pushing up software demand across industries. As a result of software adoption, businesses are seeing rapid increases in revenue, employee productivity, and customer satisfaction. For instance, in January 2022, Hello Teamstated that with the adoption of performance management and employee engagement solutions, Boston-based HelloTeam saw its annual recurring income triple, its client base double, and employee headcount expand by 200%.
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Besides, gamification is becoming increasingly common all over the globe as it improves user capacities and engagement in corporate processes. According to Zippia, Inc., gamification enhanced performance considerably for 90% of employees. With its integration, it is projected to extend numerous human resource skills, such as increased staff productivity, greater work satisfaction, a more efficient incentive system, and more, thereby increasing corporate income. Similarly, firms may boost employee social connections and cooperation to speed up company operations. Deloitte, for instance, overhauled its onboarding process in 2022, utilizing gamification for more innovative employee engagement tactics. This boosted numerous tactics such as functional learning, virtual office tours, business culture introduction, and so on.
Additionally, digital technologies are being implemented by industries all around the world to improve corporate operations and administration. These digital workplaces integrate with a variety of tools to improve collaboration, including employee engagement tools. The increased awareness of work-life balance is driving company executives to prioritize employee well-being. Similarly, including employee involvement improves the person’s capacity to handle tasks efficiently.
Due to such factors, companies are also launching new and innovative software solutions to increase their market expansion. For instance, in August 2022, Vantage Circle partnered with Yellow.ai, a enterprise-grade conversational AI platform, to help businesses create hyper-personalized employee experiences (EX) at scale. The collaboration intends to improve corporate employee engagement by automating end-to-end EX procedures, offering quick and on-demand access to information, and enabling self-service inquiries across channels.
Global Employee Engagement Software Market Report Segment
By Deployment Type
- Cloud
- On-Premise
By Function
- Training
- Onboarding
- Customer Service
- Collaboration & Integration
- Rewards & Recognitions
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By Industry
- Retail
- BFSI
- Government
- IT & Telecom
- Hospitality
- Healthcare
- Manufacturing
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Employee Engagement Software Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Achievers Solutions Inc.
- Culture Amp Pty Ltd.
- EightSpokes, Inc.
- Forcepoint
- Humu, Inc.
- Imperva
- Impraise
- InterGuard
- ObserveIT
- Rapid7
- Securonix
- Teramind Inc.
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