Social Employee Recognition Systems Market expected to grow at a CAGR of 14.3% during 2016 – 2026
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<strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong> <strong>Market</strong>: Global Industry<br />
Analysis and Opportunity Assessment, <strong>2016</strong>-<strong>2026</strong><br />
April 2017<br />
Report Id : REP-GB-2302<br />
Published On : Apr-2017<br />
C<strong>at</strong>egory : Electronics, Semiconduc<strong>to</strong>rs, and ICT<br />
©2015 Future <strong>Market</strong> Insights, All Rights Reserved
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Research Methodology (1/2)<br />
System<strong>at</strong>ic Research Approach<br />
<strong>Market</strong> pr<strong>of</strong>iling<br />
Formul<strong>at</strong>ing discussion guide<br />
Developing list <strong>of</strong> respondents<br />
D<strong>at</strong>a collection<br />
D<strong>at</strong>a valid<strong>at</strong>ion<br />
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3<br />
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In-depth secondary research is used <strong>to</strong><br />
ascertain overall market size, <strong>to</strong>p<br />
industry players, <strong>to</strong>p products, industry<br />
associ<strong>at</strong>ions, etc.<br />
PMR formul<strong>at</strong>es a detailed discussion<br />
guide <strong>to</strong> conduct expert and industry<br />
interviews<br />
PMR develops a list <strong>of</strong> industry players<br />
(manufacturers), distribu<strong>to</strong>rs, retailers<br />
and industry experts<br />
PMR conducts interviews with industry<br />
experts, industry players, distribu<strong>to</strong>rs<br />
and retailers<br />
D<strong>at</strong>a is valid<strong>at</strong>ed by triangul<strong>at</strong>ion<br />
method, wherein secondary, primary<br />
and PMR analysis contribute <strong>to</strong> the final<br />
d<strong>at</strong>a<br />
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D<strong>at</strong>a<br />
Collection<br />
D<strong>at</strong>a Filter<br />
& Analysis<br />
Identifying key opinion leaders<br />
Questionnaire design<br />
In-depth interviews<br />
Coverage across value chain<br />
<strong>Market</strong> participants<br />
Key strengths<br />
Product portfolio<br />
Mapping as per value chain<br />
Key focus segments<br />
A<br />
Primary<br />
Research<br />
C<br />
Company<br />
Analysis<br />
Research &<br />
Intelligence<br />
SOLUTION<br />
Actionable<br />
Insights<br />
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Desk<br />
Research<br />
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Business<br />
Solution<br />
Key industry experts<br />
Channel study<br />
Developments<br />
<strong>Market</strong> dynamics<br />
Products<br />
Conclusions<br />
D<strong>at</strong>a analysis<br />
6<br />
D<strong>at</strong>a is scrutinized using MS-Excel <strong>to</strong><br />
obtain qualit<strong>at</strong>ive and quantit<strong>at</strong>ive<br />
insights about the industry<br />
Primary Research #<br />
Secondary Research #<br />
Paid Public<strong>at</strong>ions#<br />
Insights<br />
7<br />
PMR delivers industry insights and<br />
inform<strong>at</strong>ion in the required form<strong>at</strong><br />
(PDF)<br />
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Linkedin<br />
Zoominfo<br />
Salesforce<br />
Avention<br />
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Company websites<br />
Company annual<br />
reports<br />
White papers<br />
Financial reports<br />
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<br />
Factiva<br />
GBI<br />
Genios<br />
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<strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong> <strong>Market</strong><br />
<strong>Social</strong> Networking Analytics Propel the Global Demand for <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong><br />
Various social media pl<strong>at</strong>forms are gaining adoption across the globe, and this has effectu<strong>at</strong>ed a<br />
considerable rise in employment <strong>of</strong> social networking analytic programs. Incidentally, such developments<br />
are favouring the use <strong>of</strong> social media applic<strong>at</strong>ions in employee recognition s<strong>of</strong>tware. Blending social<br />
media with corpor<strong>at</strong>e workforce analysis is being collectively identified as social employee recognition,<br />
and systems <strong>of</strong>fering such services are gaining traction across multiple industrial verticals. Future <strong>Market</strong><br />
