The Europe Employee Engagement Software Market would witness market growth of 17.5% CAGR during the forecast period (2023-2029).
The growth of the employee engagement software business will be accentuated by a notable increase in the use of new technologies like artificial intelligence (AI) and machine learning, as well as the rising use of smartphones and tablets. In addition, the widespread adoption of cloud-based employee engagement tools will amplify market trends. In the coming years, the market for employee engagement software is predicted to grow due to rising product demand from several financial institutions and retailers.
Due to the rise in businesses, employee engagement is becoming a crucial component for firms. Employee retention, productivity growth, improved employee recognition, openness in employee appraisal, and improved communication are just a few of the factors driving the demand for employee engagement solutions. Furthermore, over the evaluation period, the industry will increase due to the widespread digitization of regular tasks in private and public organizations.
Companies require sophisticated tools to monitor every action of employees in the area of employee engagement so that they can provide them with better solutions and working conditions. Employee engagement will no longer be reliant on software tools in the upcoming years but rather on the use of technologies like artificial intelligence (AI), machine learning, and the Internet of Things (IoT). These technologies can collect information that software solutions cannot, such as sentiment analysis and a true sense of employee engagement.
In UK, a 7.4% rise over 2020 spending puts the total expected cost of current healthcare at £277 billion in 2021. In 2021, as opposed to 10.0% in 2020, the total current healthcare spending increased by 7.1% in real terms after considering inflation's effects on the economy. As a result, government healthcare spending was anticipated to increase by 7.5% in 2021. Germany's healthcare system is strong, especially in terms of hospital beds, facilities, and qualified personnel. The healthcare sector in Germany employs one out of every six people and contributes EUR 678.2 billion (USD 798 billion), or around 12% of Germany's GDP. 8.3% of Germany's exports are HCT, with 131.2 billion euros in sales (USD 154.4 billion). Hence these factors are driving the regional market growth.
The Germany market dominated the Europe Employee Engagement Software Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $172.8 million by 2029. The UK market is anticipated to grow at a CAGR of 16.5% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 18.4% during (2023 - 2029).
Based on Vertical, the market is segmented into Telecom & IT, Healthcare, Retail, Government, Manufacturing, BFSI, Hospitality and Others. Based on Enterprise Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Deployment Type, the market is segmented into On-premise and Cloud. Based on Function, the market is segmented into Collaboration & Interaction, Training, Onboarding, Customer Service, Rewards & Recognitions, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Employee Engagement Software Market is Projected to reach USD 2.6 Billion by 2029, at a CAGR of 17.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 15Five, Inc., Degree, Inc. (Lattice), Smartly, Inc., Vantage Circle (Bargain Technologies Private Limited), Nreach Online Services Private Limited (Gift Management Asia Pte Ltd), Workvivo Limited, Synergita Software Private Limited (Aspire Systems Group), Leapsome GmbH, Kudos, Inc. and Culture Amp Pty Ltd.
By Vertical
By Enterprise Size
By Deployment Type
By Function
By Country
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