Employee Engagement and Feedback Software Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[207+ Pages Report] According to Facts and Factors, the global employee engagement and feedback software market size was worth around USD 928.4 million in 2021 and is estimated to grow to about USD 1774.38 million by 2028, with a compound annual growth rate (CAGR) of approximately 11.40% over the forecast period. The report analyzes the employee engagement and feedback software market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the employee engagement and feedback software market.

Market Overview

Employee engagement and feedback software is a sort of software that assists firms in recognizing high-performing employees, monitoring employee feedback, and rewarding or promoting them positively. It helps firms promote and measure the proper employee, understand their sentiment, and foster employee well-being or health. Along with assisting them in managing organizational expectations and developing appropriate engagement activities, managers and peers can identify gaps between employee performance and engagement. Software for employee engagement and feedback is helpful for businesses with trouble keeping personnel.

Most sophisticated employee engagement software is implemented by corporations' human resource (HR) departments and is made available as software or services via subscription. Demand for a growing virtual workplace, enhancing employee and management communication, and expanding outsourcing activities such as contract jobs are just a few reasons propelling the employee engagement and feedback software market forward. 

COVID-19 Impact:

The global employee engagement and feedback software market now has a high confidence level due to COVID-19's quick spread. Despite the closure of significant companies, governments from various nations are taking precautions, such as separating workers and citizens, to slow the spread of COVID-19 and lessen the risk of contracting the disease. Major corporations chose to work from home due to the quick lockdown, which fueled the market's expansion. The lockout caused HR departments to become more.

Key Insights

• As per the analysis shared by our research analyst, the global employee engagement and feedback software market value grew at a CAGR of 11.40% over the forecast period.
• In terms of value, the global healthcare market was valued at around USD 928.4 million in 2021 and is projected to reach USD 1774.38 million by 2028.
• Increasing demand for a growing virtual workplace, enhancing employee and management communication, and expanding outsourcing activities are propelling the Employee engagement and feedback software market forward.
• By deployment type, the on-cloud segment dominated the market in 2021.
• The large enterprises segment dominated the market by organization size in 2021.
• North America dominated the global employee engagement and feedback software market in 2021.

Growth Drivers

• Implementation of advanced technologies likely to pave the way for global market growth 

The usage of artificial intelligence (AI) and machine learning is rising, making employee contact more accessible than ever before (ML). By monitoring organizational performance in real-time and providing employees with 24/7 support, AI and ML have the potential to enhance both on-site and remote employee engagement. They can also maximize learning and growth outcomes. These elements significantly influence the expansion of the employee engagement and feedback software market. Increased technological breakthroughs and modernization of software used, as well as increased demand from emerging nations, will generate new opportunities for market growth throughout the forecast period.

Restraints

• The threat of increasing turnover of the employee may hamper the global market growth

Long-term employees suffer when there is a high rate of employee turnover. As no one is sure how safe their position is in a given company, a culture of dread may develop among the staff due to excessive employee turnover. Employees worry about their jobs a lot of the time. As a result, they are less engaged and more worried about maintaining their employment with that specific company. A communication gap may also prevent the expansion of the market.

Opportunities

• The increasing adoption of smartphones device brings up several growth opportunities

Organizations are choosing employee engagement software in the form of mobile apps easily accessed via smartphones due to the rising smartphone penetration. Compared to other businesses, the IT sector has first adopted cell phones in the workplace. 60% of IT workers in North America and Europe, according to research, use two or more devices at work. The rise in demand for cloud-based employee engagement software is a critical factor accelerating market growth, as is an increase in demand from retailers and financial institutions, market research and development activities, and an increase in the online platform solution.

Segmentation Analysis

The global employee engagement and feedback software market is segregated based on employment type, organizational size, delivery mode, offering type, device type, and region.

By deployment type, the market is divided into on-cloud and on-premise. Among these, the on-cloud segment dominated the market in 2021. Employees' inclination to work from home and the expansion of activities to increasingly remote places are propelling the cloud-based segment's rise. This category is dominant due to the numerous benefits of on-cloud deployments, such as higher productivity, cost savings, improved connectivity, process performance, and much more.

By organizational size, the market is divided into small and medium-sized enterprises (SMEs) and large enterprises. Over the forecast period, the large enterprise segment is expected to develop fastest in 2021. Most people working from home has been a problem for large firms. These businesses were forced to operate at 50% of their capacity, which decreased employee engagement activities and made them very vulnerable to the pandemic.

By delivery mode, the market is divided into standalone and integrated. Over the forecast period, the integrated segment will dominate the market in 2021. Compared to standalone software, integrated software moderates concerns about employee training because it is a collection of several functions that can be parsed into an organization's current software or system.

By offering type, the market is divided into turnkey and customized. Over the forecast period, the customized segment will dominate the market in 2021. Complex business requirements can be met through customization, which also aids in managing massive amounts of data. Every successful company is constantly growing. To stay up with the changes, business requirements and issues are also evolving.

By device type, the market is divided into desktop and handheld. Over the forecast period, the handheld segment will dominate the market in 2021. Organizations are choosing employee engagement software that is mobile-friendly as a result of the rising use of smartphones. Delivering tasks using handheld devices cuts down on time and increases worker productivity.

Report Scope

Recent Development-

• In March 2021 - Bitrix24, the unified workspace, improved its feed to make working with feed posts more accessible and pleasurable. The improved feed includes collapsing pinned posts. If there are more than two pinned posts, they collapse into a single block, making the software more user-friendly and exciting.
• In July 2020 - The expansion of quadrics collaboration with kornferry was announced. The companies worked on adopting Korn ferry's "engaged performance" framework and integrating the gathered research into the qualtrics XM platformTM throughout the previous year. The companies plan to introduce more customer-focused innovations, such as expanding the action planning module in qualtrics.

Regional Landscape

• The surge in online platform solutions will likely help North America dominate the global market.

North America dominated the employee engagement and feedback software market in 2021 due to a surge in online platform solutions for employee engagement and feedback in this region and increased demand from merchants and financial institutions. Some of the largest software development companies working on tools for employee engagement and feedback are based in the area. The region is also experiencing technological breakthroughs and increased contract work.

Competitive Landscape 

Key players within the global Employee Engagement and Feedback Software market include 

• Culture Amp Pty Ltd 
• TINYpulse 
• Weekdone 
• Impraise 
• Achievers Solutions Inc. 
• Reflektive 
• Bam Creative 
• Humu Inc. 
• EightSpokes Inc. 
• 15Five 
• Saba Software. 
• Happy 
• Teambit 
• SurveySparrow Inc. 
• Bitrix Inc. 
• People Gauge 
• Quantum Workplace. 
• paperback 
• VibeCatch Oy 
• Qualtrics 
• Gensuite 
• Officevibe 
• Transcend Information Inc. 
• KaiNexus 
• WORLDAPP inc.

Global Employee Engagement and Feedback Software Market are segmented as follows:

By Deployment Type 

• On Cloud
• On-Premise

By Organizational Size 

• Small and Medium-Sized Enterprises (SME)
• Large Enterprises

By Delivery Mode Type 

•  Standalone
•  Integrated

By Offering Type 

• Turnkey
• Customized

By Device Type 

• Desktop
• Handheld

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America