Market Overview:
The global employee recognition and reward system market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for cloud-based employee recognition and reward systems, rising adoption of employee recognition and reward systems by small and medium enterprises (SMEs), and growing need for workforce motivation across organizations. However, lack of awareness about the benefits of employee recognition and reward systems is expected to restrain the growth of this market during the forecast period. On the basis of type, the global employee recognition and reward system market can be segmented into cloud-based Employee Recognition & Reward Systems (ERRS)and on-premises ERRS. The cloud-based ERRS segment is projected to grow at a higher CAGR than on-premises ERRS duringthe forecast period owingto its advantages such as scalability, flexibility,and costeffectiveness over on-premises ERRS solutions.
Product Definition:
Employee recognition and reward systems are used to motivate employees and recognize their achievements. The systems can include things such as awards, bonuses, or other forms of compensation. They can also include non-financial rewards, such as time off or public recognition. Employee recognition and reward systems are important because they help motivate employees and keep them engaged in their work.
Cloud:
Cloud is a platform as a service (PaaS) that provides shared computer resources over the internet. It helps in storing data on large scale and allows easy access from any part of the world. Cloud computing has evolved due to technological advancements and digitalization, which has led to its increased adoption among various organizations across different industry verticals such as BFSI, healthcare & life sciences, IT & telecom, government & public sector enterprises along with energy utilities and transportation companies.
On-Premises:
On-premises software is a standalone solution or an internal web server that can be used to run applications and services. It is installed on the end user's computer, which allows them to have control over all the data and prevents any kind of external interference. On-premises software solutions are widely used in various industries such as BFSI, government, healthcare & life sciences for maintaining employee records & benefits information; time & attendance tracking; leave management; payroll processing etc.
Application Insights:
The manufacturing sector accounted for the largest revenue share in 2016 and is expected to continue its dominance over the forecast period. The manufacturing sector has been witnessing significant growth due to increasing demand for industrial machinery and equipment. The global manufacturing industry has been growing at a CAGR of XX% from past few years which is likely to create new opportunities for ERRS providers over the next six years.
Global employee recognition.
The healthcare segment is anticipated to witness lucrative growth during the forecast period owing to rising investments in advanced medical technology coupled with an increase in number of hospitals & clinics around the world. Furthermore, growing emphasis on cost control within healthcare organizations will drive its adoption further as it helps manage costs while improving service quality across various industries such as IT & telecom, transportation & logistics, retail and others.
Regional Analysis:
North America dominated the global employee recognition and reward system market in 2017. North America has a well-established infrastructure and is home to some of the largest technology companies across the globe. The region also happens to be one of the most competitive arenas for talent acquisition, with many large enterprises having a strong focus on employee engagement strategies. This factor is expected to have a positive impact on regional growth over the forecast period.
Asia Pacific is anticipated to witness significant growth over this period owing to increasing government initiatives in developing economies such as India, China, Singapore, Thailand.
Growth Factors:
- Increasing demand for employee recognition and reward system from small and medium-sized businesses (SMBs) due to the growing awareness of the importance of employee motivation and engagement.
- Proliferation of cloud-based solutions that make it easier for organizations to manage their recognition programs, making it more affordable for companies of all sizes.
- The increasing use of social media platforms for peer-to-peer recognition, which helps employees feel appreciated and recognized in a more informal way.
- The growing trend towards gamification in workplace recognition programs, which encourages employees to participate and achieve goals through fun activities and rewards.
Scope Of The Report
Report Attributes
Report Details
Report Title
Employee Recognition and Reward System Market Research Report
By Type
Cloud, On-Premises
By Application
Healthcare, Manufacturing, IT & Telecom, Transportation & Logistics, BFSI, Retail, Others
By Companies
Kudos, Workstride, Kwench, REFFIND, Salesforce, Globoforce, Ultimate, Solterbeck, Workstars, Achivers
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
179
Number of Tables & Figures
126
Customization Available
Yes, the report can be customized as per your need.
Global Employee Recognition and Reward System Market Report Segments:
The global Employee Recognition and Reward System market is segmented on the basis of:
Types
Cloud, On-Premises
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Healthcare, Manufacturing, IT & Telecom, Transportation & Logistics, BFSI, Retail, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Kudos
- Workstride
- Kwench
- REFFIND
- Salesforce
- Globoforce
- Ultimate
- Solterbeck
- Workstars
- Achivers
Highlights of The Employee Recognition and Reward System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud
- On-Premises
- By Application:
- Healthcare
- Manufacturing
- IT & Telecom
- Transportation & Logistics
- BFSI
- Retail
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Employee Recognition and Reward System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An employee recognition and reward system is a way to recognize employees for their hard work and dedication. This system can include awards, bonuses, privileges, or other special treatment.
Some of the key players operating in the employee recognition and reward system market are Kudos, Workstride, Kwench, REFFIND, Salesforce, Globoforce, Ultimate, Solterbeck, Workstars, Achivers.
The employee recognition and reward system market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Employee Recognition and Reward System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Employee Recognition and Reward System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Employee Recognition and Reward System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Employee Recognition and Reward System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Employee Recognition and Reward System Market Size & Forecast, 2020-2028
4.5.1 Employee Recognition and Reward System Market Size and Y-o-Y Growth
4.5.2 Employee Recognition and Reward System Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Cloud
5.2.2 On-Premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Healthcare
6.2.2 Manufacturing
6.2.3 IT & Telecom
6.2.4 Transportation & Logistics
6.2.5 BFSI
6.2.6 Retail
6.2.7 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Employee Recognition and Reward System Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Employee Recognition and Reward System Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Cloud
9.6.2 On-Premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Healthcare
9.10.2 Manufacturing
9.10.3 IT & Telecom
9.10.4 Transportation & Logistics
9.10.5 BFSI
9.10.6 Retail
9.10.7 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Cloud
10.6.2 On-Premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Healthcare
10.10.2 Manufacturing
10.10.3 IT & Telecom
10.10.4 Transportation & Logistics
10.10.5 BFSI
10.10.6 Retail
10.10.7 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Cloud
11.6.2 On-Premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Healthcare
11.10.2 Manufacturing
11.10.3 IT & Telecom
11.10.4 Transportation & Logistics
11.10.5 BFSI
11.10.6 Retail
11.10.7 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Cloud
12.6.2 On-Premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Healthcare
12.10.2 Manufacturing
12.10.3 IT & Telecom
12.10.4 Transportation & Logistics
12.10.5 BFSI
12.10.6 Retail
12.10.7 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Cloud
13.6.2 On-Premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Healthcare
13.10.2 Manufacturing
13.10.3 IT & Telecom
13.10.4 Transportation & Logistics
13.10.5 BFSI
13.10.6 Retail
13.10.7 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Employee Recognition and Reward System Market: Competitive Dashboard
14.2 Global Employee Recognition and Reward System Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Kudos
14.3.2 Workstride
14.3.3 Kwench
14.3.4 REFFIND
14.3.5 Salesforce
14.3.6 Globoforce
14.3.7 Ultimate
14.3.8 Solterbeck
14.3.9 Workstars
14.3.10 Achivers
