Employee Communication Software Market to Garner $2,550.5 Million by 2031 with 10.3% CAGR | Research Dive
The global employee communication software market is predicted to observe significant growth by 2031, owing to the growing demand for remote cancellation. The North America region held the largest market share in 2021.
NEW YORK, July 6, 2023 /PRNewswire/ --
Global Employee Communication Software Market Forecast Analysis:
As per the report published by Research Dive, the global employee communication software market is envisioned to generate a revenue of $2,550.5 million and rise at a striking CAGR of 10.3% over the estimated timeframe from 2021 to 2026.
Segments of the Employee Communication Software Market
The report has divided the employee communication software market into the following segments:
- Deployment Model: on-premises and cloud
- Cloud – Held the highest market share in 2021
The increasing demand for cloud-based platforms for efficient team collaboration across companies owing to the increased number of employees working remotely is expected to foster the growth of the market sub-segment over the forecast period. - Enterprize Size: large enterprises and small & medium enterprises
- Large Enterprises – Held the biggest share of the market in 2021
The increasing use of employee communication software across large enterprises to improve their efficiency by streamlining communication channels and reducing the time and effort is predicted to increase the growth of the market sub-segment during the analysis timeframe. - Industrial Vertical: BFSI, manufacturing, retail, healthcare, IT & telecom, and others
- IT & Telecom – Generated the largest revenue in 2021
The increasing development and deployment of employee communication software across the IT and telecom sectors is predicted to propel the growth of the market sub-segment in the coming period. - Region: North America, Europe, Asia-Pacific, and LAMEA
- North America – Registered the maximum market share in 2021
The rising demand for employee communication software among businesses and individuals that can facilitate easy communication and collaboration is expected to drive the regional growth of the market sub-segment forward.
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Dynamics of the Global Employee Communication Software Market
The growing utilization of communication technologies across businesses to support collaboration and sustain productivity owing to the increasing prevalence of remote work and distributed teams is expected to fortify the growth of the employee communication software market over the estimated period. Besides, the increasing demand for employee communication software solutions among remote teams to assign tasks and collaborate on projects by using project management platforms like Trello, and many more are predicted to augment the growth of the market during the forecast period. However, the security concern of using employee communication software may hinder the market's growth throughout the estimated timeframe.
The increasing use of cutting-edge technologies such as artificial intelligence, machine learning, and blockchain among leading companies to boost their goods and services is expected to create expansive growth opportunities for the market during the analysis period. Additionally, the employee communication software can offer tailored communication experiences to customers with enhanced privacy which is expected to fuel the growth of the market over the estimated period.
Covid-19 Impact on the Global Employee Communication Software Market
The rise of the Covid-19 pandemic has positively impacted the employee communication software market, unlike various other industries. This is mainly due to the increased adoption of remote work and virtual communication tools such as Microsoft Teams, Google Meet, and many more during the pandemic. Moreover, the growing usage of cloud-based communication solutions across businesses to offer greater flexibility and scalability has brought numerous growth opportunities for the market over that period. All these factors have increased the growth of the market throughout the crisis.
Key Players of the Global Employee Communication Software Market
The major players of the market include
- SocialChorus. Inc.
- OurPeople
- Poppulo
- Sociabble Inc.
- Smarp
- Beekeeper AG
- theemployeeapp
- GuideSpark
- Workvivo Limited
- Nudge Rewards Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in April 2021, Nudge, a well-established digital communications solution for deskless employees announced its partnership with C.A. Short, a global leader in the recognition award services industry. With this partnership, the companies aimed to provide a comprehensive employee experience solution for organizations to enhance retention and engagement among their non-desk employees.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Employee Communication Software Market:
- Top 5 Employee Communication Software in the Market
- Employee Communication Software Market is Reaching Newer Heights with Digital Advancements
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