Global Employee Engagement and Feedback Software Market Insights, Forecast to 2028

Employee Engagement and Feedback Software Market

In 2020, the Global Employee Engagement and Feedback Software market size was valued at US$ 813 Million, the market is forecasted to reach US$ 3571 Million by 2028, growing at CAGR of 21.6% between 2022 and 2028.

Employee Engagement and Feedback Software Market Trends

The use of engagement and feedback software is being driven by the rising importance placed on employee wellbeing and mental health in the workplace. Employers understand that motivated and happy workers are more dependable and productive. Employers may use these software platforms to monitor employee wellbeing, give help, and collect feedback to enhance working conditions. Organizations are using employee engagement software as a strategic tool for talent acquisition and retention as the competition for talent heats up. Employee retention and related expenses are decreased because engaged workers are more likely to stay with their existing employers. Furthermore, using these software platforms to present a pleasant workplace culture can provide employers with a competitive edge when attracting top personnel.

The growing emphasis on diversity, equality, and inclusion (DEI) in the workplace is a key element fueling market expansion. By monitoring and enhancing diversity measures, gathering input on inclusion initiatives, and ensuring equitable opportunities for all employees, organizations may stay in line with changing societal and legal expectations. Furthermore, this industry is expanding significantly as a result of the trend towards data-driven decision-making. Software for employee engagement and feedback gathers a lot of information on employee attitudes, productivity, and satisfaction. Using this information, businesses may see patterns, identify areas for development, and make wise choices that will improve the office environment and productivity.

The need for feedback software is being fueled by the growth of agile HR practices and continuous performance management. Real-time feedback and coaching discussions are taking the place of the customary annual performance reports. Software for engagement and feedback offers a forum for managers and staff to have ongoing conversations, create objectives, and monitor progress. Furthermore, the efficacy of these software solutions is increased by the use of artificial intelligence (AI) and machine learning (ML) capabilities. Analytics powered by AI can forecast employee engagement trends, spot flight hazards, and provide individualized suggestions to boost engagement and productivity.

Employee Engagement and Feedback Software Market Share

The market for employee engagement and feedback software is important in North America, especially in the United States and Canada. The area has a developed business culture that places an emphasis on talent development and employee engagement. The necessity to retain top personnel in highly competitive employment markets is what motivates the use of such technologies. Furthermore, the need for compliance solutions is being fueled by strict labor laws.

Employee Engagement and Feedback Software Market Segment By Type

• Cloud-based
• On-premises

Employee Engagement and Feedback Software Market Segment By Application

• Small and Medium Enterprises (SMEs)
• Large Enterprises

Key Companies

• 15Five
• Culture Amp
• TinyPulse
• Weekdone
• Impraise
• Achievers
• Reflektive
• Peakon
• Glint
• Saba Software
• ReviewSnap
• Lattice

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA