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According to the latest research, the global P2P Recognition and Reward System market size was valued at USD 3733.69 million in 2022 and is expected to expand at a CAGR of 8.92% during the forecast period, reaching USD 6232.85 million by 2028.
Influence of COVID-19 Outbreak on P2P Recognition and Reward System Industry Development
Employees and organizations in many regions and countries have begun to work remotely due to the unprecedented Covid-19 Outbreak. Once upon a time, no one would have thought of working from home for months at a time. While everyone is getting used to telecommuting at home, sometimes working at home can be demotivating because of chores that can get in the way. This reduces the focus of employees and reduces their productivity. Therefore, in this period, rewards and recognition for employees is one of the best ways to maintain employees' enthusiasm and work efficiency. During the epidemic, the demand for P2P Recognition and Reward System is increasing, because managers and employees have to rely more on virtual means to manage and recognize performance, so as to maintain the operation of the company's business. Therefore, the epidemic will promote the development of the P2P Recognition and Reward System market.
During the epidemic, when face-to-face contact was not possible because of telecommuting, achievements could be announced by organizing virtual face-to-face gatherings where employees could feel like they were in the office. In addition, although public lunches cannot be held during an outbreak, company managers can still order lunches for employees to celebrate their successes and achievements, giving employees a sense of care and concern.
Due to the economic uncertainty and austerity caused by the Covid-19 pandemic, it is imperative for businesses to take proactive action quickly to reduce potential risks to their business. The P2P Recognition and Reward System is a great platform to help companies with performance management, employee rewards, team surveys and other HR support functions. Therefore, during the epidemic, P2P Recognition and Reward System is very important for many enterprises to maintain their business.
Strength
Strengthen company culture: Peer-to-peer recognition creates a more collaborative and compassionate work environment.
Promote diversity and inclusion: Peer-to-peer recognition is a way for companies to emphasize diversity and inclusion. Encouraging employees to be open about their team members' unique skills and experiences can inspire them to connect and belong.
Enhance team morale: Positive work relationships are critical to maintaining employee satisfaction. In times of crisis and workplace change, these relationships become harder to sustain. Peer recognition helps boost employee morale by enabling daily expressions of support and appreciation.
Weakness
It is a recognized fact that as long as individuals working for a team are repeatedly rewarded (regardless of how great their achievements may be, for the organization as a whole) the possibility may lead to inciting feelings of jealousy and hateful thoughts from their teammates. Also, it is very likely that other team members will try to slow down their performance rather than improve theirs.
The wrong method of peer-to-peer recognition can destroy whatever motivation a hard worker may have.
There may be data leakage issues when using P2P Recognition and Reward System.
Region Overview:
From 2023-2028, North America is estimated to witness robust growth prospects.
Company Overview:
Workhuman, Reward Gateway, HALO Recognition, Achievers and Terryberry Company are the five key players in the global P2P Recognition and Reward System market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global P2P Recognition and Reward System market in the past 5 years.
Workhuman is a provider of an online platform designed to offer social-recognition software and services. The company's platform combines employee recognition to a company's goals and values that increases employee engagement, enabling business leaders to engage their employees within the dynamics of changing workforce.
Reward Gateway helps more than 1,700 of the world's leading companies, in 23 countries, to attract, engage, and retain their best people with an employee engagement platform that brings employee benefits, discounts, and perks, reward and recognition, employee wellbeing, employee communications and employee survey tools into one unified hub. Clients include American Express, Unilever, Samsung, IBM, and McDonald's.
Segmentation Overview:
Among different product types, Cloud Based segment is anticipated to contribute the largest market share in 2028.
