The modern workplace is becoming more and more digitized with shifting work culture and technological advancements. An obsession with collaboration has become the most important facets influencing the efficiency and productivity in the modern corporate world. Companies across the globe have adopted new methods for collaboration and communication.
This software is used by organizations to provide opportunities for employees, management and workers to share knowledge and interact within the organization. It is similarly used by businesses to generate response mechanisms for the enhancement of processes within the organization.
The advancement in technology is offering a lot of options to take the internal communication at workplace to the next level and make the collaboration more efficient, dynamic, and engaging.
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Factors driving the market growth
Employee communication platforms are helping the enterprises in the streamlining operations and enhancing their productivity and performance irrespective of location of the employee and organization size. This factor is projected to drive the growth of the market.
Moreover, employee communication software facilitates the employees to offer their feedback and share their concerns related to the assigned projects. This aspect is further expected to enhance the growth of the employee communication software market in near future.
Another few reasons that impact the market growth are enlisted below:
Internal communication has become more important than ever. Companies need to communicate frequently and strategically with employees to share relevant message which offer obvious contribution to the market growth.
The non-desk workers, freelancers, non-contract employees don’t get corporate email addresses or regular access to desktop computers. A software application is both convenient and safer for such employees. With the help of such apps they can stay connected with their respective clients.
As per recent studies by IDC, the Working Council of CIOs and Reuters states that employees spend almost 20% of their working hours in researching and collecting the necessary information for their assigned task. By using an employee app, companies can reduce these time-consuming activities by 15%.
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Employee communication apps increase the engagement levels up to 75% by providing the employees a medium that become central to their everyday communication habits. The engaging designs and features of such apps boost the engagement levels, which can save the companies anywhere from 25 to 65% on turnover costs.
Restraints and Opportunities
Huge capital cost for the installation of communication software is restraining the growth of the market. Along with, increasing the security concerns on organization information is also expected to hinder the growth of the market.
Increasing the acceptance of bring your own device (BYOD) and increasing the interest on Internet of Things (IoT) are anticipated to create great opportunities of the employee communication software market growth in the coming years.
Propagation of BYOD and IoT systems are enabling enterprises to provide digital communication through the employee communication software to communicate, interact and share the knowledge in the enterprises. The development in IoT and BYOD are expected to drive the growth of the market in the near future.
Recent Developments/Mergers and Acquisitions
With the recent developments in the employee communication software market, companies are seen to be engaged in product developments and joint ventures. The key players of the market include Nudge Rewards Inc., GuideSpark, Beekeeper AG, Sociabble, SocialChorus, Poppulo, OurPeople, Smarp and theEMPLOYEEapp among many others.
These market players are adopting several strategies including new technology, new product launches and current technology upgradation to gain highest employee communication software market size.
For instance, in October 2019, SocialChorus Inc. launched new software “Analyze”, which is designed to deliver answers to the most stimulating and elusive questions about the health of an organization. Analyze is the industry’s most advanced measurement tool for workforce communication.
According to a report published by ResearchDive, the global employee communication software market is anticipated to generate a revenue of $1,197.2 million by the end of 2026, at a CAGR of 10.8%.
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