The corporate volunteering platform market was valued at US$ 691.8 million in 2019 and it is projected to reach US$ 1359.7 million by 2027; it is expected to grow at a CAGR of 9.3% from 2020 to 2027.
Rising focus on adopting advanced technologies to make corporate volunteering easier and more effective and increasing number of successful corporate-NGO partnerships are some of the key driving factors for global corporate volunteering platform market. However, high security concerns and lack of awareness in developing economies may hinder the growth of the market. Despite some limitations, the implementation of virtual volunteering platform for employee engagement and implementation of emerging technologies with corporate volunteering platform are the major factors that are anticipated to drive the growth of corporate volunteering platform market.
The enterprises get benefited in various ways from NGO partnerships. The volunteer opportunities and internal communication from these programs make employees more sensitive to the communities they work for and build loyalty and goodwill toward employers. Strategic partnerships with NGOs have also helped large enterprises emerge with integrity when exposed to the unethical works along with their supply chains. These corporate-NGO partnerships further require clear visibility for operating on different purposes and different priorities. As a result, the organizations focus on monitoring mechanisms, reporting needs, tracking shared resources and engagement levels, and mutually agreed-upon communication strategies. Owing to this fact, the firms are significantly investing in implementing corporate volunteering platforms that would enable their company to grow and manage company volunteerism, attain higher levels of community engagement, and track and share impact. Thus, rising number of corporate-NGO partnerships is showcasing substantial demand for corporate volunteer program solutions, which, in turn, is propelling the growth of the market.
The corporate volunteering platform market is segmented into deployment type, enterprise size, and geography. Based on deployment type, the market is segmented into cloud and on-premise. In 2019, the cloud segment held the largest share of global corporate volunteering platform market. Based on enterprise size, the corporate volunteering platform market is divided into SMEs and large enterprises. The SMEs segment is expected to be the fastest growing segment over the forecast period. Geographically, the market is segmented into five major regions?North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America (SAM). In 2019, APAC held the largest market share, followed by Europe and North America. APAC is also projected to be the fastest growing region from 2020 to 2027.
The recent COVID-19 outbreak has significantly affected the world and is continuing to shatter the economies of several countries. Businesses around the world are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the world is anticipated to face an economic slowdown in 2020 and it is most likely to continue in 2021 as well. However, the COVID-19 crisis positively impacted the growth of some sectors, such as software and technology. The demand for digital solutions has grown at a high rate in the past few months. A significant number of corporates have taken significant initiatives to volunteer to the affected areas. As a result, the adoption rate of volunteering platforms is expected to grow in the coming years to manage all the operations. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The overall corporate volunteering platform market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the corporate volunteering platform market with respect to all the segments. It also provides the overview and forecast for the global corporate volunteering platform market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, Middle East &Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the corporate volunteering platform market.
A few major players operating in the global corporate volunteering platform market are Alaya SA; Benevity, Inc.; Bright Funds, Inc.; Maximus Life LLC; Neighbourly Limited; Oracle Corporation; Blackbaud, Inc.; Goodera; Galaxy Digital; and Samaritan Technologies, among others.