Application Overview:
By application, the Large Company segment occupied the biggest share from 2018 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the P2P Recognition and Reward System industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of P2P Recognition and Reward System. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global P2P Recognition and Reward System Market Report Include:
Market Size Estimates: P2P Recognition and Reward System market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: P2P Recognition and Reward System market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the P2P Recognition and Reward System market
Segment Market Analysis: P2P Recognition and Reward System market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: P2P Recognition and Reward System market situations and prospects in major and top regions and countries
P2P Recognition and Reward System Market
P2P Recognition and Reward System Industry Chain: P2P Recognition and Reward System market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
P2P Recognition and Reward System Industry News, Policies by regions
P2P Recognition and Reward System Industry Porters Five Forces Analysis
Key players in the global P2P Recognition and Reward System market are covered in Chapter 2:
HALO Recognition
Reward Gateway
Achievers
Kudos
Qarrot
15Five
Workstride
Motivosity
Bonusly
Workhuman
Kazoo
Quantum Workplace
Bucketlist
Terryberry Company
In Chapter 6 and Chapter 9, on the basis of types, the P2P Recognition and Reward System market from 2018 to 2028 is primarily split into:
Cloud-based
Web-based
In Chapter 7 and Chapter 10, on the basis of applications, the P2P Recognition and Reward System market from 2018 to 2028 covers:
Large Enterprises
SMEs
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global P2P Recognition and Reward System market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the P2P Recognition and Reward System industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of P2P Recognition and Reward System market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the P2P Recognition and Reward System industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on P2P Recognition and Reward System market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the P2P Recognition and Reward System market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed P2P Recognition and Reward System market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
2022
Influence of COVID-19 Outbreak on P2P Recognition and Reward System Industry Development
Employees and organizations in many regions and countries have begun to work remotely due to the unprecedented Covid-19 Outbreak. Once upon a time, no one would have thought of working from home for months at a time. While everyone is getting used to telecommuting at home, sometimes working at home can be demotivating because of chores that can get in the way. This reduces the focus of employees and reduces their productivity. Therefore, in this period, rewards and recognition for employees is one of the best ways to maintain employees' enthusiasm and work efficiency. During the epidemic, the demand for P2P Recognition and Reward System is increasing, because managers and employees have to rely more on virtual means to manage and recognize performance, so as to maintain the operation of the company's business. Therefore, the epidemic will promote the development of the P2P Recognition and Reward System market.
During the epidemic, when face-to-face contact was not possible because of telecommuting, achievements could be announced by organizing virtual face-to-face gatherings where employees could feel like they were in the office. In addition, although public lunches cannot be held during an outbreak, company managers can still order lunches for employees to celebrate their successes and achievements, giving employees a sense of care and concern.
Due to the economic uncertainty and austerity caused by the Covid-19 pandemic, it is imperative for businesses to take proactive action quickly to reduce potential risks to their business. The P2P Recognition and Reward System is a great platform to help companies with performance management, employee rewards, team surveys and other HR support functions. Therefore, during the epidemic, P2P Recognition and Reward System is very important for many enterprises to maintain their business.
Strength
Strengthen company culture: Peer-to-peer recognition creates a more collaborative and compassionate work environment.
Promote diversity and inclusion: Peer-to-peer recognition is a way for companies to emphasize diversity and inclusion. Encouraging employees to be open about their team members' unique skills and experiences can inspire them to connect and belong.
Enhance team morale: Positive work relationships are critical to maintaining employee satisfaction. In times of crisis and workplace change, these relationships become harder to sustain. Peer recognition helps boost employee morale by enabling daily expressions of support and appreciation.
Weakness
It is a recognized fact that as long as individuals working for a team are repeatedly rewarded (regardless of how great their achievements may be, for the organization as a whole) the possibility may lead to inciting feelings of jealousy and hateful thoughts from their teammates. Also, it is very likely that other team members will try to slow down their performance rather than improve theirs.
The wrong method of peer-to-peer recognition can destroy whatever motivation a hard worker may have.
There may be data leakage issues when using P2P Recognition and Reward System.
Region Overview:
From 2023-2028, North America is estimated to witness robust growth prospects.
Company Overview:
Workhuman, Reward Gateway, HALO Recognition, Achievers and Terryberry Company are the five key players in the global P2P Recognition and Reward System market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global P2P Recognition and Reward System market in the past 5 years.
Workhuman is a provider of an online platform designed to offer social-recognition software and services. The company's platform combines employee recognition to a company's goals and values that increases employee engagement, enabling business leaders to engage their employees within the dynamics of changing workforce.
Reward Gateway helps more than 1,700 of the world's leading companies, in 23 countries, to attract, engage, and retain their best people with an employee engagement platform that brings employee benefits, discounts, and perks, reward and recognition, employee wellbeing, employee communications and employee survey tools into one unified hub. Clients include American Express, Unilever, Samsung, IBM, and McDonald's.
