(EMAILWIRE.COM, February 21, 2024 ) According to a research report “Employee Experience Management Market by Offering (Software, Services), Standalone Software (Employee Survey & Feedback, Employee Engagement, Employee Recognition & Rewards), Industry (BFSI, Healthcare, IT & ITeS) and Region – Global Forecast to 2028″ published by MarketsandMarkets, the employee experience management market is expected to reach USD 11.1 billion by 2028 from USD 6.8 billion in 2023, at a CAGR of 10.2 % during 20232028.
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The adoption of employee experience management has experienced a remarkable surge in recent years, as government initiatives worldwide are recognizing the significance of effective employee experience management, leading to investments in technologies and the formulation of employee experience management plans. Governments, once synonymous with rigid hierarchies and procedural bureaucracy, are embracing a transformative shift in employee experience management. Recognizing the importance of work-life balance and mental health, governments prioritize well-being initiatives like flexible hours, childcare support, and employee assistance programs. This fosters a happier, healthier workforce, increasing retention and productivity.
The IT & ITeS segment contributed the largest market share in the employee experience management market during the forecast period.
Employee experience management strategies in the IT & ITeS industry focus on creating a dynamic and innovation-driven work environment. Companies prioritize continuous learning and development initiatives to keep employees at the forefront of technological advancements. Career growth opportunities, mentorship programs, and a culture of innovation contribute to retaining top talent.
Effective communication and teamwork are critical components of employee experience management strategies in the collaborative nature of IT & ITeS work. Technology plays a central role, with organizations investing in cutting-edge tools and platforms to facilitate seamless collaboration, enhance productivity, and streamline work processes. Moreover, in the IT & ITeS sector, employee experience management includes initiatives to support employee well-being, considering the potential for burnout in roles often involving tight deadlines and complex projects.
The services segment is projected to register the highest CAGR during the forecast period.
Employee experience management services encompass a range of solutions and strategies to enhance the overall journey and satisfaction of employees within an organization. These services focus on creating a positive and engaging work environment, ultimately contributing to increased productivity, employee retention, and overall organizational success. They bridge the gap between ambition and reality, ensuring new hires hit the ground running with frictionless software adoption. At the same time, existing employees sharpen their skills and embrace change through impactful training. This orchestrated dance of tech enablement and human development fosters confidence, competence, and engagement, propelling employee experience to new heights.
Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.
Asia Pacific, home to nearly 40% of the world’s population, is witnessing diverse implementations of employee experience management technologies. The Asia Pacific region is undergoing a notable surge in adopting employee experience management, driven by the flourishing economies of India, China, Singapore, Australia, and New Zealand. This growth is particularly pronounced in major cities like Tokyo, Shanghai, Bangalore, and Melbourne, where companies are increasingly recognizing the significance of employee experience management in attracting and retaining talent. In response to the competitive and diverse market, organizations strategically utilize employee experience management to create unique work environments. This involves not only offering competitive compensation packages but also providing appealing career development opportunities and placing a strong emphasis on employee well-being. According to a global employee study by Qualtrics, a noteworthy 75% of employees in the APAC region affirm having trusting relationships at work, with Indian and Malaysian employees standing out at 91% and 88%, respectively, reporting positive workplace relationships.
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The report profiles key players such as Qualtrics (US), SAP (Germany), Oracle (US), Microsoft (US), Workday (US), Zoom Video Communication (US), Culture AMP (Germany), Achievers (Canada), Workleap (Canada), SurveySparrow (US), 15Five (US), Awardco (US), Vantage Circle (US), Quantum Workplace (US), ClearCompany (US), Jostle (Canada), Kudos (Canada), Lattice (US), Bonusly (US), Motivosity (US), WorkTango (US), Blink (US), MO (UK), and Pixida (US).
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