Employee recognition and reward systems market
Market growth is primarily driven by increasing strategic engagement and employee performance, as well as attracting and retaining talented employees in competitive markets.
PORTLAND, PORTLAND, OR, UNITED STATES, August 26, 2024 /EINPresswire.com/ – Allied Market Research has published a new report titled, “Growing at 15.6% CAGR | Employee Recognition and Reward Systems Market Share to Reach USD 65.3 Billion by 2032.” The report offers a comprehensive analysis of key growth strategies, drivers, opportunities, key segments, Porter's Five Forces Analysis, and the competitive landscape. This study is a helpful source of information for market participants, investors, vice presidents, stakeholders, and new entrants to gain a comprehensive understanding of the industry and determine the steps to be taken to gain a competitive advantage.
The global employee recognition and reward systems market was valued at $15.8 billion in 2022 and is expected to reach $65.3 billion by 2032, growing at a CAGR of 15.6% between 2023 and 2032.
Request a sample report (get all information in PDF format – 356 pages) at:
The growth of the employee recognition and reward systems market is primarily driven by the rise in strategic employee engagement and performance, and talent attraction and retention in competitive markets. However, budget constraints, ROI issues, and resistance to change and harmonize with culture are restraining the market growth to some extent. Furthermore, data-driven personalization and decision making is expected to offer lucrative opportunities for market growth during the forecast period.
Employee Recognition and Reward System market is segmented on the basis of component, organization size, deployment mode, end user, and region. On the basis of component, it is segmented into solutions and services. On the basis of organization size, it is segmented into large enterprises and small & medium enterprises. On the basis of deployment mode, it is segmented into on-premise and cloud. On the basis of end user, it is segmented into IT & Telecom, Healthcare, Manufacturing, Transportation & Logistics, BFSI, Retail, and others. On the basis of region, it is analyzed into North America, Europe, Asia Pacific, and LAMEA.
If you have any questions, please contact our analyst at:
On the basis of components, the solutions segment dominated the employee recognition and reward systems market in 2022 and is expected to maintain its dominance in the coming years as the commitment to use of technology, customization, integration, accessibility, security, and continuous development is significantly driving the market growth. However, the services segment is expected to witness the highest growth as the organization ensures that the recognition platform is properly integrated with current systems, supports change management, and provides training to employees.
On the basis of company size, the large enterprise segment dominated the employee recognition and reward system market in 2022 and is expected to maintain its dominance in the coming years as well due to the need to boost employee morale, increase retention rates and ultimately drive organizational success by implementing an efficient recognition and incentive system that significantly drives the market growth. However, the small and medium enterprise segment is expected to witness the highest growth due to the increased employee appreciation and loyalty through individual recognition and awards.
Inquiry before purchase:
Regionally, the employee recognition and reward systems market was dominated by North America in 2022 and is expected to maintain its position during the forecast period for the employee recognition and reward systems market as the increased focus on promoting a healthy workplace culture and increasing employee satisfaction is aiding the growth of the employee recognition and reward systems market. However, Asia Pacific is likely to witness significant growth during the forecast period as, to foster an environment of gratitude and inspiration, vendors are creating platforms that enable peers and superiors to give prompt praise and incentives, which is expected to boost the market growth in this region.
The major players in the Employee Recognition and Reward Systems industry are Salesforce, Inc. UKG Inc., Kudos®Inc., Dash Solutions, Inc, Terryberry, BI WORLDWIDE™, Motivosity Inc. OC Tanner and Smartly, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the Employee Recognition and Reward Systems industry.
Buy now and get an exclusive discount on this report (356 pages PDF with insights, charts, tables and figures) at:
Thanks for reading this article, you can also get individual chapter sections or regional report versions like North America, Europe or Asia.
If you have any special requirements, please let us know and we will offer you the report according to your requirements.
Finally, this report provides the most comprehensive market information. The structure of the report has been chosen to provide maximum business value. It provides key insights into the market dynamics and enables strategic decisions to be made by both the existing market players and those who want to enter the market.
About Us:
Allied Market Research (AMR) is a market research and business consulting firm of Allied Analytics LLP based in Portland, Oregon. AMR provides market research reports, business solutions, consulting services and insights into markets across 11 industries. By applying comprehensive research methodologies, AMR is instrumental in helping its clients make strategic business decisions and achieve sustainable growth in their market areas. We have experienced analysts and experts and have extensive experience working with many Fortune 500 companies as well as small and medium-sized businesses.
Pawan Kumar, CEO, Allied Market Research, leads the company to provide high-quality data and insights. We are in professional business relationships with various companies. This helps us to source market data that helps us create accurate research data tables and ensure utmost accuracy in our market forecasts. Every data company in the industry is covered. Our methodology of sourcing secondary data includes in-depth representation in the reports we publish, which is obtained through primary interviews with top officials from leading online and offline research organizations and discussions with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
+1 800-792-5285
Send us an email here
Visit us on social media:
on facebook.
X
Disclaimer:
EIN Presswire provides this news content “as is” without any warranty of any kind. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, please contact the author above.
