Employee Engagement & Feedback Software Market Thriving: Projected to Reach USD 1,908.3 Million by 2027
Published | 24 August 2020
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global employee engagement & feedback software market was worth USD 878.3 million in 2020. It is further projected to reach USD 1,908.3 million by 2027 at a CAGR of 11.8% during the forecast period 2021-2027. The rise of the contract workforce, expanding outsourcing activities, the growing trend of the virtual workplace, and employee engagement challenges are expected to drive the market substantially during the forecast period.
Employee engagement & feedback software helps organizations in obtaining feedback from employees in order to identify accomplishments and conduct promotion activities. It also allows managers and peers to find out the discrepancies between employee performance and engagement besides helping them manage organizational expectations and devise suitable engagement activities. Employee engagement & feedback software are beneficial for organizations that find it difficult to retain employees. Most of the advanced employee engagement software is deployed by human resource (HR) departments of organizations and they are available on a subscription basis as a software or service.
Implementation of Advanced Technologies in the Engagement & Feedback Software
Employee interaction is becoming simpler than ever before due to the increasing use of artificial intelligence (AI) and machine learning(ML). AI and ML have the potential to improve on-site and remote employee engagement by tracking organization-wide performance in real-time, besides providing workers with 24/7 support and optimizing learning and growth outcomes. Increasing adoption of AI and ML technology also helps in deriving insights from performance data, besides automating mundane tasks, creating personalized learning and development experiences, and eliminating bias by improving an organization’s diversity recruitment strategy. These factors are playing a crucial role in driving the growth of the employee engagement &feedback software market.
The increasing adoption of AI and ML is reshaping employee engagement in several ways. For example, team coordination can be accomplished by assessing which employee possesses the specialized skills and knowledge required to make a project successful. In addition to this, AI software can help form specialized project teams.
Increasing Adoption of Smartphones Device
The growing adoption of smartphones has helped organizations to opt for employee engagement software in the form of mobile apps, which can be conveniently accessed via smart phones. Among the other industries, the IT industries are ahead in adopting smart phones in the work place. According to the study conducted in North America and Europe, 66% of the employees in the IT sector use at least two devices at work. According to Forbes, device-supported mobility improves workflows by 30% and also raises productivity by 23%. What’s more, mobile devices grant employees more flexibility. Details about the work can be accessed from anywhere. Employees have been able to maintain their work-life balance better as a result of this flexibility. These are the key factors driving the growth of the global employee engagement & feedback software market.
Customized Category Holds the Largest Share in the Global Employee Engagement & Feedback Software in 2020
According to Forbes, building custom software can unlock multiple advantages. Customization helps in achieving complex requirements of the business and also helps in managing huge business data. Every successful business is continuously developing. The requirement and problems of businesses are also changing to keep pace with the times. Custom software is extremely flexible and therefore, highly adaptable to changing business requirements and demands. The aforementioned are the key factors driving the growth of the customized offering in the global employee engagement& feedback software market.
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Global Employee Engagement & Feedback Software Market: Regional Insights
The global employee engagement & feedback software market is segmented into five regions: North America, Europe, the Asia-Pacific, Latin America, and the Middle East & Africa. North America dominates the global employee engagement& feedback software market geographically and, is expected to maintain its share because of technological advancements and a significant number of contract jobs in the region. The Asia-Pacific is also expected to witness a strong potential market for employee engagement& feedback software. India, China, and Japan are the major economies opting for employee engagement & feedback software due to the increasing recognition schemes, rewards system,and pay scale of employees.
Impact of COVID-19 in industry
The rapid spread of COVID-19 has resulted in a high level of certainty in the global employee engagement& feedback software market. Despite the shutdown of major industries, governments of different countries around the world are taking preventive steps, such as distancing civilians and workers to minimize the spread of COVID-19, thus mitigating the danger of being affected. Due to the hasty lockdown across the globe, major companies opted for work from home fueling the market growth. Due to the lockdown, HR departments became more concerned with employee engagement, which in turn increased the demand for employee engagement &feedback software. Consequently, the market has witnessed significant growth.
The leading players in the global employee engagement & feedback software market are Tap My Back, Officevibe, KaiNexus, Teamphoria, Bitrix24, 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 prominent players.
The employee engagement & feedback market is price-sensitive; thus, market players are competing intensively in terms of delivering cost-effective and productive services. In order to improve their capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers. Furthermore, companies are focused on securing consumer acceptance for these software services in their organization.
The in-depth analysis of the report provides detailed information about the growth potential, upcoming trends, and statistics of the global employee engagement& feedback software market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the employee engagement & feedback software market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavours successful.
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