Employee recognition and reward system refers to a program set up by company to reward performance and motivate employees. Every organization needs a reward system to manage compensation, benefits, recognition, and appreciation. Furthermore, this system offers various rewards and recognition program such as peer recognition and employee nomination programs for managers and employee referrals.
Employee recognition and rewards system is expected to experience a significant growth during the forecast period, owing to increase in adoption of cloud-based solutions. Moreover, the benefits such as low cost of deployment & minimum maintenance expenses, enhanced data management, unlimited storing capacity, and access through web & mobile fuel the growth of the market. Furthermore, rise in need to streamline HR operation is expected to drive the market growth. However, lack of awareness of employee recognition and rewards solutions in SMEs is hinders the growth of market. Rise in popularity of digital HR technology is expected to provide ample of opportunity for the growth of market in the coming years.
The report segments the employee recognition and rewards system market on the basis of solution, service type, deployment type, industry, and geography. Based on solution, the market is bifurcated into hardware and software. By service type, it is classified into professional services, integration services, and training & support. According to deployment type, it is divided into cloud and on-premises. As per industry, it is categorized into healthcare, manufacturing, IT & telecom, transportation & logistics, BFSI, retail, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the employee recognition and rewards market are Kudos, Inc., Workstride.com, Kwench Global Technologies Pvt. Ltd., REFFIND Ltd., Salesforce.com, Globoforce Ltd., Ultimate Software, Solterbeck, Workstars, and Achivers Corporation.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global employee recognition and rewards market.
- In-depth analysis is done by constructing market estimations for the key market segments between 2016 and 2023.
- This report entails the detailed quantitative analysis of the current market and estimations form 2016 to 2023, which assists to identify the prevailing market opportunities.
- Extensive analysis of the market is conducted by following key product positioning and monitoring the top competitors within the market framework.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
Mployee Recognition and Rewards System Market Key Segments:
By Service Type
- Professional Services
- Integration Services
- Training & Support
By Deployment Type
- IT & Telecom
- Transportation & Logistics
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East