Global Employee Experience Management Market Size, Share & Trends Analysis Report By Offering, By Standalone Software Type, By Industry (IT & ITeS, BFSI, Telecom, Healthcare, Manufacturing, Government, and Others), By Regional Outlook and Forecast, 2023 -

Global Employee Experience Management Market Size, Share & Trends Analysis Report By Offering, By Standalone Software Type, By Industry (IT & ITeS, BFSI, Telecom, Healthcare, Manufacturing, Government, and Others), By Regional Outlook and Forecast, 2023 - 2030

The Global Employee Experience Management Market size is expected to reach $14.3 billion by 2030, rising at a market growth of 11.2% CAGR during the forecast period.

EXM strategies are applied to attract and retain top talent in healthcare. This includes creating a positive candidate experience during recruitment, offering competitive benefits, and ensuring a smooth onboarding process for new healthcare professionals. Consequently, the healthcare segment would generate an approximately 16.07 % share of the market by 2030. This contributes to a healthier and more resilient healthcare workforce.

The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November 2023, 15Five, Inc., a performance management company, has unveiled the Spark AI-powered HR Outcomes Dashboard. Spark AI is an AI-powered assistant designed for managers, employees, and HR teams. Additionally, it helps managers support their teams more efficiently by aiding and guidance. In October 2023, Oracle Corporation has unveiled Oracle HCM, a human capital management software suite. With this product, Oracle aims to help HR teams in medium-sized businesses attract, empower, and retain the best employees.

Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the Market. In February 2021, Microsoft Corporation, a multinational technology company, launched Microsoft Viva, an employee experience platform. Microsoft Viva was created to assist companies in making communication smoother, supporting learning, fostering connection, and enabling employees to succeed in the future of work. Moreover, Microsoft Viva, when integrated with Microsoft Teams and Office 365 apps, will simplify workflows for remote workers. And Companies such as Oracle Corporation and SAP SE are some of the key innovators in Market.

Market Growth Factors

Integrating Artificial Intelligence (AI) and machine learning technologies in EXM enables organizations to automate routine HR tasks, personalize employee experiences, and derive insights from large datasets. AI-driven solutions enhance efficiency and contribute to more data-driven decision-making. Thus, the above-mentioned factors will drive the market growth significantly.

Organizations are implementing comprehensive well-being programs as part of their EXM strategies. These programs may include wellness challenges, fitness classes, mental health resources, and initiatives promoting work-life balance. Therefore, the growing focus on employee well-being is expected to boost market growth.

Market Restraining Factors

Legacy systems may have outdated architectures and limited compatibility with modern EXM solutions. Integrating these systems can be complex and time-consuming, potentially causing disruptions in HR processes. Due to the above factors, market growth will be hampered in the coming years.

The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.

By Offering Analysis

On the basis of offering, the market is segmented into software and services. The services segment recorded a remarkable 26.70 % share in the market in 2022. Employee journey mapping services involve analyzing and visualizing employees' various touchpoints and interactions with the organization throughout their entire lifecycle. Services related to employee surveys and feedback involve designing, administering, and analyzing surveys. Consultants may assist in creating action plans based on survey results.

By Software Analysis

Under software type, the market is further divided into integrated and standalone. The integrated segment acquired a 28.70 % revenue share in the market in 2022. Integrated software consolidates employee data into a single, centralized database. This includes information related to personal details, employment history, performance metrics, and training records. This ensures new hires have a cohesive experience, with data seamlessly transitioning from the recruitment phase to onboarding and subsequent training activities.

By Industry Analysis

Based on application, the market is fragmented into BFSI, healthcare, IT & ITeS, telecom, government, manufacturing, and others. In 2022, the IT & ITeS segment generated a 29.86 % revenue share in the market. and ITeS contribute to the creation and deployment of employee engagement tools. These technologies provide employees with quick and automated responses to common queries, enhancing the overall efficiency of HR services.

By Regional Analysis

Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region recorded a 26.41 % revenue share in the market in 2022. The Asia Pacific EXM vendor landscape includes global and regional players. Organizations can choose from various solutions, ranging from comprehensive EXM platforms to specialized tools addressing specific aspects of the employee experience. Solutions that help organizations ensure compliance while maintaining a positive employee experience are in demand.

Recent Strategies Deployed in the Market

• Nov-2023: 15Five, Inc., a performance management company, has unveiled the Spark AI-powered HR Outcomes Dashboard. Spark AI is an AI-powered assistant designed for managers, employees, and HR teams. Additionally, it helps managers support their teams more efficiently by providing assistance and guidance.
• Oct-2023: Oracle Corporation has unveiled Oracle HCM, a human capital management software suite. With this product, Oracle aims to help HR teams in medium-sized businesses attract, empower, and retain the best employees.
• Oct-2023: SAP SE has expanded the capabilities of its SAP SuccessFactors Human Experience Management suite with AI. With extended capabilities, SAP SuccessFactors will make employees' experiences better and help with all decisions about people, like hiring, moving within the company, learning, and how well they perform.
• Oct-2023: Kudos, Inc., an employee recognition platform, has partnered with UKG, Inc., a software development company. Through this partnership, the companies will utilize both Kudos and the UKG Pro suite to take advantage of automated integration, user provisioning, and data updates.
• Oct-2023: Qualtrics International Inc., an experience management company, has partnered with WorkJam Inc., a digital workforce management platform. Through this partnership, the companies will collaborate to enhance the experience of frontline employees, ultimately aiming to improve the overall customer experience. Moreover, the companies will merge Qualtrics’ conversational intelligence technology with WorkJam’s super app for frontline workers, which aims to provide organizations with a continuous understanding of the front lines of their businesses and uncover insights into employees’ priorities, needs, and concerns.

List of Key Companies Profiled

• SAP SE
• Oracle Corporation
• Microsoft Corporation
• Workday, Inc.
• Zoom Video Communications, Inc.
• Qualtrics International Inc. (Silver Lake)
• SurveySparrow, Inc.
• 15Five, Inc.
• Culture Amp Pty Ltd.
• Kudos, Inc.

Global Employee Experience Management Market Report Segmentation

By Offering

• Software
• Standalone Software

 Employee Engagement

 Employee Recognition & Rewards

 Employee Survey & Feedback

 Employee Performance Management

 Others

• Integrated Software
• Services

By Industry

• IT & ITeS
• BFSI
• Telecom
• Healthcare
• Manufacturing
• Government
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA