Global Employee Engagement and Feedback Software Market to witness a surge in its valuation by 2026 at a significant 14.7% CAGR
According to BlueWeave Consulting, the Global Employee Engagement and Feedback Software Market size is expected to reach USD 2.13 billion by 2026 from USD 0.817 billion in 2019 at a CAGR of 14.7% over the forecast period.
The increasing contract jobs for professionals, expanding outsourcing activities, growing virtual workplace and challenges faced on the employee engagement front, are expected to drive the market substantially during the forthcoming period. Employee Engagement and Feedback software helps the organizations in getting the responses from employees to recognize accomplishments and conduct promotion activities. This software is deployed in the HR Department to improve operational competence and reduce human error. It allows managers and peers to find out the discrepancies between employee performance and engagement and organizational expectations and, helps in devising suitable engagement activities. It is useful to the organizations which find it difficult to retain employees. Most advanced employee engagement software is deployed by Human Resource (HR) departments and they are available on a subscription basis as software or service.
Employee engagement is the level to which team members feel passionate about their jobs, are dedicated to the organization, and put special efforts into their assignment. It is different from employee satisfaction which shows how happy or content your employees are. Employee engagement is an essential concept that includes subjective and objective parameters to understand and define the nature of the relationship between an organization and its employees. It is a workshop method intended to develop an employee’s feelings and emotional attachment to the company, their job duties and position within the company, their fellow employees, and the company culture. Employee engagement software is a combination of application programs that organizations use to raise employee job fulfilment and retain talented workers.
Global Employee Engagement and Feedback Software Market is segmented based on Deployment method (i.e., On-premise, On-cloud), Organization Size (i.e., Small and Medium Size Enterprises, Large Enterprise), Offering (i.e., Turnkey, Customized) and Device (i.e., Desktop, Handheld).
"The Key Drivers of the Global Employee Engagement and Feedback System market are Increase in the number of organizations and Implementation of advance technologies and adoption of smartphones."
Employee engagement is becoming a crucial part of the organizations due to a surge in the number of organizations. More and more organizations demand the same for employee engagement responses & retention and better employee recognition as well as for transparency in assessing employees and healthier communication. Employee involvement is an area where companies need progressive technologies to track every minute of employees so that they can deliver better solutions and work atmosphere. Employee engagement software enables them to do so and stands the tremendous growth opportunities.
The growing adoption of smartphones has driven organizations to opt for employee engagement software, which is available on the phone as well. Desktop-based systems need manual upkeep, such as installing updates and alarms regarding operation time. In contrast, task delivery through handheld devices take less time and improves employee competence.
"North America dominates the Employee Engagement and Feedback System Market."
North America holds a significant market share and is anticipated to continue with it due to a large number of contract-based jobs in the region. The organizations in this region deploy the software for enhancing engagement and boost the productivity of the contact-based employees. Furthermore, the Asia Pacific is expected to witness the highest growth over the projection due to its high traction in expanding outsourcing activities.
“The Leading Players” operating in the Global Employee Engagement and Feedback System Market are The leading players considered for market analysis are Tap My Back, Officevibe, KaiNexus, Teamphoria, Bitrix, Qualtrics, Synergita, Technology Advice, Quantum Workplace, Zinda, Vocoli, Motivosity, and Transcend,15 Five, Culture Amp, Tiny Pulse, Weekdone, Impraise, Achievers, Reflektive, BAM Creative, Hyphen, Saba Software, Teambit, SurveySparrow and others.