Insights’ recent public<strong>at</strong>ion on the global social employee recognition system market reveals th<strong>at</strong> by the<br />
end <strong>of</strong> <strong>2016</strong>, more than US$ 5,150 Mn worth <strong>of</strong> revenues were amassed from around the world. The<br />
demand for social employee recognition solutions is, thus, anticip<strong>at</strong>ed <strong>to</strong> <strong>grow</strong> robustly, registering a<br />
value <strong>CAGR</strong> <strong>of</strong> <strong>14.3%</strong>.<br />
By the end <strong>of</strong> <strong>2026</strong>, the global market for social employee recognition solutions will be valued <strong>at</strong> an<br />
estim<strong>at</strong>ed US$ 19,586.2 Mn, according <strong>to</strong> the report. A striking fac<strong>to</strong>r th<strong>at</strong> has propelled the adoption <strong>of</strong><br />
social employee recognition solutions is increasing involvement <strong>of</strong> senior management in the<br />
development <strong>of</strong> their employees. Activities arranged for employee particip<strong>at</strong>ion & performance are<br />
actively reviewed by senior leaders, and they are doing so in a very informal manner.<br />
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<strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong> <strong>Market</strong><br />
Big Companies Need <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> Solutions<br />
Such a collabor<strong>at</strong>ive approach is easily feasible in large companies and multin<strong>at</strong>ional conglomer<strong>at</strong>es. Key<br />
excerpts <strong>of</strong> the report suggest th<strong>at</strong> in 2017 and beyond, large enterprises will domin<strong>at</strong>e the global social<br />
employee recognition systems market by closing in on a 70% value share. Revenues eman<strong>at</strong>ing from<br />
adoption <strong>of</strong> social employee recognition solutions in such corpor<strong>at</strong>e behemoths will surge <strong>at</strong> a staggering<br />
15% <strong>CAGR</strong>. By the same <strong>to</strong>ken, the market is also anticip<strong>at</strong>ed <strong>to</strong> be domin<strong>at</strong>ed by on-premise<br />
deployment model, revenues from which are <strong>expected</strong> <strong>to</strong> surpass US$ 14,000 Mn by <strong>2026</strong>-end.<br />
The report also st<strong>at</strong>es how cre<strong>at</strong>ion <strong>of</strong> an internal marketing team leads <strong>to</strong> adoption <strong>of</strong> social employee<br />
recognition services. Such teams work <strong>to</strong>wards communic<strong>at</strong>ing with employees in social settings and<br />
bes<strong>to</strong>w praises through awards or bonus monetary allowances. A stumbling block for adoption <strong>of</strong> social<br />
employee recognition solutions, however, lies in high implement<strong>at</strong>ion costs, coupled with lack <strong>of</strong> outright<br />
employee particip<strong>at</strong>ion. On the account <strong>of</strong> expensive implement<strong>at</strong>ion, the demand for social employee<br />
recognition solutions will lose traction among tight-budgeted small & medium enterprises (SMEs).<br />
Impact <strong>of</strong> BYOD Approach on Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong> <strong>Market</strong><br />
Through <strong>2026</strong>, retail & consumer goods will be identified as the largest end-user industry for social<br />
employee recognition solutions.<br />
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<strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong> <strong>Market</strong><br />
Demand for such solutions is also <strong>expected</strong> <strong>to</strong> gain traction in IT & telecommunic<strong>at</strong>ion business. Fac<strong>to</strong>rs<br />
promoting the sales <strong>of</strong> social employee recognition solutions in such industrial verticals include <strong>grow</strong>ing<br />
acceptance for Bring Your Own Device (BYOD) approach, and rising presence <strong>of</strong> enterprise social<br />
networking pl<strong>at</strong>forms such as LinkedIn, Convo and Yammer. Some <strong>of</strong> the leading companies particip<strong>at</strong>ing<br />
in the global social employee recognition systems market include GloboForce Ltd., Reffind Ltd., Kudos,<br />
Inc., SalesForce.com, Madison, BI Worldwide, Jive S<strong>of</strong>tware, Inc., Achievers Corpor<strong>at</strong>ion, Vmware Inc.,<br />
and Recognize Services Inc.<br />
In the report, titled “<strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Systems</strong> <strong>Market</strong>: Global Industry Analysis and<br />
