The global Employee Engagement Software Market is projected to witness a steady CAGR from 2013 to 2025 (forecast period. Employee engagement software is a tool to gauge employee behavior and monetize good performance with rewards and incentives. Human resource (HR) management teams can employ the use of the software to assess company ratings and employee feedback on websites such as Glassdoor. Real-time feedback, 1-on-1 management, goal setting, and performance review are four main features used for measuring employee engagement. The data gathered can be used by the HR teams to retain the best employees to promote a good work environment.
The market for employee engagement software is driven by volatile economical and political factors affecting developed economies such as U.S. and Europe. The restricted flow of talent due to deportation policies and adoption of technologies such as artificial intelligence and machine learning to replace humans in the workplace are other factors expected to drive market. Efforts to strengthen employee retention rate by organizations may further boost the market expansion in the forthcoming years. The increasing penetration of smartphones and tablets is anticipated to augment market growth over the forecast period by engaging employees through a common platform.
Recognizing the need for employee satisfaction, Infosys; one of the biggest IT companies, created an iEngage Employee Engagement Platform in 2011 The primary aim of this platform was to encourage employee productivity and innovation on a common platform. In January 2018, Fitbit; a U.S. wearables-designing company that uses its fitness bands to measure employee moods, introduced new metrics to retain employees. This innovative corporate wellness program is deemed to prioritize employee health and utilize all benefits and perks provided by the company.
The worldwide employee engagement software market is fragmented by type, end-user, and region. By type, the market is divided into Cloud based, web based, and enterprise. Major end-users include large enterprises and small and medium enterprises (SME).
Regions covered in the market report include Southeast Asia, India, China, Japan, European Union (EU), and United States. The India and China markets are expected to experience a good growth rate during the forecast period due to improved gross domestic product (GDP) growth. Improved pay scales, rewards and recognition schemes for employees, and effective team cooperation are some of the factors that could culminate in higher revenue for the global employee engagement software market by 2025.
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The U.S. market may experience a modest growth during the forecast period owing to tight labor laws and low engagement rates. However, the transition to a better the human resource management system (HRMS) model to assess employee behavior with astute employee engagement surveys may lead to a high growth rate. Development of employee engagement platforms is also anticipated to spur market in near future. For instance in January 2018, Reward Gateway designed a new software, Employee Surveys, to maintain a clear dialog between employer and employee via a common platform.
Key players in the employee engagement software market include Jive Software; Officevibe; Sparble; Teamphoria; and Qualtrics. Most of these players are focused on improving the software to help their clients retain their best performers and acquire astute employee feedback. The rethinking of traditional HR methods to integrate the new wave of employees into their companies can open up new avenues for the market.
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Market segment by Regions/Countries, this report covers
- United States
- Southeast Asia
Market segment by Type, the product can be split into
Market segment by Application, Employee Engagement Software can be split into
- Small and Medium Enterprise
- Large Enterprise
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