The global employee advocacy software market is estimated to garner a revenue of approximately USD 90 million by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of around USD 42 million in the year 2021. The market is estimated to grow on the back of growing mindfulness amongst organizations for improving their employer brand. For instance, it was noticed that companies with a successful employee advocacy program were 50% more likely to attract, and 20% more likely to retain, new employees.
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The global employee advocacy software market is also estimated to witness growth on account of increasing adoption of employee advocacy tools, along with the increasing employee engagement amongst enterprises. Moreover, the growing number of young enterprises and businesses across the globe, is anticipated to boost the market growth. According to the data by the Organization for Economic Co-operation and Development, recently emerging young firms account for about 20% of employment and almost 50% of the new jobs on average across OECD countries, as of 2020. In addition to this, approximately 213.65 million companies were functioning worldwide in 2020.
It is estimated that presence of advocacy platforms can increase the employee retention rate to more than 35%.
Deployment of employee advocacy tools can improve the company’s visibility across social media platforms. For instance, organizations with advocacy software had 79% more visibility on social media.
According to the data by the World Bank, 60% of the total global population was using internet services in 2020. Moreover, in 2021, more than 4.5 billion people were using social media platforms in the world. Around 92% of all internet users are on social media.
The increasing digitalization of enterprises, backed by higher dependency on technology, is estimated to boost the market growth. Moreover, it is estimated that over USD 2.35 trillion will be spent for the digital transformation across the globe by 2024.
According to the statistics by OCED, France has set-up a USD 4.17 Billion fund to support start-up liquidity, Germany has announced a tailored start-up aid program, and the United Kingdom has announced a co-financing fund for innovative companies facing financial difficulties.
The employee advocacy software market is segmented and analyzed for demand and supply by type into on premise and cloud based. Out of these segments, cloud-based segment is anticipated to garner the largest market share over the forecast period, owing to the growing adoption of cloud-based services amongst organizations. For instance, out of all IT services, cloud computing generates a revenue of almost USD 400 billion, as of 2021. Moreover, the ease of access of data in cloud services, backed by increasing penetration of remote working is estimated to fuel the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global employee advocacy software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America is projected to hold the largest market share by the end of 2031. This can be accredited to the high number of IT companies in the region, along with growing government focus on providing employee friendly environment in offices. In fact, the IT sector in the United States is estimated to garner a revenue of USD 400 billion in 2022. Moreover, involvement of a large part of the population in the IT sector is also estimated to boost the demand for employee advocacy software in the region. U.S. tech industry employs more than 12 million workers as of 2020. Such factors are estimated to foster the market growth in the region.
Further, the market in the Asia Pacific is estimated to gain the highest growth during the forecast period, owing to the constant development in the IT industry in emerging economies, including China, Japan, South Korea, India, and Singapore. According to data by the India Brand Equity Foundation (IBEF), the IT industry accounted for 8% of India's GDP in 2020. In addition to this, for the FY 2022-23, USD 11.58 billion are allocated for IT and telecom sector development. Further, in China over 40,000 software companies were active in 2021. Moreover, secondary factors such as, growing awareness for enhancing employee experience, development of new start-ups, and growing young population are collectively expected to boost the market growth in the APAC region.
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The global employee advocacy software market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global employee advocacy software market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing employee advocacy tools amongst organizations to provide employee friendly work environment is estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2031.
The major players in the market are MarketBeam Inc., Firstup, Inc., PostBeyond Inc., Sociabble, Inc., Influitive Corporation, GaggleAMP Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, size of enterprise, application, and by region.
The cloud-based segment name is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Lack of proper setup features and infrastructure for advocacy software is estimated to challenge the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
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