The “Employee Engagement Software – Global Strategic Business Report” has been added to ResearchAndMarkets.com’s offerings. This report provides a detailed analysis of the global market, highlighting key trends, drivers, and forecasts for the period from 2023 to 2030.
- Market Valuation and Forecast
- The global market for employee engagement software was valued at approximately US$940.9 million in 2023.
- Projected to reach US$1.3 billion by 2030, growing at a CAGR of 4.8% from 2023 to 2030.
- Drivers of Market Growth
- Recognition of Employee Engagement: Increasing awareness of the benefits of employee engagement on productivity, innovation, and retention.
- Technological Advancements: Innovations such as AI and data analytics enhance the functionality of engagement platforms.
- Evolving Work Environments: The rise of remote and hybrid work models necessitates tools to maintain engagement among dispersed teams.
- Focus on Mental Health and Well-being: Growing emphasis on mental health and well-being in the workplace.
- Key Market Segments
- Collaboration & Interaction Function: Expected to reach US$577.2 million by 2030, with a CAGR of 4.7%.
- Customer Service Function: Forecasted to grow at a 5.0% CAGR over the analysis period.
- Regional Analysis
- United States: Market valued at $256.3 million in 2023.
- China: Projected to grow at a 7.8% CAGR, reaching $268.0 million by 2030.
- Other Regions: Analysis includes Japan, Canada, Germany, and the Asia-Pacific.
- Market Trends and Drivers
- Workforce Productivity: Increased focus on productivity highlights the importance of engagement software.
- HR Tech Advancements: Technological progress in HR tech propels market growth.
- Remote Work Solutions: Adoption of remote work models drives demand for engagement tools.
- Performance Management Integration: Expands the market opportunity for engagement software.
- Employee Experience: Emphasis on enhancing employee experience boosts demand.
- Regulatory Compliance: Data protection requirements strengthen the business case for engagement solutions.
- Analytics and Reporting: Enhanced capabilities in analytics and reporting drive market growth.
- AI and Machine Learning: Growing use in engagement software increases adoption.
- Reducing Turnover: Engagement software helps reduce employee turnover.
- Communication and Collaboration: Tools for enhancing communication and collaboration are in demand.
- Real-Time Feedback: Rising demand for tools that provide real-time feedback.
- COVID-19 Impact: The pandemic has increased focus on employee engagement and well-being.
- SME Utilization: Growing use of engagement software in small and medium enterprises expands the market.
- Diversity and Inclusion: Engagement software supports diversity and inclusion initiatives.
- Mobile Engagement: Impact of mobile solutions on workforce productivity.
- Key Players in the Market
- 15Five, ClearCompany, Deel, Hibob, hubEngage, JotForm, Inc., Kudos Inc., Lattice, Leapsome, Mitratech, Mo, Motivosity, Synergita, Xoxoday, Zoom Video Communications, Inc.
The “Employee Engagement Software – Global Strategic Business Report” provides comprehensive insights into the market, highlighting the significant growth trajectory, key drivers, regional analysis, and major players. The growing importance of employee engagement, technological advancements, and evolving work environments are expected to drive substantial growth in this market through 2030.
