The Employee recognition and reward system Market was valued for $15,820.00 million in 2022 and is estimated to reach $65,332.47 million by 2032, exhibiting a CAGR of 15.6% from 2023 to 2032. The market for employee recognition and reward systems is the segment of the economy that specializes in offering all-inclusive products and services that help businesses recognize, value, and compensate their workers for their contributions. The development and application of initiatives, platforms, and tactics aimed at improving worker motivation, engagement, and general job satisfaction are the main focuses of this market. Market-wide recognition programs comprise both formal and informal means of recognizing individual and group accomplishments. These include manager-led gratitude campaigns, peer recognition, and employee of the month awards. Moreover, in order to recognize and inspire employees, reward systems include monetary incentives and material perks. This could take the form of cash incentives, gift cards, more vacation time, or intangible benefits like flexible work schedules. The growing awareness among organizations of the benefits of employee recognition on workplace culture, productivity, and talent retention is driving the market for employee recognition and reward systems. Furthermore, the market responds to companies' efforts to establish work cultures that recognize and reward employee contributions by offering a range of solutions designed to satisfy various organizational requirements. Essentially, the market tackles the critical significance of rewarding and recognizing workers as a calculated move towards creating a healthy workplace culture, increasing employee's engagement, and eventually boosting an organization's overall performance.
Furthermore, surge in strategic staff engagement and output and attracting and retaining talent in competitive markets primarily drive the growth of the employee recognition and reward system market. However, budgetary restrictions and ROI Issues and opposition to shift and harmonization with culture hamper market growth to some extent. Moreover, data-driven personalization and decision-making is expected to provide lucrative opportunities for market growth during the forecast period.
On the basis of deployment mode, on-premise segment dominated the employee recognition and reward system market in 2022 and is expected to maintain its dominance in the upcoming years owing to offer a higher level of data protection and security and also easily integrate the system with other internal systems and procedures while customizing it that satisfy their unique requirements propels the market growth significantly. However, the cloud segment is expected to witness the highest growth, owing to the scalability and flexibility of cloud-based solutions and massive volumes of employee data, including performance indicators, feedback, and recognition history, are easily gathered and analyzed.
The employee recognition and reward system market is segmented on the basis of component, enterprise size, deployment mode, end user, and region. On the basis of component, it is divided into solutions and services. On the basis of enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises. On the basis of deployment mode, it is bifurcated into on-premise and cloud. On the basis of end user, it is fragmented into IT and telecom, healthcare, manufacturing, transportation and logistics, BFSI, retail and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Salesforce, Inc. UKG Inc., Kudos®, Inc., Dash Solutions, Inc, Terryberry, BI WORLDWIDE™, Motivosity Inc. O.C. Tanner, and Smartly, Inc. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
Furthermore, surge in strategic staff engagement and output and attracting and retaining talent in competitive markets primarily drive the growth of the employee recognition and reward system market. However, budgetary restrictions and ROI Issues and opposition to shift and harmonization with culture hamper market growth to some extent. Moreover, data-driven personalization and decision-making is expected to provide lucrative opportunities for market growth during the forecast period.
On the basis of deployment mode, on-premise segment dominated the employee recognition and reward system market in 2022 and is expected to maintain its dominance in the upcoming years owing to offer a higher level of data protection and security and also easily integrate the system with other internal systems and procedures while customizing it that satisfy their unique requirements propels the market growth significantly. However, the cloud segment is expected to witness the highest growth, owing to the scalability and flexibility of cloud-based solutions and massive volumes of employee data, including performance indicators, feedback, and recognition history, are easily gathered and analyzed.
The employee recognition and reward system market is segmented on the basis of component, enterprise size, deployment mode, end user, and region. On the basis of component, it is divided into solutions and services. On the basis of enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises. On the basis of deployment mode, it is bifurcated into on-premise and cloud. On the basis of end user, it is fragmented into IT and telecom, healthcare, manufacturing, transportation and logistics, BFSI, retail and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the market include Salesforce, Inc. UKG Inc., Kudos®, Inc., Dash Solutions, Inc, Terryberry, BI WORLDWIDE™, Motivosity Inc. O.C. Tanner, and Smartly, Inc. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the employee recognition and reward system market analysis from 2022 to 2032 to identify the prevailing employee recognition and reward system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the employee recognition and reward system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global employee recognition and reward system market trends, key players, market segments, application areas, and market growth strategies.
Additional benefits you will get with this purchase are:
- Quarterly Update and* (only available with a corporate license, on listed price)
- 5 additional Company Profile of client Choice pre- or Post-purchase, as a free update.
- Free Upcoming Version on the Purchase of Five and Enterprise User License.
- 16 analyst hours of support* (post-purchase, if you find additional data requirements upon review of the report, you may receive support amounting to 16 analyst hours to solve questions, and post-sale queries)
- 15% Free Customization* (in case the scope or segment of the report does not match your requirements, 15% is equivalent to 3 working days of free work, applicable once)
- Free data Pack on the Five and Enterprise User License. (Excel version of the report)
- Free Updated report if the report is 6-12 months old or older.
- 24-hour priority response*
- Free Industry updates and white papers.
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)
- Upcoming/New Entrant by Regions
- Market share analysis of players by products/segments
- Regulatory Guidelines
- Strategic Recommedations
- Additional company profiles with specific to client's interest
- Expanded list for Company Profiles
- Historic market data
- Key player details (including location, contact details, supplier/vendor network etc. in excel format)
- Market share analysis of players at global/region/country level
- SWOT Analysis
Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On-premise
- Cloud
By Enterprise Size
- Large Enterprise
- Small and Medium-size Enterprise
By Industry Vertical
- Manufacturing
- Healthcare
- IT and Telecom
- BFSI
- Retail
- Transportation and Logistics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Salesforce, Inc.
- UKG Inc.
- Kudos®, Inc.
- Dash Solutions, Inc
- Terryberry
- BI WORLDWIDE™
- Motivosity Inc.
- O.C. Tanner
- Smartly, Inc
- Workstars
Please note:
- Online Access price format is valid for 60 days access. Printing is not enabled.
- PDF Single and Enterprise price formats enable printing.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: EMPLOYEE RECOGNITION AND REWARD SYSTEM MARKET, BY COMPONENT
CHAPTER 5: EMPLOYEE RECOGNITION AND REWARD SYSTEM MARKET, BY DEPLOYMENT MODE
CHAPTER 6: EMPLOYEE RECOGNITION AND REWARD SYSTEM MARKET, BY ENTERPRISE SIZE
CHAPTER 7: EMPLOYEE RECOGNITION AND REWARD SYSTEM MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: EMPLOYEE RECOGNITION AND REWARD SYSTEM MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Salesforce, Inc.
- UKG Inc.
- Kudos®, Inc.
- Dash Solutions, Inc
- Terryberry
- BI WORLDWIDE™
- Motivosity Inc.
- O.C. Tanner
- Smartly, Inc
- Workstars
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
