Social recognition is the process of providing tools to employee for establishment and strengthen their bonds with each other. This is done by using social employee recognition system to allow the employees to celebrate success and behaviors which they experience every day. The global social employee recognition system market is anticipated to grow at a CAGR of about 15% during the forecast period 2016-2023. Social employee recognition systems are employed in order to improve employee and customer experience and provides them opportunity to modify the workplace culture. Increasing adoption of BYOD culture has added values to organizations such as it allows the employees to access business data, emails and databases on their personal devices such as smartphones, laptops, tablets etc.
North American region is the largest market for global social employee recognition system market, occupying over one third of global revenue share by the end of 2023. The key factor driving the growth of global social employee recognition system market in North America region is the increasing number of smartphones and internet users. About 95% of the populations in North America possess a touch enabled device. According to Pew Research Center, 68% of all U.S. adults use Facebook , while 28% adults use Instagram, 26% use Pinterest, 25% use LinkedIn and 21% use Twitter. There increasing number of smart phones and Internet users are contributing to the increased adoption of BYOD culture.
The global social employee recognition system market is influenced by the presence of leading companies such as REFFIND LTD., KUDOS INC., GLOBOFOORCE LTD. , ACHIEVERS CORPORATION , JIVE SOFTWARE INC etc. Product launches, Joint ventures, Mergers and acquisition are some the crucial strategies adopted by the key market players to gain competitive advantage.
Global social employee recognition system market report covers segmentation analysis of deployment type, enterprise type and end users. Report further covers segments of deployment type which includes cloud and on premise. The cloud based deployment is the leading segment due to the increasing demand of cloud based services in organizations. Report further covers segments of enterprise type which includes small, medium and large enterprises. Among these segments, large enterprises are expected to account for significant growth in the forecast period. This is due to the integration of business technologies and advancements with enterprise social networking platforms which will support the growth of the market. Whereas, end users of social employee recognition system include IT and telecom, healthcare, retail etc.