Employee Experience Management Market worth $11.1 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 29, 2024 /PRNewswire/ -- Market trends for employee experience management in the future will centre on comprehensive experiences powered by data-driven insights and technological integration. Agile, flexible solutions that meet changing workplace requirements will be shaped by changes in remote work, a focus on employee well-being, and cooperation between HR and IT.

The Employee Experience Management Market is expected to reach USD 11.1 billion by 2028 from USD 6.8 billion in 2023, at a CAGR of 10.2 % during 2023–2028, according to a new report by MarketsandMarkets™.

Browse in-depth TOC on "Employee Experience Management Market"

231 - Tables
42 - Figures
218 - Pages

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Scope of the Report

The adoption of employee experience management has experienced a remarkable surge in recent years, as government initiatives worldwide are recognizing the significance of effective employee experience management, leading to investments in technologies and the formulation of employee experience management plans. Governments, once synonymous with rigid hierarchies and procedural bureaucracy, are embracing a transformative shift in employee experience management. Recognizing the importance of work-life balance and mental health, governments prioritize well-being initiatives like flexible hours, childcare support, and employee assistance programs. This fosters a happier, healthier workforce, increasing retention and productivity.

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The IT & ITeS segment contributed the largest market share in the Employee Experience Management Market during the forecast period.

Employee experience management strategies in the IT & ITeS industry focus on creating a dynamic and innovation-driven work environment. Companies prioritize continuous learning and development initiatives to keep employees at the forefront of technological advancements. Career growth opportunities, mentorship programs, and a culture of innovation contribute to retaining top talent.

Effective communication and teamwork are critical components of employee experience management strategies in the collaborative nature of IT & ITeS work. Technology plays a central role, with organizations investing in cutting-edge tools and platforms to facilitate seamless collaboration, enhance productivity, and streamline work processes. Moreover, in the IT & ITeS sector, employee experience management includes initiatives to support employee well-being, considering the potential for burnout in roles often involving tight deadlines and complex projects.

The services segment is projected to register the highest CAGR during the forecast period.

Employee experience management services encompass a range of solutions and strategies to enhance the overall journey and satisfaction of employees within an organization. These services focus on creating a positive and engaging work environment, ultimately contributing to increased productivity, employee retention, and overall organizational success. They bridge the gap between ambition and reality, ensuring new hires hit the ground running with frictionless software adoption. At the same time, existing employees sharpen their skills and embrace change through impactful training. This orchestrated dance of tech enablement and human development fosters confidence, competence, and engagement, propelling employee experience to new heights.

Based on region, Asia Pacific is projected to register the highest CAGR during the forecast period.

Asia Pacific, home to nearly 40% of the world's population, is witnessing diverse implementations of employee experience management technologies. The Asia Pacific region is undergoing a notable surge in adopting employee experience management, driven by the flourishing economies of India, China, Singapore, Australia, and New Zealand. This growth is particularly pronounced in major cities like Tokyo, Shanghai, Bangalore, and Melbourne, where companies are increasingly recognizing the significance of employee experience management in attracting and retaining talent. In response to the competitive and diverse market, organizations strategically utilize employee experience management to create unique work environments. This involves not only offering competitive compensation packages but also providing appealing career development opportunities and placing a strong emphasis on employee well-being. According to a global employee study by Qualtrics, a noteworthy 75% of employees in the APAC region affirm having trusting relationships at work, with Indian and Malaysian employees standing out at 91% and 88%, respectively, reporting positive workplace relationships.

Top Key Companies in Employee Experience Management Market:

The report profiles key players such as Qualtrics (US), SAP (Germany), Oracle (US), Microsoft (US), Workday (US), Zoom Video Communication (US), Culture AMP (Germany), Achievers (Canada), Workleap (Canada), SurveySparrow (US), 15Five (US), Awardco (US), Vantage Circle (US), Quantum Workplace (US), ClearCompany (US), Jostle (Canada), Kudos (Canada), Lattice (US), Bonusly (US), Motivosity (US), WorkTango (US), Blink (US), MO (UK), and Pixida (US).

Recent Developments:

• In December 2023, Workleap acquired Pingboard, a US-based HR tech SaaS company. This acquisition adds new capabilities to the company's family of software products, in line with Workleap's vision of building a best-in-class ecosystem of workplace tools.
• In October 2023, Qualtrics partnered with WorkJam, the world's leading digital frontline workplace. The partnership will improve the frontline employees' experience to enhance the customer experience. Qualtrics' conversational intelligence technology will combine with WorkJam's super app for frontline workers to give organizations a continuous pulse on the front lines of their businesses and surface insights into employees' priorities, needs, and concerns.
• In June 2023, SAP completed the sale of its stake in Qualtrics as Silver Lake and CPP Investments completed Qualtrics' acquisition.
• In April 2023, Zoom announced the acquisition of Workvivo to continue expanding its collaboration platform for a digital-first workplace. This acquisition is expected to close in the first quarter of the fiscal year 2024 and will add Workvivo's employee experience platform to Zoom's offerings.

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Employee Experience Management Market Advantages:

• Through surveys, pulse checks, and sentiment analysis, EXM platforms offer ways for gathering ongoing, real-time employee input. This gives organisations important insights into employee sentiment, engagement levels, and areas for growth.
• Through the customisation of programmes, benefits, and development opportunities according to individual preferences, talents, and career objectives, EXM platforms allow organisations to create a more personalised and motivating work environment for their employees.
• Employee engagement levels are raised by EXM platforms through addressing employee input and putting measures into place to improve the workplace. This increases discretionary effort, lowers absenteeism, and increases productivity.
• A culture of appreciation and recognition is fostered and positive behaviours are reinforced by implementing recognition and incentives programmes into EXM platforms, which recognise employee contributions, milestones, and accomplishments.
• By providing tools, programmes, and support services for physical, mental, and emotional health as well as work-life balance, resilience, and general wellness, EXM platforms put employee wellbeing first.
• EXM platforms enable open and efficient channels of communication between managers, staff, and leadership, guaranteeing that objectives, standards, and organisational modifications are understood and that trust, alignment, and cooperation are promoted.
• EXM platforms assist firms in enhancing employee retention rates and talent management strategies by emphasising employee engagement, development, and welfare. This lowers turnover costs and preserves a competitive advantage in luring and keeping top personnel.

Report Objectives

• To determine and forecast the global Employee Experience Management Market by offering (software and services), industry, and region from 2023 to 2028, and analyze the various macroeconomic and microeconomic factors that affect the market growth.
• To forecast the size of the market segments concerning five central regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the Employee Experience Management Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall Employee Experience Management Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Employee Experience Management Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities.

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