NEW YORK, Sept. 13, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, Employee Engagement Software industry gathered revenue about US$ 150 million in 2020 and is slated to earn revenue of approximately US$ 370 million by 2026. The Employee Engagement Software market is projected to register highest gains of approximately 13.5% over 2020-2026. Apparently, employee engagement software helps firms constantly garner data on employee engagement through employee surveys.
The software coincides with performance management software allowing firms to determine goals of individuals, groups, divisions, and companies. Additionally, organizations are increasingly making use of employee engagement software as a tool for erecting strong work. Moreover, the software is used for reducing employee attrition rate and enhancing retention of staff. In addition to this, need to promote healthy work culture have culminated in growth of employee engagement software market size in recent years. Additionally, the software tool is utilized by HR to gain insights into organizational functioning.
Furthermore, large-scale use of novel technologies such as machine learning and artificial intelligence will proliferate expansion of employee engagement software industry over upcoming years. With huge penetration of tablets and smartphones across globe, market for employee engagement software is projected to gain traction over ensuing years. Large-scale utility of cloud-based employee engagement software will protrude growth of employee engagement software market over upcoming years. Escalating requirement of enhancing employee productivity and increasing transparency in evaluating employee performance will translate into humungous market expansion over upcoming years. Large-scale digitization of daily activities & tasks in private & public industrial units will assist employee engagement software business in setting up a strong foothold in private & public sector, thereby driving market trends.
Focus on Employee Retention to Boost Market Growth By 2026
Massive need for ensuring employee satisfaction through creation of healthy work environment and providing encouragement to employees through appreciation will result in reduction in employee attrition rate, thereby promulgating growth of employee engagement software industry over forthcoming years. Citing an instance, over 70% of millennial staff expect their employers to emphasize on mission-based issues and over two-third of these employees are of the view that it is management's task of offering employees new growth avenues to retain them. For the record, more than 70% of staff wants work creativity.
Moreover, new corporate world is witnessing a transition in business cycle with balance of power tilting more towards employee from employer. This has forced enterprises to address job requirements of employees and highlight issues such employee creativity, employee sensitivity, and passion of employees for enhancing employee engagement along with improving their dynamism at work. This is projected to lead to increase in demand for employee engagement software in many large, small, and medium-scale enterprises. Additionally, a large number of firms across globe are installing employee engagement software for determining correlation between factors such as compensation & demographics and customer engagement & customer retention. Furthermore, employee engagement software helps firms in measuring employee feedback & sentiment on real-time basis keeping in view (or in accordance with) frame of reference as work environment & management practices.
North American Market Profitability to Bulge Over 2020-2026
Large-scale acceptance of employee engagement software by various business entities in countries such as the U.S. has helped in effectively mapping digital workspace concept with improvement of employee work experience resulting in enhanced work efficiency and breaking down employer-employee communication barriers. This has enlarged scope of market growth in North America. Large number of firms in the U.S. and Canada are making use of service-profit chain business model integrating internal service & employee satisfaction to customer value that ultimately results in positioning of brands or services, thereby not only adding to business profits but transforming phase of regional industry landscape.
Key players profiled in report are Bitrix, Tap My Back, Qualtrics, Pingboard, People Gauge, Vocoli, VibeCatch, Quantum Workplace, Synergita, WorkTango, Gensuite, Officevibe, Sparble, Transcend, KaiNexus, Key Survey, and Zinta.
This review is based on a report by Zion Market Research, titled, "GlobalEmployee Engagement Software Market - by Deployment (On-Premises and Cloud-Based), by Enterprise Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and by Vertical (IT and Telecommunication, BFSI, Healthcare, Retail, Manufacturing, Education, Government, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020–2026."
This report segments global employee engagement software market into:
By Enterprise Size
Small and Medium Enterprise (SMEs)
IT and Telecommunication
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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