Employee Advocacy Tool Market Poised for High Growth Owing to Increasing Focus on Employee Engagemen

Author : Leena Shedmake | Published On : 01 Mar 2024

The Employee Advocacy Tool Market is estimated to be valued at US$ 1.39 Bn in 2024 and is expected to exhibit a CAGR of 11. % over the forecast period 2024 to 2030. Employee advocacy tools help employers and employees increase brand awareness, generate leads, improve relationships and drive business results through social sharing. These tools enable companies to empower their employees with curated content and track brand messages that resonate the most with target audiences. Employee advocacy is crucial for companies to build authentic relationships and earn the trust of customers.

Key Takeaways

Key players operating in the employee advocacy tool market are 4d Molecular Therapeutics, LLC, Abeona Therapeutics Inc., Advaxis, Adverum Biotech, Aevi Genomic, Applied Genetic Technologies Corporation (AGTC), Alcyone Lifesciences, Allife Medical Science and Technology, Amarna Therapeutics, American Gene Technologies, Amgen, Amicus Therapeutics, Anchiano Therapeutics, AnGes MG, Apic Bio, Armata Pharmaceuticals, Arrowhead, Arthrogen, Asklepios, Astellas, AVROBIO, BCM Families Foundation, Beijing Northland, Benitec, Biogen, BioMarin, Biosidus, bluebird bio, Boryung Group, Brain Neurotherapeutics, and BioCelsion Corporation.

Key opportunity for the employee advocacy tools market players lie in advancing their AI/ML capabilities to provide highly personalized and targeted content recommendations and campaign optimization. Increasing reliance on cloud-based offerings and SaaS model by companies also provides scope for player growth. Geographically, North America and Europe currently dominate the market. However, Asia Pacific region is anticipated to offer high growth prospects in coming years led by increasing digitalization initiatives of companies in India and China.

Market Drivers and Restrains

One of the key drivers for the Employee Advocacy Tool Market Demand is the increasing focus on employee engagement from companies. Employee advocacy helps harness employees' personal networks and influence to generate more qualified leads and increase sales. It improves employee morale and loyalty leading to better business outcomes. However, data privacy and security concerns pose a major challenge. Strict regulations around use of employee and customer data can hamper market growth. Lack of skilled resources for advocacy programs and measuring return on investments are other key limitations.

Segment Analysis

The employee advocacy tool market is dominated by the cloud segment. Majority of the employee advocacy tool providers offer their solutions as cloud-based/SaaS models since it provides advantages such as low upfront costs, scalability, easy deployment and maintenance over on-premises models. The cloud segment currently holds more than 70% of the total employee advocacy tool market share owing to the ubiquitous adoption of cloud technologies by organizations across all sizes for various software solutions including employee advocacy tools.

Global Analysis

In terms of regions, North America is presently the fastest growing as well as the largest market for employee advocacy tools. The high adoption of new age HR technologies by enterprises in the US and Canada coupled with the presence of majority of the leading player hubs in the region has been driving the employee advocacy tool market in North America. It is estimated that the North America employee advocacy tool market would grow at a CAGR of around 12.5% during the forecast period and will continue dominating the global market with over 45% share in 2030. Asia Pacific is identified as the second largest and fastest growing regional market encouraged by countries like China, India and Japan that are increasingly focusing on internal communication and employee engagement strategies using digital tools.

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