Employee Engagement Software Market Size is forecast to reach $870 Million by 2027, at a CAGR of 12% during 2022-2027. Small and medium-sized enterprises (SMEs) play a significant role in the majority of economies, particularly in developing countries. Small and medium-sized enterprises (SMEs) account for the vast majority of businesses worldwide and are critical contributors to job creation and global economic development. They account for roughly 90% of businesses and more than 50% of global employment. For instance, according to a report by world bank 600 million jobs will be required by 2030, making SME development a top priority for many governments around the world. For example, Keka is a software platform for managing employee experiences. The only employee-centric HR and payroll software. They are a modern new generation platform focused on user experience and streamlining complex operations, as opposed to traditional HR solutions. The core activities for any employee-centric firm are HR, Payroll, and Talent Management. The highlight of keka software solution, which employs a blend of modern and traditional methods, is the ease with which employees and HR teams can use it. It is best suited for Indian companies because it was created with an Indian employee in mind, owing to which its demand is gaining traction in the forecast period 2022-2027.
BFSI segment of the Global Employee Engagement Software Market generated a revenue of $174.13 million in 2021 and is projected to reach a revenue of $188.49 million by 2027 growing at a CAGR of 7.4% during 2022-2027. The Banking, financial services and insurance industry has one of the highest employee bases globally. As per a study by the Economic Times, There were more than 17,000 new hires in 2021 and the figure is expected to grow significantly till 2023. Banks and other financial institutions are a complex system of interconnected departments with a variety of services such as wealth management, investment banking, broking and advisory services. Financial organizations therefore require Employee engagement software to support the complex and entangled internal structure.
Employee Engagement Software Market in Asia-Pacific region held significant market share of 37.4% in 2021. China is one of the fastest growing economies in the world with its GDP hovering at around 8% in 2021. This growth has been driven by the services, agriculture, manufacturing, and technological industries. The National Bureau of Statistics reveals that as a result of this growth, China created almost 10 million jobs in the first half of 2021, reaching 85% of its yearly goal. This surge in employment will push up the demand for employee engagement software in the country. With the IT sector in the country taking off, recent estimates show that the Japanese software market is expected to reach upwards of $20 billion in 2022, with the Software as a Service(SaaS) market taking 30% of the pie. Investments for Japanese SaaS startups with over $200 million spent last year. This is driving the market.
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Employee Engagement Software Market Growth Drivers:
Engagement of Machine Learning (ML) and Artificial Intelligence (AI) is analyzed to drive the market growth in the forecast period
Employee engagement tendencies shift as the workforce's generations change. As a result, the tools and solutions used to engage and retain people, as well as measure and improve their levels of engagement, are evolving. Microsoft, Amazon, Walmart, Barclays, and Apple, among others, are successfully leveraging machine learning and artificial intelligence (AI) technology to measure and improve employee engagement. According to recent research studies, nearly 31% of businesses have considered AI their top priority, with 58 percent placing it among their top three. Artificial intelligence and machine learning improve on-site and remote employee engagement by monitoring organization-wide performance in real time, providing employees with 24/7 support, and enhancing learning and development outcomes. Adoption of AI and machine learning is expected to boost the employee engagement software market as these are helping to drive employee engagement in modern businesses. According to Gallup, the APAC area has the highest degree of employee engagement. Nearly 40% of APAC office workers, on the other hand, agree that workplace technology aids job efficiency. According to a Salesforce study, nearly 60% of office workers in the region attribute low engagement to a lack of technology. Hence these factors are analyzed to drive the market growth in the forecast period 2022-2027.
The Major Players in this Market Include
Major players in Employee Engagement Software include Qualtrics, Bamboo HR LLC, BITRIX, Salesforce, Officevibe, CultureAMP, KAZOO, LATTICE, 15Five, WorkVivo., among others. In 2020 Workvivo raised $16 million in a Series A funding led by Tiger Global. Previous investors such as Frontline Ventures and Enterprise Ireland also participated in the funding. The company announced that the funding will be used largely for sales and marketing as well as product development.
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