Social Employee Recognition System Market to Grow at Steady 15.7% CAGR
The social employee recognition system market is estimated to be worth US$ 15,441.0 million in 2023. In contrast, the 2022 value was US$ 13,333.2 million. The market is predicted to have an astonishing CAGR of 15.7% over the forecast period from 2023 to 2033. By the end of the forecast period in 2033, the market size is predicted to have shot up to US$ 49,455.6 million.
Employee recognition in the form of simple payments needs to be updated. Employers are on the hunt for smart ways of employee recognition and thus the help of social employee recognition systems is being sought. There has been a notable shift towards incorporating technology into most aspects of company work and social employee recognition systems are benefiting.
Talent management as a concern is rising among companies. Companies are recognizing the value of keeping employees satisfied and are thus turning to talent management software. Social employee recognition systems also fall under the talent management system umbrella and are also finding acceptance.
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