Opportunity Assessment, <strong>2016</strong>-<strong>2026</strong>,” North America has been observed as a dominant region,<br />
procuring over one-third <strong>of</strong> global revenues by the end <strong>of</strong> forecast period. Adoption <strong>of</strong> social employee<br />
recognition systems will also be significantly high in Western Europe and the Asia-Pacific excluding Japan<br />
(APEJ) region. Western Europe’s social employee recognition systems market is being anticip<strong>at</strong>ed <strong>to</strong><br />
prolifer<strong>at</strong>e <strong>at</strong> more than 26% <strong>CAGR</strong>, indic<strong>at</strong>ing th<strong>at</strong> by the end <strong>of</strong> <strong>2026</strong>, the region will rake in revenues<br />
worth ten times its present market value. Japan’s social employee recognition system revenues will also<br />
soar <strong>at</strong> more than 20% <strong>CAGR</strong>, while the APEJ social employee recognition system market will record a<br />
gain <strong>of</strong> 30 BPS <strong>during</strong> the forecast period.<br />
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Table <strong>of</strong> Content<br />
1. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong>- Executive Summary<br />
2. Assumptions & Acronyms Used<br />
3. Research Methodology<br />
4. <strong>Market</strong> Overview<br />
4.1. Introduction<br />
4.1.1. <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Definition<br />
4.1.2. <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Taxonomy<br />
4.1.3. <strong>Market</strong> Overview<br />
4.2. <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Dynamics<br />
4.2.1. Drivers<br />
4.2.2. Restraints<br />
4.2.3. Opportunities<br />
4.3. Value Chain<br />
4.4. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Forecast, <strong>2016</strong>-<strong>2026</strong><br />
4.4.1. <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Size (Value) Forecast<br />
4.4.1.1. Y-o-Y Growth Projections<br />
4.4.1.2. Absolute $ Opportunity<br />
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Table <strong>of</strong> Content<br />
4.5. <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Snapshot (2015)<br />
4.5.1. <strong>Market</strong> overview By Deployment Type<br />
4.5.2. <strong>Market</strong> overview By Enterprise Type<br />
4.5.3. <strong>Market</strong> overview By Industry<br />
5. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Analysis, By Deployment Type<br />
5.1. Introduction<br />
5.1.1. Y-o-Y Growth Comparison, By Deployment Type<br />
5.1.2. Basis Point Share (BPS) Analysis, By Deployment Type<br />
5.2. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Forecast By Deployment Type<br />
5.2.1. Cloud<br />
5.2.1.1. Absolute $ Opportunity<br />
5.2.1.2. <strong>Market</strong> Size Forecast<br />
5.2.2. On-Premise<br />
5.2.2.1. Absolute $ Opportunity<br />
5.2.2.2. <strong>Market</strong> Size Forecast<br />
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Table <strong>of</strong> Content<br />
5.3. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Attractiveness Analysis, By Deployment Type<br />
5.4. Prominent Trends<br />
6. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Analysis, By Enterprise Type<br />
6.1. Introduction<br />
6.1.1. Y-o-Y Growth Comparison, By Enterprise Type<br />
6.1.2. Basis Point Share (BPS) Analysis, By Enterprise Type<br />
6.2. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Forecast By Enterprise Type<br />
6.2.1. Small & Medium Enterprise<br />
6.2.1.1. Absolute $ Opportunity<br />
6.2.1.2. <strong>Market</strong> Size Forecast<br />
6.2.2. Large Enterprise<br />
6.2.2.1. Absolute $ Opportunity<br />
6.2.2.2. <strong>Market</strong> Size Forecast<br />
6.3. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Attractiveness Analysis, By Enterprise Type<br />
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Table <strong>of</strong> Content<br />
7. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Analysis, By Industry<br />
7.1. Introduction<br />
7.1.1. Y-o-Y Growth Comparison, By Industry<br />
7.1.2. Basis Point Share (BPS) Analysis, By Industry<br />
7.2. Global <strong>Social</strong> <strong>Employee</strong> <strong>Recognition</strong> <strong>Market</strong> Forecast, By Industry<br />
7.2.1. Retail & Consumer Goods<br />
7.2.1.1. Absolute $ Opportunity<br />
7.2.1.2. <strong>Market</strong> Size Forecast<br />
7.2.2. IT & Telecom<br />
7.2.2.1. Absolute $ Opportunity<br />
7.2.2.2. <strong>Market</strong> Size Forecast<br />
7.2.3. Healthcare<br />
7.2.3.1. Absolute $ Opportunity<br />
7.2.3.2. <strong>Market</strong> Size Forecast<br />
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