Asia Pacific Social Employee Recognition System Market
No. of Pages: 189 | Report Code: TIPRE00026069 | Category: Technology, Media and Telecommunications
No. of Pages: 189 | Report Code: TIPRE00026069 | Category: Technology, Media and Telecommunications
Social employee recognition systems are designed to recognize an employee's contribution to the company's success. Such solutions enhance staff morale and reward their participation in key tasks. Social employee recognition systems are frequently used in practically all businesses due to their technological innovation. Over the forecast period, the Asia Pacific market for social employee recognition systems is expected to increase significantly.
Employees increasingly use social media websites and applications for collaboration, integration, and expert assistance. The market for workplace social networks and online communities is growing. As a result, the market for workplace social networks and online communities is growing, paving the way for social employee recognition systems. Due to the high presence of large organizations and hefty expenditure budgets, social employee recognition systems are implemented exponentially high in retail and consumer goods and IT and telecom. The adoption of social employee recognition systems is limited as they are not a requirement but rather a value that adds to current costs.Impact of COVID-19 Pandemic on Asia Pacific Social Employee Recognition System Market
Asia Pacific is characterized by many developing countries, a positive economic outlook, a high industrial presence, and a huge population. The high growth rate of urbanization in developing countries of the region is anticipated to offer ample growth opportunities to the market players operating in the social employee recognition system market, as the investments in advanced technologies development are high in the region. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside China were impacted by the COVID-19 pandemic, such as India, South Korea, Australia, and Japan, and experienced downward growth. China and India were among the worst-affected COVID-19 countries worldwide. The government took drastic measures to reduce the effects of the COVID-19 outbreak by announcing lockdowns, travel, and trade bans. The SMEs were substantially seeking funding to run their operations due to shut down and limited capital to manage. Therefore, these end users showcased less potential in adopting new technologies by investing a certain amount in the present scenario. For instance, Achievers Solutions Inc. announced its integration with WellRight, a leading corporate wellness program and configurable platform designed to boost engagement and support employees in their wellness journeys. Moreover, the firms started working from home, and the demand for software solutions mounted gradually, even during the COVID-19 pandemic. Thus, this disruption hardly affected the market, which boosted the Asia Pacific social employee recognition systems market growth.Asia Pacific Social Employee Recognition System Market Insights
Growing Trend ofDigital Workplace Fuels Asia Pacific Social Employee Recognition System Market Growth
Businesses are increasingly adopting digital solutions to transform their business models and existing processes to enhance operational efficiency and increase revenue by implementing effective digital solutions and automated systems. In the past few years, the proliferation of smart and connected devices, the adoption of cloud computing, and the emergence of technologies such as artificial intelligence (AI) and the Internet of things (IoT) led to smart and intelligent workplaces. Due to the increasing penetration of web applications, mobile applications, software-as-a-service (SaaS)-based solutions in enterprises, and advanced employee recognition solutions are rising at an impressive pace. Since the modern workforce demands motivation in a modern way, social recognition platforms help reinforce professional relationships in SMEs and large enterprises. With solutions such as social employee recognition platforms, industry verticals such as IT & telecom, manufacturing, retail, and healthcare can strengthen the employee-employer bond. Also, the platform helps in optimizing reward costs as per the available budget. According to the NTT 2021 Global Workplace Report, 55.1% of businesses are extremely satisfied with their company's ability to accommodate hybrid working. Thus, driving Asia Pacific social employee recognition system market growth.Component-Based Asia Pacific Social Employee Recognition System Market Insights
The Asia Pacific social employee recognition system market, by component, is bifurcated into solution and services. In 2021, the solution segment accounted for a larger market share.Deployment Model-Based Asia Pacific Social Employee Recognition System Market Insights
The Asia Pacific social employee recognition system market, based on deployment model, is bifurcated into cloud and on-premise. In 2021, the on-premise segment accounted for the largest market share.Reward Type-Based Asia Pacific Social Employee Recognition System Market Insights
By reward type, the Asia Pacific social employee recognition system market is segmented into gift cards, prepaid cards, incentive travel, and others. In 2021, the gift card type segment accounted for the largest market share.Industry-Based Asia Pacific Social Employee Recognition System Market Insights
By industry, the Asia Pacific social employee recognition system market is segmented into retail, IT and telecom, healthcare, media and entertainment, travel and hospitality, manufacturing, BFSI, and others. In 2021, the retail segment accounted for the largest market share.Strategic Insights
The players operating in the Asia Pacific social employee recognition system market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key market players are listed below:
Strategic insights for the Asia Pacific Social Employee Recognition System provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 1,599.81 Million |
| Market Size by 2028 | US$ 3,545.01 Million |
| Global CAGR (2021 - 2028) | 12.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific Social Employee Recognition System refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Asia Pacific Social Employee Recognition System Market Segmentation
Asia Pacific Social Employee Recognition System Market - By Component
Asia Pacific Social Employee Recognition System Market - By Deployment Model
Asia Pacific Social Employee Recognition System Market – By Industry
Asia Pacific Social Employee Recognition System Market – By Country
Asia Pacific Social Employee Recognition System Market – Company Profiles
The Asia Pacific Social Employee Recognition System Market is valued at US$ 1,599.81 Million in 2021, it is projected to reach US$ 3,545.01 Million by 2028.
As per our report Asia Pacific Social Employee Recognition System Market, the market size is valued at US$ 1,599.81 Million in 2021, projecting it to reach US$ 3,545.01 Million by 2028. This translates to a CAGR of approximately 12.3% during the forecast period.
The Asia Pacific Social Employee Recognition System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Social Employee Recognition System Market report:
The Asia Pacific Social Employee Recognition System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Social Employee Recognition System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Social Employee Recognition System Market value chain can benefit from the information contained in a comprehensive market report.
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