Employee Engagement and Feedback Software Market Forecasts to 2028 – Global Analysis By Delivery Mode (Integrated, Standalone), Organization Size, Offering (Turnkey, Customized), Deployment, and By Geography

Employee Engagement and Feedback Software Market Forecasts to 2028 – Global Analysis By Delivery Mode (Integrated, Standalone), Organization Size, Offering (Turnkey, Customized), Deployment, and By Geography

According to Stratistics MRC, the Global Employee Engagement and Feedback Software Market is accounted for $835.00 million in 2021 and is expected to reach $2115.20 million by 2028 growing at a CAGR of 14.2% during the forecast period. Employee engagement and feedback software helps associations in acquiring criticism from workers to recognize achievements and direct advancement exercises. It likewise permits chiefs and friends to discover the errors between worker execution and commitment other than assisting them with overseeing hierarchical assumptions and devise appropriate commitment exercises. Representative commitment & feedback programming is useful for associations that think that it is hard to hold workers. A large portion of the high-level worker commitment programming is conveyed by human asset (HR) branches of associations and they are accessible on a membership premise as programming or administration.

Market Dynamics:

Driver:

Implementation of advanced technologies

Employee engagement is becoming a pivotal part of organizations. As organizations are growing, at a faster pace than ever before, the demand for improving the productivity of the organization and the employees, and retain the valuable employees via employee recognition programs, and enhance the transparency across the organization. Employee involvement is another area where the companies can leverage progressive technologies for tracking employee’s working activity and provide suggestions to them for enhancing the delivery of solutions. Such technologies can also be leveraged for enhancing the engagement with employees across different tasks and activities besides the work. The global employee engagement & feedback software market will experience the rise of learning analytics, the rapidly growing IoT landscape, and advanced Machine Learning (ML) capabilities. Additionally, Artificial Intelligence is also expected to undergo a dynamic shift in employee involvement. In the coming years, HR operations are likely to be governed by AI, the internet of things (IoT), and ML technologies instead of traditional employee engagement & feedback software tools that companies were leveraging earlier. These factors altogether are going to positively contribute to the growth of the global employee engagement & feedback software market.

Restraint:

Employee privacy

The growing 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 sorts of limitations will hinder market growth.

Opportunity:

Rising adoption of smartphones

The growing adoption of smartphones across workplaces around the globe has encouraged the employees to opt for employee engagement applications, which are easily accessible through smartphones. Desktop-based software involves manual maintenance, such as setting service time alarms and installing updates. In contrast to this, the task delivery through handheld devices consumes less time and improves the overall employee competency of using digital solutions. Not only can it improve accessibility to advanced technologies, however it can also improve the employee-organization relationship by enhancing the transparency in the workplace. According to Pew research center, over 52% of the total adults (18-64) surveyed in a poll stated that they have used smartphones depicting that the majority of the population has already received an access to smartphone. As a result of this, rising penetration there has been a growing emphasis on development of applications catering to the demands of an organization to deploy and host employee engagement and feedback features over an app which is helping in enhancing the global employee engagement & feedback software market. All of the factors aforementioned are augmenting the growth of the global employee engagement & feedback software market.

Threat:

Threat of increasing turnover of the employee

Employee turnover has a negative impact on long-term workers. Moreover, since no one knows how secure their job is in a particular organization, a culture of fear may grow among the employees as a result of high employee turnover. Employees spend a lot of time worrying about their jobs. As a result, they are less engaged and more concerned about their job security in that particular organization. Additionally, a communication gap is likely to stifle market growth.

The cloud segment is expected to be the largest during the forecast period

The cloud segment is estimated to have a lucrative growth due to the rising adaptability to work-from-home and the expansion of operations to more remote locations. The growth can be attributed to several benefits including the scalability options that have enabled the organizations to expand their operations on the cloud, which has exposed more employees to the cloud technologies. The scalability feature has positively impacted the adoption rates for cloud based software thereby enabling the employees to provide feedback and suggestions online from anywhere around the world.

The large enterprises segment is expected to have the highest CAGR during the forecast period

The large enterprises segment is anticipated to witness the fastest CAGR growth during the forecast period. Large enterprises are the ones that have confronted the most number of employees being working from home. These organizations have had to run on 50% capacities thereby reducing the employee engagement activities and got severely impacted by the pandemic. However, the global employee engagement & feedback software market confronts a lot of challenges. These organizations cannot be flexible and creative in employee engagement as compared to small and medium enterprises. As a result, many large enterprises are now increasingly embracing the employee engagement & feedback software for keeping track of employees, retaining/collecting data to improve engagement, and record the efficiency of employees via feedback from their colleagues, thus, enabling rising opportunities for the global employee engagement & feedback software market across the large enterprises segment.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the growing resorting to the deployment of employee engagement & feedback software in their operations for improving employee engagement. The region is home to some of the biggest software development companies that are engaged in development of employee engagement & feedback software. It is accompanied by the technological advancements confronted by the region and the rising contract jobs across the region.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to increase in the demand from the retailers and financial institutes in this region. 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 China, India, Japan and so on. This adoption is set to continue to post the shift back to office culture as well, especially in large enterprises, and thus employee engagement solutions will have long term adoption in the region.

Key players in the market:

Some of the key players profiled in the Employee Engagement and Feedback Software Market include 15Five, Achievers Solutions Inc, Bam Creative, Culture Amp Pty Ltd, EightSpokes, Inc, Gensuite, Humu, Inc, Impraise, Officevibe, Quantum Workplace, Reflektive, Saba Software, SurveySparrow Inc, TINYpulse, Transcend Information, Inc, and Weekdone.

Key Developments:

In June 2021, Quantum Workplace, announced theb launch of two of its additions to the employee engagement solutions, the Intelligence Dashboard and Data Feed. The intelligence dashboard and data feed features are going to enabled the organizations as well as the employees for closely monitoring and analyzing the performance of their employees and business data for identifying patterns of engagement, turnover and various other workforce characteristics.

Devices Covered:
• Desktop
• Handheld

Delivery Modes Covered:
• Integrated
• Standalone

Organization Sizes Covered:
• Small and Medium Enterprises (SMES)
• Large Enterprises

Offerings Covered:
• Turnkey
• Customized

Deployments Covered:
• On Premise
• Cloud

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances