Sarasota, FL -- (SBWire) -- 03/30/2019 --According to the report, the global employee engagement software market was valued at USD 142 million in 2018 and is expected to reach approximately USD 346 million by 2025, at a CAGR of slightly above 13.5% between 2019 and 2025.
The integration of application programs chosen by enterprises for productive employee retention and an increase in job satisfaction is termed as employee engagement software. This software is used by organizations to increase their overall productivities. Mostly employee engagement software is deployed for human resource (HR) departments and includes peer recognition, employee segmenting, employee surveys, and wellness assessment, among others.
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The ICT industry has grown notably over the last few years. The top IT and telecommunication companies are targeting developing economies, such as India and China. The employee engagement software market growth can be attributed to the regional expansion of the ICT industry and the growing demand for software solutions to streamline various business activities. Employee engagement software solutions are adopted by the ICT sector for enhancing the organizations' overall productivity. In 2015, the worldwide ICT industry generated revenue of USD 4.4 trillion as compared to USD 3.4 trillion in 2010. However, the lack of awareness about the benefits and availability of employee engagement software may hinder the market. Moreover, software developers are primarily focused on developing solutions that are easily compatible with smart consumer devices, which is anticipated to create open new growth avenues for the employee engagement software market in the upcoming years.
The global employee engagement software market is segmented on the basis of deployment, enterprise size, and vertical. By deployment, the market is classified into on-premises and cloud-based. The rising demand for subscription-based solutions from the users is predicted to support the cloud-based segment in the years ahead. By enterprise size, the market is classified into small and medium enterprises (SMEs) and large enterprises. With a growing number of small and medium enterprises, this segment is likely to grow at a rapid pace over forecast timeframe. By vertical, the market includes IT and telecommunication, BFSI, healthcare, retail, manufacturing, education, government, and others. The demand for employee engagement software is anticipated to grow rapidly in the IT and telecom sector for enhancing employees' overall productivity.
Regionally, North America is projected to hold a major share of the employee engagement software market in the future, owing to the early adoption of employee engagement software across myriad organizations. The U.S. is likely to dominate this regional market, owing to the strong presence of large enterprises and the high adoption rate of employee engagement software in the country.
Some key participants operating in the global employee engagement software market are People Gauge, Quantum Workplace, Gensuite, Officevibe, Transcend, Tap My Back, VibeCatch, Qualtrics, KaiNexus, Key Survey, WorkTango, Bitrix, Sparble, Synergita, Pingboard, Vocoli, and Zinta.
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This report segments the global employee engagement software market into:
Employee Engagement Software Market: Deployment Analysis
On-Premises
Cloud-Based
Employee Engagement Software Market: Enterprise Size Analysis
Small and Medium Enterprise (SMEs)
Large Enterprise
Employee Engagement Software Market: Vertical Segment Analysis
IT and Telecommunication
BFSI
Healthcare
Retail
Manufacturing
Education
Government
Others
Employee Engagement Software Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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Global Employee Engagement Software Market Is Anticipated to Reach Around USD 346 Million by 2025
Employee Engagement Software Market by Deployment (On-Premises and Cloud-Based), by Enterprise Size (Small and Medium Enterprises (SMEs) and Large Enterprises), and by Vertical (IT and Telecommunication, BFSI, Healthcare, Retail, Manufacturing, Education, Government, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025