Employee Recognition and Reward System Market to Reach $65.3 Billion by 2032 at 15.6% CAGR: Allied Market Research

Strategic staff engagement and output drive the growth of the global employee recognition and reward system market.


NEW CASTLE, Delaware, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Employee Recognition and Reward System Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud), Enterprise Size (Large Enterprise and Small and Medium-size Enterprise), and Industry Vertical (IT and Telecom, Healthcare, Manufacturing, Transportation and Logistics, BFSI, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the market generated $15.8 billion in 2022 and is estimated to reach $65.3 Billion by 2032, exhibiting a CAGR of 15.6% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities

Surge in evolving cyber threats drives the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. However financial limitations and integration issues are primarily expected to hamper the growth of the market. Furthermore, operational resilience is expected to create lucrative growth opportunities for the market.

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Report coverage & details:

Report CoverageDetails
Forecast Period2023–2032
Base Year2022
Market Size in 2022$15.8 Billion
Market Size in 2032$65.3 Billion
CAGR15.6%
No. of Pages in Report356
Segments CoveredComponent, Deployment Mode, Enterprise Size, Industry Vertical, and Region.
DriversStrategic Staff Engagement and Output 

Attracting and Retaining Talent in Competitive Markets
OpportunitiesData-Driven Personalization and Decision-Making
RestraintsBudgetary Restrictions and ROI Issues 

Opposition to Shift and Harmonization with Culture

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The solution segment rules the market.

By component, the solution segment held the major share in 2022, garnering nearly half of the global employee recognition and reward system market revenue, owing to the dedication to utilizing technology, customization, integration, accessibility, security, and ongoing development. The service segment is expected to display the fastest CAGR of 17.8% throughout the forecast period, owing to the organization providing a recognition platform that is easily integrated with current systems, supporting change management, and providing training to employees.

The cloud segment to dominate by 2032

By deployment mode, the on-premise segment accounted for nearly half of the global employee recognition and reward system market share in 2022, and is expected to dominate the market by 2032, owing to offering a higher level of data protection and security and also easily integrating the system with other internal systems and procedures while customizing them to satisfy their unique requirements, which propels the market growth significantly. The cloud segment is expected to display the fastest CAGR of 17.4% throughout the forecast period, owing to the scalability and flexibility of cloud-based solutions and massive volumes of employee data, including performance indicators, feedback, and recognition history, which are easily gathered and analyzed.

The large enterprise segment to dominate the market in 2022

By enterprise size, the large enterprise segment accounted for nearly half of the global employee recognition and reward system market share in 2022 and is expected to remain dominant by 2032, owing to the need to increase staff morale, increase retention rates, and ultimately drive organizational success by implementing an efficient recognition and incentive system, which propels the market growth significantly. The small and medium-sized enterprise segment would also display the fastest CAGR of 18.3% throughout the forecast period, owing to boosting employee appreciation and loyalty by providing individualized recognition and awards.

The healthcare segment to dominate by 2032

By end user, the manufacturing segment accounted for one-fifth of the global employee recognition and reward system market share in 2022 and is expected to dominate by 2032, owing to the rapid adoption of digital platforms and technologies by the manufacturing industry to automate and streamline their recognizing operations, which propels the market growth significantly. The healthcare segment is expected to display the fastest CAGR of 19.8% throughout the forecast period, to reduce risks and guarantee a timely and efficient reaction in the case of a crisis, as thorough risk assessments and emergency response plans are created.

Asia-Pacific garnered the major share in 2032

By region, North America garnered the highest share in 2022, holding nearly one-fourth of the global employee recognition and reward system market revenue in 2022, and is projected to retain its dominance by 2032, owing to the increased focus on boosting a healthy workplace culture and raising employee satisfaction aiding the growth of the employee recognition and reward system market. The Asia-Pacific region would also portray the fastest CAGR of 18.6% during the forecast period, owing to promoting an environment of gratitude and inspiration, providers create platforms that enable peers and supervisors to give prompt praise and incentives. which is expected to fuel the market growth in Asia-Pacific.

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Leading Market Players-

  • KUDOS®, INC.
  • Dash Solutions, Inc
  • BI WORLDWIDE™
  • Terryberry
  • Motivosity Inc.
  • Salesforce, Inc.
  • Smartly, Inc
  • O.C. TANNER
  • UKG INC.
  • Workstars

The report analyzes these key players in the global employee recognition and reward system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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