Segmentation Overview:
Among different product types, Cloud Based segment is anticipated to contribute the largest market share in 2028.
Application Overview:
By application, the Large Company segment occupied the biggest share from 2018 to 2022.
This report elaborates on the market size, market characteristics, and market growth of the P2P Recognition and Reward System industry between the year 2018 to 2028, and breaks down according to the product type, downstream application, and consumption area of P2P Recognition and Reward System. The report also introduces players in the industry from the perspective of the value chain and looks into the leading companies.
Key Points this Global P2P Recognition and Reward System Market Report Include:
Market Size Estimates: P2P Recognition and Reward System market size estimation in terms of revenue and sales from 2018-2028
Market Dynamic and Trends: P2P Recognition and Reward System market drivers, restraints, opportunities, and challenges
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the P2P Recognition and Reward System market
Segment Market Analysis: P2P Recognition and Reward System market revenue and sales by type and by application from 2018-2028
Regional Market Analysis: P2P Recognition and Reward System market situations and prospects in major and top regions and countries
P2P Recognition and Reward System Market
Competitive Landscape
and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product/service profile and recent development/updates, etc.P2P Recognition and Reward System Industry Chain: P2P Recognition and Reward System market raw materials & suppliers, manufacturing process, distributors by region, downstream customers
P2P Recognition and Reward System Industry News, Policies by regions
P2P Recognition and Reward System Industry Porters Five Forces Analysis
Key players in the global P2P Recognition and Reward System market are covered in Chapter 2:
HALO Recognition
Reward Gateway
Achievers
Kudos
Qarrot
15Five
Workstride
Motivosity
Bonusly
Workhuman
Kazoo
Quantum Workplace
Bucketlist
Terryberry Company
In Chapter 6 and Chapter 9, on the basis of types, the P2P Recognition and Reward System market from 2018 to 2028 is primarily split into:
Cloud-based
Web-based
In Chapter 7 and Chapter 10, on the basis of applications, the P2P Recognition and Reward System market from 2018 to 2028 covers:
Large Enterprises
SMEs
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions from 2018 to 2028 are covered in Chapter 8 and Chapter 11:
United States
Europe
China
Japan
India
Southeast Asia
Latin America
Middle East and Africa
Others
In summary, this report relies on sources from both primary and secondary, combines comprehensive quantitative analysis with detailed qualitative analysis, and pictures the market from a macro overview to micro granular segment aspects. Whatever your role in this industry value chain is, you should benefit from this report with no doubt.
Chapter Outline
This report consists of 12 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 first introduces the product overview, market scope, product classification, application, and regional division, and then summarizes the global P2P Recognition and Reward System market size in terms of revenue, sales volume, and average price.
Chapter 2 analyzes the main companies in the P2P Recognition and Reward System industry, including their main businesses, products/services, sales, prices, revenue, gross profit margin, and the latest developments/updates.
Chapter 3 is an analysis of the competitive environment of P2P Recognition and Reward System market participants. This mainly includes the revenue, sales, market share, and average price of the top players, along with the market concentration ratio in 2022 and the players' M&A and expansion in recent years.
Chapter 4 is an analysis of the P2P Recognition and Reward System industrial chain, including raw material analysis, manufacturing cost structure, distributors, and major downstream buyers.
Chapter 5 focuses on P2P Recognition and Reward System market dynamics and marketing strategy analysis, which include opportunities, challenges, industry development trends under inflation, industry news and policies analyzed by region, Porter's Five Forces analysis, as well as direct and indirect marketing, and the development trends of marketing channels.
Chapters 6-8 have segmented the P2P Recognition and Reward System market by type, application, and region, with a focus on sales and value from 2018 to 2023 from both vertical and horizontal perspectives.
Chapters 9-11 provide detailed P2P Recognition and Reward System market forecast data for 2023-2028, broken down by type and application, region, and major countries to help understand future growth trends.
Chapter 12 concludes with an explanation of the data sources and research methods. Verify and analyze through preliminary research to obtain final quantitative and qualitative data.
Years considered for this report:
Historical Years:
2018-2022Base Year:
2022Estimated Year:
2023Forecast Period:
2023-2028Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
