Employee Engagement Software Market Size, Trends, Latest News

The global employee engagement software market is expected to grow at a significant CAGR of 18.5% during the forecast period. The key factors driving the market are the benefits of employee engagement software. Such software helps companies in retaining employees, providing easier communication, increasing productivity, and improving customer service, resulting in higher business growth and revenue. Moreover, increasing employee turnover and lack of communication with management are boosting the demand for the software across industries. As a result of software implementation, companies are witnessing rapid growth in revenue, employee productivity, and customer satisfaction. For example, in January 2022, Hello Team stated that by adopting performance management and employee engagement solutions, Boston-based HelloTeam has witnessed a threefold increase in annual recurring revenue, twofold increase in customer base, and 200% increase in headcount.

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Additionally, gamification is becoming more common around the world as it improves user capabilities and engagement in corporate processes. According to Zippia, Inc. Gamification significantly improved the performance of 90% of employees. Through integration, it is expected to enhance numerous HR skills such as increased staff productivity, greater job satisfaction, more efficient incentive system, and many more, thereby increasing corporate earnings. Similarly, companies can increase employee social connections and collaboration to accelerate business operations. Deloitte, for example, overhauled its onboarding process in 2022, leveraging gamification for more innovative employee engagement tactics. This has reinforced numerous tactics such as functional learning, virtual office tours, introduction to business culture, and so on.

In addition, digital technologies are being adopted by industries around the world to streamline corporate operations and administration. These digital workplaces integrate with various collaboration tools, including employee engagement tools. Increased awareness of work-life balance is prompting business executives to prioritize employee well-being. Similarly, employee engagement improves a person’s ability to perform their tasks effectively.

Due to such factors, companies are also introducing new and innovative software solutions to enhance their market expansion. For example, in August 2022, Vantage Circle partnered with Yellow.ai, an enterprise-grade conversational AI platform, to help companies create hyper-personalized employee experiences (EX) at scale. The collaboration aims to improve corporate employee engagement by automating end-to-end EX procedures, offering fast and on-demand access to information, and enabling self-service inquiries across channels.

Global Employee Engagement Software Segment Market Report

By type of implementation

• Cloud
• Locally

By function

• Training
• The process of introducing a new employee to the company
• Customer service
• Cooperation and integration
• Prizes and awards

By type of enterprise

• Large enterprises
• Small and medium companies

By industry

• Retail sales
• Financial and banking institutions
• Government
• IT and telecommunications
• Hospitality
• Healthcare
• Production

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Employee Engagement Software Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia and the Pacific

• China
• Japan
• India
• Rest of Asia Pacific

Rest of the world

• Middle East and Africa
• Latin America

Company profiles

• Achievers Solutions Inc.
• Culture Amp Pty Ltd.
• Eight Spokes, Inc.
• Point of force
• Humu, Inc.
• Imperva
• Praise
• InterGuard
• Observe IT
• Rapid7
• Securonix
• Teramind Inc.

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