San Francisco, California, June 08, 2018: The rising popularity of pay-for-performance compensation strategies and plans is a key trend fortifying the demand for employee recognition systems in a wide spectrum of industries world over. The rising need for better methods of employee reward and recognition is driving the growth of the market. The rising efforts by IT executives, business leaders, and human resource managers to take a holistic look at employment engagement provides a robust proposition to their adoption, globally.
Analysis of such trends and their impact on current and emerging opportunities forms the crux of a new report by TMR Research. The study bears the title “Social Employee Recognition Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017–2025”. The notable inclination toward social employee recognition system being witnessed in end-use industries will bolster the adoption of employee recognition systems. In this regard, the growing role of social and gamification concepts in talent management systems is catalyzing the growth of the market.
With BYOT (bring your own technology) gathering substantial steam in organizations world over, the market is likely to reap huge gains in the coming years. In addition, the rapid inroad made by social networking platforms in enterprises in recent years has imparted a huge momentum to the market growth.
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The advent of cloud-based employee recognition systems is creating lucrative avenues in the global market. Furthermore, industry efforts to develop and launch human-centered software solutions in social employee recognition for setting the foundation to vibrant workplace augurs well for the market. Some of key end-use industries are IT and telecom, manufacturing, hospitality, consumer, retail, travel and tourism, and healthcare.
On the geographical front, developed and developing regions across the globe are expected to be potentially lucrative markets for employee recognition systems. Prominent names operating in the global market include Globoforce, Achievers Corp., Terry berry, REFFIND Ltd., Corporate Rewards Ltd., Peoplecart Private Limited, and Incentive Logic.