Facts and Factors Market Research has published a new report titled “Employee Engagement and Feedback Software Market By Deployment (On-Cloud and On-Premise), By Offering (Turnkey and Customized), By Organization Size (Small & Medium Enterprise and Large Enterprise), By Delivery Mode (Standalone and Integrated), and By Device (Desktop and Handheld) : Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global employee engagement and feedback software market was valued at approximately USD 1,159 million in 2018 and is expected to reach a value of around USD million by 2,755 million by 2027, at a CAGR of around 10.1% between 2019 and 2027.
Employee engagement & feedback software helps in measuring how the employees feel about their organization. The software is the category of application programs that firms utilize to enhance the job satisfaction of employees and retain skilled employees. Depending upon the workplace perception, the employee engagement & feedback software divides the employees into four key groups including highly engaged, barely engaged, moderately engaged, and disengaged. The main objective of using the software is to assist employees in raising proficiency. The employee engagement & feedback software is used by the HR departments and is sold on a subscription basis in the form of software as a service. It is also referred to as workforce engagement software.
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Streamlining communication to drive the market expansion
Seamless communication of all kinds is key for keeping the employees engaged. In addition to this, the employee engagement tool makes it easy for the employees or staff through the offering space for communication. By using the software, the managers can send the message to staff along with offering them feedback of their work as well as the setting of goals. Moreover, constant feedback is a simple way of enhancing the levels of employee engagement as it assists employees in improving their work. It also helps in motivating the staff as well as improving their performance at work. All these factors are expected to drive the growth of the employee engagement and feedback software market over the forecast period.
Furthermore, rise in the acceptance of the product across the globe along with embedding of new technologies like AI & machine learning in the software along with escalating usage of the software in tablets & smartphones for increasing employee engagement will boost the market growth trends. Nonetheless, the low level of product awareness will put brakes on the growth of the employee engagement and feedback software industry over the forecast timeline.
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On-cloud deployment to contribute majorly towards the overall market growth
The growth of the on-cloud segment over the forecast period is due to a rise in the popularity of cloud-based software due to its agile & flexible features. Apart from this, the cloud is favored deployment option for firms involved in the employee engagement services mainly due to its cost-saving ability, ease of functioning, and on-demand solutions.
Large Enterprise to contribute majorly towards the organization size segment
The growth of the segment over the forecast timeline is credited to the ability of the giant firms to offer dynamic avenues for the staff to build their career growth paths. These large enterprises also make use of the employee engagement and feedback software to build & strengthen their relationships with the workforce along with improving their capabilities.
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North America to dominate the overall regional market revenue share
The growth of the regional market is credited to favorable legislation, high acceptance of technologically advanced solutions for getting a better output, and use of the software by a large number of firms. Moreover, as acceptance of new technologies like embedded analytics & labor cost forecasting is high in countries like the U.S., the market growth will gain momentum in the country. This, in turn, will further steer the regional market growth over the forecast timeline.
Some of the major participants in the employee engagement and feedback software market include 15Five, BEEKEEPER, Clarity Wave, Culture Amp Pty Ltd Company Details, Emplify, Energage, LLC, E-Search DAC t/a Poppulo, GetFeedback, Inc., Glint Inc., Hyphen, Lattice, Officevibe, Peakon, Qualtrics, Quantum Workplace, Reward Gateway, TINYpulse, and Willis Towers Watson.
This report segments the employee engagement and feedback software market as follows:
Global Employee Engagement and Feedback Software Market: By Deployment Segment Analysis
Global Employee Engagement and Feedback Software Market: By Offering Segment Analysis
Global Employee Engagement and Feedback Software Market: By Organization Size Segment Analysis
- Small & Medium Enterprise
- Large Enterprise
Global Employee Engagement and Feedback Software Market: By Delivery Mode Segment Analysis
Global Employee Engagement and Feedback Software Market: By By Device Segment Analysis
Global Employee Engagement and Feedback Software Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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