Global P2P Recognition and Reward System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global P2P Recognition and Reward System Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global P2P Recognition and Reward System market finds that the global P2P Recognition and Reward System market reached a value of USD 3733.69 million in 2022. It’s expected that the market will achieve USD 6232.85 million by 2028, exhibiting a CAGR of 8.92% during the forecast period.

Influence of COVID-19 Outbreak on P2P Recognition and Reward System Industry Development

Employees and organizations in many regions and countries have begun to work remotely due to the unprecedented Covid-19 Outbreak. Once upon a time, no one would have thought of working from home for months at a time. While everyone is getting used to telecommuting at home, sometimes working at home can be demotivating because of chores that can get in the way. This reduces the focus of employees and reduces their productivity. Therefore, in this period, rewards and recognition for employees is one of the best ways to maintain employees' enthusiasm and work efficiency. During the epidemic, the demand for P2P Recognition and Reward System is increasing, because managers and employees have to rely more on virtual means to manage and recognize performance, so as to maintain the operation of the company's business. Therefore, the epidemic will promote the development of the P2P Recognition and Reward System market.
During the epidemic, when face-to-face contact was not possible because of telecommuting, achievements could be announced by organizing virtual face-to-face gatherings where employees could feel like they were in the office. In addition, although public lunches cannot be held during an outbreak, company managers can still order lunches for employees to celebrate their successes and achievements, giving employees a sense of care and concern.
Due to the economic uncertainty and austerity caused by the Covid-19 pandemic, it is imperative for businesses to take proactive action quickly to reduce potential risks to their business. The P2P Recognition and Reward System is a great platform to help companies with performance management, employee rewards, team surveys and other HR support functions. Therefore, during the epidemic, P2P Recognition and Reward System is very important for many enterprises to maintain their business.

Strength

Strengthen company culture: Peer-to-peer recognition creates a more collaborative and compassionate work environment.
Promote diversity and inclusion: Peer-to-peer recognition is a way for companies to emphasize diversity and inclusion. Encouraging employees to be open about their team members' unique skills and experiences can inspire them to connect and belong.
Enhance team morale: Positive work relationships are critical to maintaining employee satisfaction. In times of crisis and workplace change, these relationships become harder to sustain. Peer recognition helps boost employee morale by enabling daily expressions of support and appreciation.
Weakness
It is a recognized fact that as long as individuals working for a team are repeatedly rewarded (regardless of how great their achievements may be, for the organization as a whole) the possibility may lead to inciting feelings of jealousy and hateful thoughts from their teammates. Also, it is very likely that other team members will try to slow down their performance rather than improve theirs.
The wrong method of peer-to-peer recognition can destroy whatever motivation a hard worker may have.
There may be data leakage issues when using P2P Recognition and Reward System.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Workhuman, Reward Gateway, HALO Recognition, Achievers and Terryberry Company are the five key players in the global P2P Recognition and Reward System market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global P2P Recognition and Reward System market in the past 5 years.

Workhuman is a provider of an online platform designed to offer social-recognition software and services. The company's platform combines employee recognition to a company's goals and values that increases employee engagement, enabling business leaders to engage their employees within the dynamics of changing workforce.

Reward Gateway helps more than 1,700 of the world's leading companies, in 23 countries, to attract, engage, and retain their best people with an employee engagement platform that brings employee benefits, discounts, and perks, reward and recognition, employee wellbeing, employee communications and employee survey tools into one unified hub. Clients include American Express, Unilever, Samsung, IBM, and McDonald's.

Segmentation Overview:

Among different product types, Cloud Based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Large Company segment occupied the biggest share from 2018 to 2022.

Key Companies in the global P2P Recognition and Reward System market covered in Chapter 3:

Achievers
Workstride
Kudos
Motivosity
Reward Gateway
Workhuman
HALO Recognition
Qarrot
Bonusly
Terryberry Company
15Five
Kazoo
Bucketlist
Quantum Workplace

In Chapter 4 and Chapter 14.2, on the basis of types, the P2P Recognition and Reward System market from 2018 to 2029 is primarily split into:

Cloud-based
Web-based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the P2P Recognition and Reward System market from 2018 to 2029 covers:

Large Enterprises
SMEs

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)