U.S. P2P employee recognition software Market Revenue Estimated Around USD 1,308 Million By 2027

16-Jan-2020 | Facts and Factors

Facts and Factors Market Research has published a new report titled “U.S. P2P Employee Recognition Software Market By Deployment Mode (Cloud-Based and On-Premise), By Organization Size (Large Enterprises and Small & Medium-Sized Enterprises), and By Verticals (IT & Telecommunications, Travel & Hospitality, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Banking, Financial Services and Insurance (BFSI), Healthcare, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”. According to the report, the demand for the U.S. P2P employee recognition software Market is predicted to be valued at approximately USD 377 million in 2018 and is expected to reach a value of around USD 1,308 million by 2027, at a CAGR of around 14.86 % between 2019 and 2027.

The P2P employee recognition software helps in enhancing the company’s culture through the offering of tangible incentives with reference to content selection, customer service quality, sales performance, and more. The P2P employee recognition software is a behavior-based tool that helps the management or administrators to maintain the minimum standards or qualifications for perks. In addition to this, P2P employee recognition software displays the growth of employees and helps in the selection of deserving recipients. Moreover, the product also assists the firms in providing peer recognition and perk alternatives. Additionally, today perks or rewards are not restricted to a particular industry and they can be spread across the organization for annual term recognition as well as a positive approach.

Browse the full “U.S. P2P Employee Recognition Software Market By Deployment Mode (Cloud-Based and On-Premise), By Organization Size (Large Enterprises and Small & Medium-Sized Enterprises), and By Verticals (IT & Telecommunications, Travel & Hospitality, Retail & Consumer Goods, Media & Entertainment, Manufacturing, Banking, Financial Services and Insurance (BFSI), Healthcare, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027” Report at https://www.fnfresearch.com/us-p2p-employee-recognition-software-market-by-deployment-124

Visible performance metrics to steer the market trends

The P2P employee recognition software offers visible performance metrics in order to reward the employee of the company based on their excellent performances. Moreover, the product succors to the comparative employee study in order to determine the deserving subject. In addition to this, the software helps the firm in monitoring employee growth. All these aspects will drive the growth of the industry during the forecast timeline.

Furthermore, the software generates a productive environment for the employee and helps the latter in remaining productive through constant assessment of employee performance. Nonetheless, growing IT security concerns can obstruct the market surge over the forecast period. Apart from this, a high rate of attrition in the IT firms can adversely impact the expansion of the industry during the period from 2019 to 2027. Moreover, failure to protect employee information like work details, personal details, performance details, and intellectual property details as a result of hacking or data breaches or user negligence can pose a challenge to the industry growth. However, the rise in the cloud-based outsourcing activities will not only boost market growth but will also help the market overcome the adverse impact of the hindrances.

Large enterprises segment to contribute majorly towards the market share by 2027

The growth of the segment during the forecast timeline is due to the massive use of the P2P employee recognition software in the giant firms in the U.S.

Retail & consumer goods segment to record the highest CAGR over the forecast timeline

The segment is projected to register the highest growth rate of over 16% during the period from 2019 to 2027. The growth of the segment during the forecast timeline is owing to the massive demand for the product across the retail & consumer goods sector.

On-premise segment to dominate the deployment mode landscape by 2027

The growth of the segment during the period from 2019 to 2027 is owing to the massive deployment of the software through on-premise mode.

California to account for the major market share during the forecast timespan

The growth of the market in the state during the period from 2019 to 2027 is owing to the massive demand for the P2P employee recognition software across various firms in the state of California.

Some of the key players in the market include Reward Gateway, Terryberry, Recognize, CrewHu, Motivosity, Kudos Inc., Bucketlist, Friendefi Inc., Benefit One USA, Inc., and Briq among others.

Report Scope

This report segments the U.S. P2P employee recognition software market as follows:

U.S. P2P employee recognition software Market: By Deployment Mode Segment Analysis

• Cloud-Based
• On-Premise

U.S. P2P employee recognition software Market: By Organization Size Segment Analysis

• Large Enterprises
• Small & Medium-Sized Enterprises

U.S. P2P employee recognition software Market: By Verticals Segment Analysis

• IT & Telecommunications
• Travel & Hospitality
• Retail & Consumer Goods
• Media & Entertainment
• Manufacturing
• Banking, Financial Services and Insurance (BFSI)
• Healthcare
• Others

U.S. P2P employee recognition software Market: Countries Segment Analysis

• California
• Michigan
• New York
• Florida
• Massachusetts
• Rest of United States

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