Global Employee Experience Management Market size was valued at around USD 6.45 billion in 2023 & is estimated to grow at a CAGR of around 11% during 2024-30.
NEW HAVEN, CONNECTICUT, USA, July 15, 2024 /
EINPresswire.com/ -- The Global
Employee Experience Management Market size was valued at around USD 6.45 billion in 2023 & is estimated to grow at a CAGR of around 11% during the forecast period, i.e., 2024-30.
Factors Influencing the Growth Graph of the Employee Experience Management Market
• Constant Rise in Demand for Real-Time Performance Management – To continually direct, assess, and enhance every employee's performance, most companies are increasingly identifying the significance of embracing versatile & adaptable strategies. Also, as opposed to utilizing traditional, sporadic performance reviews, this shift uses continuous feedback cycles, immediate acknowledgment, and real-time performance management.
• Shift to Hybrid & Remote Work Culture – With the severe situations during the COVID-19 period many organizations have adopted a remote or hybrid work model, and many are still working following this same model. Hence, with the implementation of these models, there is a rising need for several tools that could aid in managing & enhancing the experience of employees from far away. To maintain work fluency, employee experience management solutions offer platforms for better communication, continuous tracking & feedback, as well as collaboration that helps in the smooth functioning of the work.
• Technological Advancements – With the introduction & development of advanced technologies, such as AI & ML, more & more sophisticated EEM solutions are being adopted. Also, these technologies can analyze vast quantities of data to provide insights into employee behavior, and trends, and suggest personalized interventions.
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Key Companies Operating in the Global Employee Experience Management Market:
• Qualtrics
• SAP
• Oracle
• Microsoft
• Workday
• Zoom Video Communications
• Zoho Corporation
• Culture AMP
• Achievers
• Workleap
• Survey Sparrow
• 15 Five
• AwardsCo
• Vantage Circle
• Quantum Workplace
• Others
Recent Developments by the Leading Companies
• 2023: Workleap declared the acquisition of Pingboard, an HR tech SaaS company based in the United States. This strategic move enables Workleap to enhance its range of software products, aligning with its overarching goal of creating a top-notch ecosystem of workplace tools.
• 2023: Qualtrics and WorkJam, the leading global digital frontline workplace, partnered to improve the satisfaction of frontline employees and ultimately enhance customer satisfaction
Employee Experience Management Market Segmentation
• By Offerings: Software (Integrated Software & Standalone Software) and Services (Integration & Implementation, Support & Maintenance, and Training & Development))
• By Industry (BFSI, Healthcare, IT/ITes, Telecom, Government, Manufacturing, and Others)
• By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)
Based on Industry:
• BFSI
• Healthcare
• IT/ITes
• Telecom
• Government
• Manufacturing
• Others
The BFSI sector has captured a significant share of the Employee Experience Management Market over the past few years & is predicted to follow the same trail in the forecast years as well. To foster collaborations, elevate work, and enable effective communication, there is a high adoption of digital tools and platforms. Also, by leading the world in digital transformation, the BFSI sector utilizes technology to improve productivity, streamline processes, and enhance employee satisfaction.
By Region:
• North America
• South America
• Asia-Pacific
• Europe
• The Middle East & Africa
North America to seize the largest revenue share in the Global Employee Experience Management Market. Many of the organizations of the region are inculcating employee experience management solutions, offering robust features, such as automation, analytics, and personalized experiences to enhance employee engagement and improve productivity.
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Global Employee Experience Management Market Trend
Rising Emphasis on Diversity, Equity, and Inclusion – To establish a far more equitable & inclusive work environment, companies are promoting combined campaigns promoting diversity & equity with an emphasis on variety. Also, the strategies for employee experience management include measures to monitor DEI, promote diverse understanding, and establish supportive surroundings. Hence, this has become a trend across the Employee Experience Management Industry.
Key Questionnaires Answered in the Research Report
1. What is the overall estimate & statistics of the market (Overview, Size-by-value, Forecast Numbers, Segmentation, Shares)?
2. Which trends & drivers are affecting the state of the Global Employee Experience Management Market at present and during 2024-30?
3. What are the primary aspects or factors that might create a challenge for the market?
4. How has the industry transformed in terms of product/service acceptance & global reach?
5. Who are the top competitors, and what business alliances or efforts are they making to sustain their strong foothold during 2024-30?
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