The global employee communication software market generated a revenue of almost $527.0 million in 2018 and is estimated to rise at a rate of 15.2% CAGR. The market will reach up to $1,605.3 million by 2026.
The market has experienced remarkable growth in the previous years, owing to rapid growth in the adoption of employee communication software products for web conference programs in all types of enterprises. The market will experience noteworthy growth in 2020, during the unpredicted COVID-19 pandemic, due to the rapid growth in the adoption of employee communication software. The market is projected to continue its trend even after the COVID-19 outbreak is under control. Our analysts have predicted the condition of the employee communication software market during the COVID-19 outbreak, and have come to the below-mentioned inferences.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|10.8%||15.2%||445||USD 649.1 Million||USD 695.7 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Employee communication software is designed to transfer of information or data between employees and organizations. Also, these are helping the organizations to enhance the performance and productivity of the employee, and due to this, there will be significant growth in the adoption of communication software by organizations. Moreover, it provides information about the employee to the management to find accomplishments of project work, difficulties in the project and helps to overcome such difficulties of the project, which is projected to enhance the growth of the market.
Huge initial investments are associated with the installation and maintenance of the employee communication software products; this aspect is negatively impacting the growth of the market. Also, growing security and safety concerns about business information are also expected to hamper the market growth.
As per the World Health Organization (WHO) suggestions, the virus transmission is mainly due to human contact, thereby most of the organizations are facilitating work from home options to their employee to continue organization activities. Also, about 70.0% of the organizations are implementing virtual methods for communicating and transferring the data & information with employees to improve their safety. This factor is majorly impacting the adoption rate of employee communication software and accelerating the growth of the market during the COVID-19 outbreak.
Furthermore, many government bodies are emphasizing on several initiatives to support the organizations during this crisis. For instance, in recent times, the Japan Ministry of Economy, Trade, and Industry announced their additional funding support to small and medium scale enterprises (SMEs), which are of interest-free with non-principal financing options up to five years. This will help the enterprises to run their businesses during coronavirus crisis.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global employee communication software market is expected to witness noteworthy growth in 2020 and is projected to continue its growth throughout the forecast time. This market is predicted to retain its trend even after the control of the pandemic crisis. At this time of crisis, almost all enterprises are implementing shifting ways of working methods include remote working and increasing investments for the enhanced IT infrastructure and to provide structured mechanisms for remote working. This factor is projected to accelerate the demand for employee communication software and fuel the growth of the market.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Employee Communication Software Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity