Employee Advocacy Tool Market Poised to Witness High Growth Owing to Rising Demand for Effective Employee Communication
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Employee Advocacy Tool Market |
The employee advocacy tool market allows organizations to effectively communicate with employees and drive empowerment. Employee advocacy tools enable internal sharing of organizational updates and achievements through employee social networks. They empower employees to promote approved organizational content to their external networks, thereby enhancing brand awareness and loyalty.
The global employee advocacy tool market is estimated
to be valued at US$ 1.39 Billion in 2024 and is expected to exhibit a CAGR of
11% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Employee
Advocacy Tool Market Demand include 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, Asklepios, Astellas, AVROBIO, BCM Families
Foundation, Beijing Northland, Benitec, Biogen, BioMarin, Biosidus, bluebird
bio, Boryung Group, Brain Neurotherapeutics.
The key opportunities in the market include increasing implementation of
cloud-based technologies and growing focus of organizations towards employee
engagement and experience. Additionally, growing global expansions of key
players through partnerships and acquisitions are further fueling market
growth.
Market Drivers and Restraints
One of the key drivers for the employee advocacy tool market is the rising
penetration of mobile applications and smartphones. Easy accessibility to
social network platforms through mobile applications is enabling organizations
to effectively leverage employee advocacy programs. Additionally, the
increasing popularity of influencer marketing is propelling various companies to
invest in advocacy platforms to drive brand awareness through trusted
employees. However, data privacy and security concerns associated with sharing
of organizational content on public platforms remains a key challenge.
Moreover, lack of resources and dedicated budget for advocacy programs in small
and medium enterprises could hamper the adoption of advocacy tools.
Segment Analysis
The global employee advocacy tool market is dominated
by the enterprise segment which accounts for over 60% of the market share. The
enterprise segment deals with companies with employee strength of over 1000.
These large enterprises are the major adopters of employee advocacy tools as
they want to ensure a unified brand message is conveyed across all employee
communications and understand the impact of grassroot advocacy. Having
thousands of employees spread globally, it becomes crucial for large
enterprises to empower, enable and engage their employees as advocates of the
corporate brand. This is effectively done through employee advocacy tools and
platforms.
The SMB segment is the fastest growing segment and accounts for the remaining
market share. With growing digital transformation and social media usage, even
small and medium businesses are realizing the importance and impact of employee
advocacy. Employee advocacy tools help SMBs to drive awareness about their
brands and offerings through genuine endorsements and recommendations by their
own employees sharing their experiences on professional social networks.
Global Analysis
North America dominates the global employee advocacy tool market with over 40%
market share. The presence of key players and early adoption of social media
and digital technologies by organizations has fuelled the growth of employee
advocacy in the region. However, Asia Pacific is emerging as the fastest
growing region. With rising internet penetration, proliferation of smartphones
and growing social media usage, both enterprises and employees in APAC are
increasingly embracing professional online networks and tools for advocacy.
Countries like China, India and Japan are witnessing widespread acceptance of
advocacy programs and platforms among organizations to cultivate brand
evangelists internally.
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Advocacy Tool Market
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