From 2021 to 2026, the global employee engagement software market is expected to increase at a CAGR of 10.9%, reaching $6.1 billion. These solutions rely heavily on internal communications to improve benefits to boost employee morale and retention. The increasing digitalization and deployment of engagement/monitoring solutions are fueling the market's growth, especially in small and medium-sized businesses, which is expected to be the main driving driver.
Employee Engagement Software Market Drivers
Covid-19 Impacting The Adoption Of Work From Home Scenario:
Every industry has been badly affected by COVID-19, which has led to a decrease in investment. Employee productivity must be closely monitored and tracked, and internal communication must be ensured to ensure policy compliance. Here is where widespread implementation of Work From Home rules worldwide comes into play.
Enhancing Workforce Productivity
It is common practice to use Employee Engagement software to monitor employees and improve workforce management. Identity and access management (IAM) and remote employee engagement (REE) systems are increasingly integrated. New markets for the solution will be created due to the integration of real-time monitoring with staff productivity assessment and employee reward and pay systems.
Employee Engagement Software Market Challenges
Employee privacy
The market is being stifled by concerns about the privacy of its employees. Employee privacy is jeopardized since employee engagement software collects and monitors all employees' data. Regulations enacted to enhance employee privacy also set restrictions on using these technologies.
To give one example, the BRAVO allows business owners to monitor all employee verbal and written communication so long as the company can demonstrate a legitimate business need. An additional monitoring option is also available for employees who have been given the go-ahead. Such restrictions will hamper the expansion of the market.
Employee Engagement Software Market Landscape
Players in the Employee Engagement Software market employ various product launches, acquisitions, and R&D efforts. Companies like BRAVO, OsMonitor, InterGuard, Sentry PC, Teramind, StaffCop, and EfficientLab LLC. have a strong foothold in the Employee Engagement Software driving market.
Acquisitions/Technology Launches/Partnerships
Employees can use BRAVO's new AI chat-bot to automate their daily HR chores. Automating and addressing the day-to-day general concerns of employees on behalf of the HR department is a primary goal of the solution. Also, workers' performance is evaluated using artificial intelligence and company-supplied benchmarks offered by the software.
Conclusion
The cloud-based employee engagement software market is expected to grow in popularity over the next few years due to the numerous advantages and advancements it offers. BRAVO is one such employee engagement software that offers many benefits including increased accuracy and performance, easier management and lower maintenance costs, and efficient and cost-effective remote employee engagement.
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