Employee Recognition and Reward System Market By Component (Solution, Services), By Deployment Mode (On-premise, Cloud), By Enterprise Size (Large Enterprise, Small and Medium-size Enterprise), By Industry Vertical (Manufacturing, Healthcare, IT and Telec

Employee Recognition and Reward System Market By Component (Solution, Services), By Deployment Mode (On-premise, Cloud), By Enterprise Size (Large Enterprise, Small and Medium-size Enterprise), By Industry Vertical (Manufacturing, Healthcare, IT and Telecom, BFSI, Retail, Transportation and Logistics, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

The Employee recognition and reward system Market was valued for $15,820.00 million in 2022 and is estimated to reach $65,332.47 million by 2032, exhibiting a CAGR of 15.6% from 2023 to 2032. The market for employee recognition and reward systems is the segment of the economy that specializes in offering all-inclusive products and services that help businesses recognize, value, and compensate their workers for their contributions. The development and application of initiatives, platforms, and tactics aimed at improving worker motivation, engagement, and general job satisfaction are the main focuses of this market. Market-wide recognition programs comprise both formal and informal means of recognizing individual and group accomplishments. These include manager-led gratitude campaigns, peer recognition, and employee of the month awards. Moreover, in order to recognize and inspire employees, reward systems include monetary incentives and material perks. This could take the form of cash incentives, gift cards, more vacation time, or intangible benefits like flexible work schedules. The growing awareness among organizations of the benefits of employee recognition on workplace culture, productivity, and talent retention is driving the market for employee recognition and reward systems. Furthermore, the market responds to companies' efforts to establish work cultures that recognize and reward employee contributions by offering a range of solutions designed to satisfy various organizational requirements. Essentially, the market tackles the critical significance of rewarding and recognizing workers as a calculated move towards creating a healthy workplace culture, increasing employee's engagement, and eventually boosting an organization's overall performance.

Furthermore, surge in strategic staff engagement and output and attracting and retaining talent in competitive markets primarily drive the growth of the employee recognition and reward system market. However, budgetary restrictions and ROI Issues and opposition to shift and harmonization with culture hamper market growth to some extent. Moreover, data-driven personalization and decision-making is expected to provide lucrative opportunities for market growth during the forecast period.

On the basis of deployment mode, on-premise segment dominated the employee recognition and reward system market in 2022 and is expected to maintain its dominance in the upcoming years owing to offer a higher level of data protection and security and also easily integrate the system with other internal systems and procedures while customizing it that satisfy their unique requirements propels the market growth significantly. However, the cloud segment is expected to witness the highest growth, owing to the scalability and flexibility of cloud-based solutions and massive volumes of employee data, including performance indicators, feedback, and recognition history, are easily gathered and analyzed.  

The employee recognition and reward system market is segmented on the basis of component, enterprise size, deployment mode, end user, and region. On the basis of component, it is divided into solutions and services. On the basis of enterprise size, it is bifurcated into large enterprise and small and medium-sized enterprises. On the basis of deployment mode, it is bifurcated into on-premise and cloud.  On the basis of end user, it is fragmented into IT and telecom, healthcare, manufacturing, transportation and logistics, BFSI, retail and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players operating in the market include Salesforce, Inc. UKG Inc., Kudos®, Inc., Dash Solutions, Inc, Terryberry, BI WORLDWIDE™, Motivosity Inc. O.C. Tanner, and Smartly, Inc. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the employee recognition and reward system market analysis from 2022 to 2032 to identify the prevailing employee recognition and reward system market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the employee recognition and reward system market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global employee recognition and reward system market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Component

Solution
Services

By Deployment Mode

On-premise
Cloud

By Enterprise Size

Large Enterprise
Small and Medium-size Enterprise

By Industry Vertical

Manufacturing
Healthcare
IT and Telecom
BFSI
Retail
Transportation and Logistics
Others

By Region

North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa

Key Market Players

Salesforce, Inc.
UKG Inc.
Kudos®, Inc.
Dash Solutions, Inc
Terryberry
BI WORLDWIDE™
Motivosity Inc.
O.C. Tanner
Smartly, Inc
Workstars

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