Growing Corporate Wellness Programs and Awareness Towards Employee Morale Are Increasing the Social Employee Recognition Systems Market Size During the Forecast Period 2023-2028

The Social Employee Recognition Systems Market size is estimated to reach US$14.68 billion by 2028, growing at a CAGR of 11.5% from 2023 to 2028. Increasing adoption of digital technologies such as cloud computing, artificial intelligence and IoT, growing awareness towards employee morale for better productivity and growing corporate wellness programs are driving the Social Employee Recognition Systems industry. In May 2020, Salesforce launched Work.com with new technology solutions such as contact tracing and emergency response management to employee wellness assessment and shift management in response to the COVID-19 pandemic. However, the lack of security measures for these Social Employee Recognition software is hampering the market growth.

Moreover, the proliferation of cloud computing, AI and IoT is enabling businesses to transform their business models to enhance operational efficiency. Since smartphones are becoming more popular, businesses are opting for social employee recognition software in the form of mobile apps that can be easily accessed via smartphones. According to Forbes, device-supported flexibility improves workflows by 30% and increases productivity by 23%. Furthermore, mobile devices give employees more flexibility. These factors would propel the social employee recognition systems market.

North America generated approximately 26% of the global revenues in the Social Employee Recognition Systems industry in 2022. Technical improvements across industry verticals, the presence of developed economies and growing investments toward employee recognition platforms are driving the social employee recognition systems market forward in this region. In December 2021, Kudos Inc received a US$10 million minority investment fund from the Canadian Business Growth Fund. Such initiatives would bolster North America’s presence in the global Social Employee Recognition Systems Market.

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Social Employee Recognition Systems Market Growth Drivers:

Employee engagement through corporate wellness programs:

Corporate wellness programs are gaining popularity, especially in the aftermath of COVID-19. Since the pandemic, employers have recognized the significance of employee wellness and its impact on workplace culture and business growth. According to the American Psychological Association's 2021 Work and Well-being Survey of 1,501 U.S. adult workers, 79% of employees had experienced work-related stress. As a result, implementing corporate wellness programs has become mandatory which also boosts the adoption of Social Employee Recognition Systems. The current state of remote working has paved the way for the most spectacular applications of corporate technology to ensure employee engagement and contact. In August 2021, TRX, the global leader in functional training products and world-class training content, launched TRX for Employee Wellbeing. Such developments would positively influence the Social Employee Recognition Systems industry outlook.

Major Players in this Market

Major players in Social Employee Recognition Systems Market include Salesforce Inc, Culture AMP, Terryberry, Achievers Solutions, Appreiz Inc and Tooodooo. In June 2021, Achievers Solutions Inc. collaborated with Revolut, which serves 15 million customers with hassle-free spending. The Achievers Marketplace catalogue is expected to include Revolut as a reward option for boosting the Social Employee Recognition Systems market size.