The Rapid Increase in the Number of Organizations Is Set To Drive the Market for Employee Engagement Software Market
Hyderabad, India - July 24, 2021 /MarketersMedia/ —
The Employee Engagement Software Market forecast to grow at a CAGR of 10.9% from 2021 to 2026 to reach $6.1 billion in 2026. These solutions are majorly employed to increase employee job satisfaction and retain talented workers by soliciting internal communications to improve benefits. The growing digitalization and engagement/monitoring solution deployment is driving the rising penetration of these solutions, especially in SMEs which is set to be the key driving factor for the market.
Employee Engagement Software Market Segment Analysis- By Product Type
Cloud based solutions are analysed to grow at highest rate of 15.1% during the forecast period through 2026 owing to the rising adoption of cloud-based solutions across the enterprise applications especially in IT and Telecom as well as BFSI markets. With the growing demand for the cloud based solutions, the number of launches have risen which is set to boost the market growth rate. .
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Employee Engagement Software Market Segment Analysis- By End User Vertical
Based on the application, the market is segmented into BFSI, Government, IT &Telecom, Manufacturing, Hospitality, Transportation and Logistics, Retail, and Others. The IT& Telecom is analysed to grow at highest rate of 15.0% during the forecast period 2021-2026 majorly attributed to the Work From Home scenario caused due to COVID-19. The significant rise of Work from home requirements have led to organizations increasing focus on adoption of employee productivity improvement solutions that cater to unique personalities.
Employee Engagement Software Market Segment Analysis- By Geography
North America is the dominant region in 2020 with a market share of 34.1% owing to the demand for the advanced Employee Engagement solutions in the region especially in retail and hospitality sectors. This region is followed by Europe and APAC in terms of market share. APAC is analysed to grow at highest rate during the forecast period 2021-2026 majorly attributed to the growing adoption of the digitalization. With the COVID-19 impact, the Work From Home scenarios have significantly risen that direly need the Employee Engagement software thereby boosting the market in worst hit countries such as US, India, Brazil and so on.
Employee Engagement Software Market Drivers
COVID-19 impacting the adoption of Work From Home scenario:
COVID-19 has severely impacted almost every sector causing a dip in investment in the companies. However the wide scale implementation of Work From Home policies at a global level is analysed to be the major factor contributing to the adoption of remote Employee Engagement software market growth due to the dire need to monitor and track employee productivity and ensure internal communication soliciting policy compliance in enterprises. With the growing demand for Employee Engagement software, companies such as Epazz Inc., announced the addition of Employee real time Monitoring tools to their enterprise software solutions. The integration of comprehensive enterprise software solutions with Employee Engagement software will enhance the scope of applications for the Employee Engagement solutions thereby driving the market.
Enhancing workforce productivity
Employee Engagement software is majorly used in the workspace to enhance the productivity by monitoring employees and allowing better management of workforce. The integration of remote Employee Engagement solutions along with the identity and access management solutions is further contributing to the market growth rate. The integration of employee real time monitoring with employee productivity assessment and employee reward and compensation tools will create new markets for the solution thereby driving its adoption.
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Employee Engagement Software Market Challenges
Employee privacy
The concerns regarding the employee privacy are acting as the major restraining factors for the market. As the Employee Engagement software deals with the acquisition and monitoring of complete data of an employee the privacy of an employee is at stake. The regulations in place to improve employee privacy also limit their adoption. For instance, The Electronic Communications Privacy Act (ECPA) allows business owners to monitor all employee verbal and written communication as long as the company can present a legitimate business reason for doing so. It also allows for additional monitoring if the employee gives consent. These sort of limitations will hinder market growth.
Employee Engagement Software Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Employee Engagement Software market. Employee Engagement Software driver market is expected to be dominated by major companies such as Symantec, OsMonitor, InterGuard, Sentry PC, Teramind, StaffCop, EfficientLab LLC., among others.
Acquisitions/Technology Launches/Partnerships
In April 2021, Qandle – an HRMS startup, has launched a new AI HR chat-bot called ‘Qanbot’ that helps automate daily HR tasks of employees. The idea behind the solution is to automate and address the day-to-day general queries of employees on behalf of the HR department.
In January 2021, Grind Analytics, a business intelligence fintech, launched an employee productivity scorecard, MODM or Master Operations Decision Medium. The software uses artificial intelligence and company-provided benchmarks to evaluate worker performance
Key Takeaways
SMEs hold the highest share in the market owing to the high adoption in the retail and logistics sectors.
North America is dominating the market in 2020, owing to the high adoption of the advanced technologies in the companies.
The rapid increase in the number of organizations is set to drive the market for Employee Engagement Software market during the forecast period.
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Source: MarketersMedia
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