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).
The Employee Engagement Software is installed by an organization with a goal to monitor the productivity and efficacy of the employees and to maintain a strong bond between the employee and the organization. Besides keeping abreast with the performance of the employee, the employee engagement software helps to check discrepancies between the employee and the organization. It also helps to accomplish the nature of the employee with the organization. It gauges the level of interest and dedication of the employee towards the company. The software provides the company data about the employee so that they can be up to date about the progress of the employee. The employee engagement software is developed to understand the intention, emotional feelings and duties and roles of an employee towards the organization and promotes development of suitable engagement activities.
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Major driving forces are the increase in contract-based jobs, escalating outsourcing activities, and increasing virtual workplaces. There is lucrative surge in the number of organizations. As the number of organizations rises, the demand for employee engagement software will rise simultaneously. Additionally, digitization, adoption of digital devices such as smartphones and mobile phones where employee engagement software can be used, will also lead to the rise in the employee engagement software market.
Large capital investments and integration costs will hamper the growth of the employee engagement software market. Cost of training to use the software, adapting to new technology, and updating software, will also hinder the growth of the employee engagement software market. IT industries require the workforce to be trained to use new software technologies. Additionally, policy training is also required to avoid security-related issues. For instance, an employee should be equipped with adequate guidelines and training to use a new integrated software. Furthermore, low level of awareness of the advantages of the employee engagement software will also withhold the growth of the employee engagement software market. Due to extra efforts to train employees are required, some organizations do not prefer to use employee engagement software tools.
The Global Employee Engagement Software Market Segmentation:
By Deployment
By Organization Size
By Application
By region
By Deployment, the Cloud-Based Segment to account for the highest growth during the forecast period.
By deployment, the market has been classified into on-premise and cloud-based. The cloud-based segment is expected to hold the largest market share during the forecast year. The cloud-based software is easy to use and allows the management of an organization to remotely access the software. With an increasing number of organizations and with the increasing work from home situations, cloud-based solutions make it viable for increasing productivity, maintaining transparency and evaluate employees.
By Organization Size, the Small and Medium Enterprise Segment to be Most Profitable during the forecast period.
On the basis of organization size, the small and medium enterprises segment is expected to rise during the forecast period. SMEs are increasing dramatically, and the demand for advance technologies in order to improve sales and market shares are on the rise too. As SMEs continue to grow, communication between the SMEs also grow simultaneously. In order to share data and information and interact with each other, there will be a demand for the employee engagement software. Also, small and medium enterprises can be more creative and flexible in employee engagement in comparison to larger enterprises. Therefore, the use of the employee engagement software in this sector is more than larger industries.
By Application, the healthcare segment is likely to account for the largest share in the employee engagement software market during the forecast period
Based on application, the employee engagement software industry is segmented into BFSI, healthcare, manufacturing, IT & telecom, retail. The healthcare segment will be valued at USD 129 million by 2027. The factors leading to the rise in the healthcare segment is primarily to sustain the effective performance of the employees. The healthcare industry has a upward trend in employment even though other industries have gradually declined. However, retaining employees is a challenge in healthcare and in order to reverse this, healthcare organizations are focused towards employee engagement. Every employee in healthcare, directly impacts the patient and thus the employee engagement software encourages the employee to become patient oriented and make fewer errors.
Based on regions, North American region was accounted for the highest growth in the Employee Engagement Software Market in the year 2020
Based on region, the North American region is expected to grow the highest in the Global Employee Engagement Software Market during the forecast period. A large number of contract-based jobs is one of the major factors for the boom in the market of the employee engagement software. The number of rising organizations in this region will bolster the growth of the employee engagement software market. With rising growth in organizations, large number of key players in the region and effective use of the employee engagement software, the North American market trends of employee engagement software will witness a surge during the forecast period. The acceptance of the product in the US and Canada will also be advantageous.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
The report also provides in-depth analysis of market dynamics such as drivers, restraints and opportunities.
Drivers
Restraints
Opportunities
Covid 19 Impact on the Employee Engagement Software Market
The sudden outbreak of the Covid 19 pandemic has drastically impacted the economies all around the world and there has also been a significant impact on the Employee Engagement Software Market. There have been major changes in the way businesses operate. The lockdown forced everyone to stay indoors and adapt to working from home. This has brought about tremendous changes in company policies and employer employee relationships. Virtual offices have grown and established a demand for employee engagement software to improve employee engagement. The working structure today is more dynamic and complex as employees are working remotely. In order to maintain proper communication with employees, global organizations are adapting to employee engagement and the employee engagement software market will see a significant rise.
The report also provides in-depth analysis of key market trends
| Sr No | Trends | Impact |
| 1 | Investment in employee communication software | Positive |
| 2 | ‘Me Too Movement’ made a global impact on employer employee relationship | Positive |
| 3 | Expanding outsourcing activities | Positive |
The report also provides in-depth analysis of recent News Developments and Investments
The unique insights provided by this report also includes the following:
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