Employee Communication Software Market Growing at a CAGR of 10.8% by 2026 – Research DiveDownload Sample Reports Overview
The global Employee Communication Software Market forecast will surpass $1,197.2 million by 2026, at a 10.8% CAGR and it is increasing from $527.0 million in 2018, according to Employee Communication Software Market Analysis by Research Dive.
Employee communication software market trends:
The global market is mainly driven by the increase in the adoption of communication software for web conferencing in the enterprises to facilitate communication between people or team members in the enterprises. Employee communication software helps the members or workers to understand the organization goals by providing timely updates and information. It supports to increase productivity and helps to monitor employee performance and any other complications in work. These properties of the software will drive the market growth. However, the high initial investments required for the communication software is a restraint for the employee communication software market growth. Growing the adoption of Bring Your Own Device (BYOD) and Internet of Things (IoT) are generating significant growth opportunities in the employee communication software market. The adoption of communication software for IoT and BYOD systems is providing digital communication to interact and communicate. This adoption of communication software is anticipated to boost the market growth in the coming years.
Cloud type segment will witness noteworthy growth with a CAGR of 11.6% during the estimated period. This growth is because cloud type is designed to collaborate, communicate and share the information irrespective of the location. The cloud type segment market is estimated to reach $594.1 million by the end of 2026. The global market was dominated by on-premises type segment and it generated $279.3 million in 2018 and is anticipated to account for $603.1 million by the 2026.
Small and medium size enterprises (SMEs) are anticipated to grow with the highest CAGR of 11.1% and the market for SMEs is projected to reach $512.4 million by 2026. This progress is majorly because of increasing SMEs coupled with increasing adoption of communication software by SMEs to communicate with the team members. Large enterprises registered for highest employee communication software market size in 2018. The growth is due to extensive usage of communication systems by large enterprises that harbor a large number of workers.
Healthcare sector will witness a significant growth rate of 12.6% CAGR during the estimated period and is anticipated to continue its growth during the forecast period. This growth attributed to growing the acceptance of employee communication software can play a key role in the handling patient information in crucial situations. Due to this acceptance, the healthcare market is estimated to generate a revenue of $95.8 million by 2026. The IT & Telecom sector held the largest market share of the employee communication software market in 2018 and is accounted for $121.2 million. Growing number of IT & Telecom companies across the globe and increasing adoption of the communication software by these companies is expected to increase the growth in the market size.
Asia-Pacific will witness a substantial growth during the estimated time, and it is anticipated to create enormous investment opportunities in the employee communication software market. This growth is owing to the presence of huge consumer base coupled with upsurge in the funds for the digitalization of enterprises. Asia-Pacific market is estimated to account for $239.0 million by 2026 and grow at a 12.2% CAGR. North America was registered for highest employee communication software market share, which was of 37.0% in 2018. This dominance is owing to an upsurge in the adoption of communication software to provide web conference and visual meetings in the organizations. Owing to the acceptance of this software, North America market is projected to generate a revenue of $447.1 million by 2026 and it has been increasing from $195.0 million in 2018.
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Top manufacturers of global employee communication software market include GuideSpark, Nudge Rewards Inc., Sociabble, Inc., Beekeeper AG, Poppulo, SocialChorus, Inc., Smarp, OurPeople, theEMPLOYEEapp and among others. These manufacturers are increasing their efforts on the technological advancements, R&D investments and improvements in current technology to increase their position in the overall employee communication software industry, for example, SocialChorus, Inc. has upgraded the existing communication software with new interactive features to strengthen employee engagement and easily coordinate the employees with corporate messages.