OVERVIEW OF EMPLOYEE COMMUNICATION SOFTWARE MARKET
Updated: Oct 24, 2023
Your Go-to Guide to Delve into the Internal Communication Market
Internal communication is becoming an essential communication tool to foster workplace engagement, productivity, and collaboration. Today’s businesses are getting more dynamic and complicated, particularly in high-paced industries that require highly secured knowledge and data transmission.
The increasing penetration of web applications, mobile applications, and SaaS-based solutions in enterprises, the demand for advanced employee communication tools for effective and efficient business communication is rising at an impressive pace.
Employee communication platforms are communication tools that businesses may use to stimulate internal communications, engage staff, and process work more efficiently. These systems can be customized to meet the corporate’s needs in order to deliver important news to the targeted stakeholders across business divisions, branches, and departments and to enable a digital workplace with both desk-based office workers and mobile workers.
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Therefore, employee communication software platforms are becoming a trend due to its tangible impact in stimulating internal employee engagements and manifesting sense of belonging towards the employees’ company.
EMPLOYEE COMMUNICATION SOFTWARE MARKET SEGMENTS
Employee Communications Software Market is predicted to grow due to many factors such as emerging infrastructure for little businesses and startups.
According to The Night Partners the employee communication software market is expected to grow from US$816.41 million in 2021 to US$1,780.09 million by 2027 at a CAGR of 11.8%.
The employee communication software market is segmented according to deployment type, enterprise size, industry, and geography.
EMPLOYEE COMMUNICATION MARKET ASPIRATIONS
Employee engagement is a core focus for companies from different backgrounds and in all fields. In fact, it is evident that internal workforce engagement is mainly driven by 5 core pillars, comprising a strategic compass, growth opportunities, an effective incentivization system, employee autonomy, and the existence of an inclusive community.
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Employee engagement software are specifically designed to fulfill organizational needs when it comes to cascading precise organizational cultural traits to build an authentic association between the company and its workforce.
One of the most interesting trends in the market of employee engagement tools are announcement management systems that can seamlessly help admins push conversation-starting announcements, including recognitions, celebrations, most notable events, and updates, keeping employees engaged with the corporate culture.
RISING DEMAND FOR CLOUD-BASED SOLUTIONS
The demand for cloud-based employee communication software is greater than the on-premise alternatives. The communication software cloud segment is projected to hold a larger share during the forecast period and on the basis of enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment held a larger revenue share in 2019, whereas SMEs segment is projected to be a faster growing sector in terms of growth rate. On basis of industry, the market is segmented into BFSI, manufacturing, retail, healthcare, IT & telecom, and others. In 2019, IT and telecom industry led the employee communication software market globally.
