Asia Pacific Social Employee Recognition System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), Deployment Model (Cloud and On-Premise), Reward Type (Gift Cards, Prepaid Cards, Incentive Travel, and Ot

Asia Pacific Social Employee Recognition System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), Deployment Model (Cloud and On-Premise), Reward Type (Gift Cards, Prepaid Cards, Incentive Travel, and Others), and Industry (Retail, IT and Telecom, Healthcare, Media and Entertainment, Travel and Hospitality, Manufacturing, BFSI, and Others)

The Asia Pacific social employee recognition system market share is expected to grow from US$ 1,599.81 million in 2021 to US$ 3,545.01 million by 2028; it is estimated to grow at a CAGR of 12.3% during 2021–2028.

Employees increasingly use social media websites and applications for collaboration, integration, and expert assistance. The Asia Pacific social employee recognition system market for workplace social networks and online communities is growing. As a result, the Asia Pacific social employee recognition system market growth for workplace social networks and online communities is growing, paving the way for social employee recognition systems. Due to the high presence of large size organizations and hefty expenditure budgets, the implementation of social employee recognition systems is exponentially high in retail and consumer goods and IT and telecom. Because social employee recognition systems are not a requirement but rather a value that adds to current costs, their adoption is likely to be limited.

Apart from incentives and recognition, an employee's mental needs must be met. When an employee has a good attitude toward their employer, their productivity doubles. Such professionals go above and beyond in their respective fields to achieve new milestones. As a result, raising morale becomes critical in such situations. As a result, social recognition at work is a vital component of human resources, and employee recognition can build an ideal environment.

With the rapidly changing landscape of enterprise IT solutions, businesses need to focus on various factors before opting for the right IT infrastructure. Cloud-based solutions are relevant for all business environments ranging from on-premise, hybrid, or cloud. In addition, cloud-based solutions facilitate easy scalability, low operating expenditure, high operational flexibility, high visibility, and updates to enterprises while reducing their overall costs and operational risks. The continuously evolving cloud architectures and the integration of advanced features in cloud solutions further fuel the adoption of these solutions in diverse end-user industries. A cloud deployment type is also an attractive option for companies due to benefits such as need-basis payment, regular data backup, high security, and instant provisioning features. Moreover, the complex and high installation and maintenance costs of on-premise solutions further drive companies to adopt cloud-based solutions. Hence, scalability, high level of security, operational flexibility, easy deployment type, and affordability are among the key advantages boosting the adoption of cloud-based Asia Pacific social employee recognition system market solutions among enterprises.

The Asia Pacific social employee recognition system market, based on component, is bifurcated into component and services. The Asia Pacific social employee recognition system market, based on deployment model, is bifurcated into cloud and on-premise. By reward type, the Asia Pacific social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others. By industry, the Asia Pacific social employee recognition system market is segmented into retail, IT and telecom, healthcare, media and entertainment, travel and hospitality, manufacturing, BFSI, and others. By country, the Asia Pacific social employee recognition system market is segmented into Australia, Japan, India, South Korea, Indonesia, Singapore, Malaysia, Vietnam, Thailand, Philippines, and the rest of Asia Pacific.

Asia Pacific is characterized by many developing countries, a positive economic outlook, a high industrial presence, and a huge population. The high growth rate of urbanization in developing countries of the region is anticipated to offer ample growth opportunities to the market players operating in the Asia Pacific social employee recognition system market, as the investments in advanced technologies development are high in the region. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside of China got impacted by the COVID-19 pandemic, such as India, South Korea, Australia, and Japan, and experienced downward growth. China and India were among the worst-affected COVID-19 countries worldwide. The government took drastic measures to reduce the effects of the COVID-19 outbreak by announcing lockdowns, travel, and trade bans. The SMEs were substantially seeking funding to run their operations due to shut down and limited capital to manage. Therefore, these end users showcased less potential in adopting new technologies by investing a certain amount in the present scenario.

The overall Asia Pacific social employee recognition system market growth has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific social employee recognition system market. The process also serves the purpose of obtaining an overview and forecast for the real-time location systems market with respect to all the segments. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the Asia Pacific social employee recognition system market. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the Asia Pacific social employee recognition system market. A few major players operating in the Asia Pacific social employee recognition system market are ACHIEVERS, APPREIZ INC., FOND TECHNOLOGIES, MOTIVOSITY INC, GRG INDIA, KUDOS INC., POSSIBLEWORKS, TERRYBERRY, WORKSTRIDE, and WORKSTARS.

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List of 10 Companies

ACHIEVERS
APPREIZ INC.
FOND TECHNOLOGIES
MOTIVOSITY INC
GRG INDIA
KUDOS INC.
POSSIBLEWORKS
TERRYBERRY
WORKSTRIDE
WORKSTARS