Employee Engagement Software Market is Projected to Increment at an Eye-Catching CAGR of 15 % by 2027

Globally growing organizations will Boost the Growth of the Global Employee Engagement Software Market. The Global Employee Engagement Software Market was valued at USD 900 Million in 2020 and is likely to reach USD 2,015 Million by 2027, growing at a CAGR of 15% during the forecast period (2021–2027).

There are numerous reasons for the rise in the demand of the employee engagement software. The employee engagement software allows organizations to track the performance and talent of their employees and also allows the organization to garner more insight on the needs of individual employees. The HR department of an organization uses the solutions provided by an employee engagement software and deciphers how the objectives of the organization are being met. The employee engagement software enables better productivity and high profitability. Employee engagement can be evaluated by the level of passion, dedication and special efforts of the employee towards their job and the organization. For many organizations, the intellectual and logical skills and creativity of employees is the chief aspect while implementing business policies. It helps the organizations to enhance productivity, to increase job fulfilment and to retain talented employees. Employee engagement software develops criteria for improvement in operative activities and to diminish human error. There are several drivers which are generating a demand of the employee engagement software. Growing organizations, utilization of new technology, rise in use of smartphones and digital devices, and digitization of tasks in public and private companies are among many such driving factors of the employee engagement software market.

 However, large investment and integration cost associated with employee engagement software solutions, training of employees, new technology and updating software tools are added costs to the solutions which are some of the major restraints restricting the growth of the employee engagement software market. Acceptance of the software, recognition of employee engagement are some of the opportunities which will boost the development of the employee engagement software market.

Based on region, the North American region is expected to dominate the employee engagement software market. Major key players of the employee engagement software market are in the US or Canada. The US is forecasted to lead the employee engagement software industry during the forecast period. Acceptance, cost-effectiveness, and efficiency of the employee engagement software will contribute to the significant growth of the employment engagement software market during the forecast period.

Employee Engagement Software Market Report Highlights.

• Based on deployment, the cloud-based segment is projected to account for the highest share of the employee engagement software during the forecast period.
• On the basis of organization size, the small and medium scale enterprises (SMEs) is likely to account for the largest share.
• Based on application, the healthcare segment is projected to grow at a CAGR of 18% during the forecast period.
• Based on region, the North American region is expected to dominate the employee engagement software market. This is due to the presence of key players in the region.

Recent News

• In 2019, Molson Coors strengthened employee engagement. The beverage giant launched a leave benefit for their employees based in the UK and Ireland, by making a provision of paid leave for the period of two weeks to aid wellbeing.
• In 2015, Molson Coors implemented PostBeyond, a social business software, for the benefit of their employees. This software allows articles and media content to be posted by employees and partners on the portal. This way Molson Coors improved their employee’s behaviours by developing the application.
• In 2015, Construction-equipment manufacturer Caterpillar's, enhanced employee engagement resulted in a savings of USD 8 million with decreased wear and tear, less absence and higher overtime in a European plant which increased the profit by USD 2 million.

The Global Employee Engagement Software Market Segmentation:

The Global Employee Engagement Software Market is segmented on the basis of deployment, organization size, application, device, component and by region.

By Deployment

• Cloud-based
• On-Premises

By Organization Size

• Small & Medium Enterprises (SME’s)
• Large Enterprises

By Application

• BFSI
• Retail
• IT & Telecommunication
• Healthcare

By Device

• Desktop
• Handheld

By Component

• Services
• Tools

By region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Company Profiles and Competitive Intelligence

The key players operating in the market are: 15Five, Degree, Officevibe, Qualtrics, Kudos, Fond Technologies, Motivosity, Reward Gateway, Culture Amp, TINYhr, Energage, Branch Messenger, GetFeedback, Quantum Workplace, HALO Recognition