Employee Experience (EX) Management Platform for Large Enterprises Market Size, Share, Trends, Growth and Forecast 2032

Employee Experience (EX) Management Platform for Large Enterprises Industry Prospective:

The global Employee Experience (EX) Management Platform for Large Enterprises market size was worth around USD 36.18 billion in 2023 and is predicted to grow to around USD 92.20 billion by 2032 with a compound annual growth rate (CAGR) of roughly 9.80% between 2024 and 2032.

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Employee Experience (EX) Management Platform for Large Enterprises Market: Overview

For large enterprises, an Employee Experience (EX) Management Platform is a full-featured software program developed to improve employees' overall work experience throughout their employment tenure. To help handle and improve the critical elements of employee engagement, satisfaction, productivity, and well-being, this platform includes several tools and features. The main objective is to establish a productive, uplifting, and fun work atmosphere that complements the objectives and culture of the company. The Employee Experience (EX) Management Platform for Large Enterprises market growth is driven by several factors including an increased focus on employee engagement & retention, a shift to remote & hybrid work models, the growing importance of employee well-being, technological advancements, and others.

Key Insights

• As per the analysis shared by our research analyst, the global Employee Experience (EX) Management Platform for Large Enterprises market is estimated to grow annually at a CAGR of around 9.80% over the forecast period (2024-2032).
• In terms of revenue, the global Employee Experience (EX) Management Platform for Large Enterprises market size was valued at around USD 36.18 billion in 2023 and is projected to reach USD 92.20 billion, by 2032.
• Technological advancement is expected to drive the global Employee Experience (EX) Management Platform for Large Enterprises market growth over the forecast period.
• Based on the type, the on-premise segment is expected to capture the largest market share over the projected period.
• Based on the application, the financial service segment is expected to hold a prominent market share over the projected period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Employee Experience (EX) Management Platform for Large Enterprises Market: Growth Drivers

Growing use of digital technology in HR operations drives market growth

The increasing usage of digital technology in HR operations is driving the market for EX management platforms for large organizations. These platforms streamline certain HR procedures, such as performance management, employee feedback, and onboarding, which helps firms better manage their workforces. Furthermore, EX management platforms offer services like wellness & health programs, flexible work hours, and mental health help have evolved as a result of the growing significance of work-life balance and employee well-being. This has made big businesses that are attempting to create a more encouraging and friendly work atmosphere more in need of these platforms.

Employee Experience (EX) Management Platform for Large Enterprises Market: Restraints

Integration complexity and security concerns hindering market growth

It can be difficult and time-consuming to integrate EX platforms with existing payroll software, HR systems, and other enterprise applications. Data silos and incompatibilities can impede the smooth exchange of information, decreasing the EX platform’s efficacy. Moreover, there are substantial privacy and security issues associated with maintaining sensitive employee data. Any violation may result in lost trust, financial penalties, and legal problems. The difficulty and expense of deploying these platforms are increased by the need to comply with legislation like the CCPA, GDPR, and other data protection rules. Thus, this is expected to hamper the Employee Experience (EX) Management Platform for Large Enterprises industry growth during the projected period.

Employee Experience (EX) Management Platform for Large Enterprises Market: Opportunities

Growing product launch offers a lucrative opportunity for market growth

The growing product launch is expected to offer an attractive opportunity for Employee Experience Management Platform for Large Enterprises market growth during the projected period. For instance, in January 2024, the next generation of Perceptyx's People Insights Platform, which features extensive analytics and AI-powered recommendations to assist HR and people leaders in enacting change and creating the transformative people experiences that propel success, was announced by the company, which is a global leader in employee experience (EX) transformation. The new AI Insights Engine, which is the centerpiece of this release, was developed using cutting-edge machine learning technology initially exhibited in Cultivate, which Perceptyx bought in 2022. Personalized insights and recommendations are generated by an AI-powered recommendation engine to help employee listening programs overcome their enduring challenge of action.

Employee Experience (EX) Management Platform for Large Enterprises Market: Challenges

Scalability issues pose a major challenge to market expansion

It is essential to make sure the platform can efficiently expand with the organization. Some EX platforms might not be able to support the varied demands or increased load of a business that is expanding quickly. Large businesses may be discouraged from committing entirely to a single platform due to scalability problems. Thus, posing a major challenge to the Employee Experience (EX) Management Platform for Large Enterprises market growth.

Employee Experience (EX) Management Platform for Large Enterprises Market: Segmentation

The global Employee Experience (EX) Management Platform for Large Enterprises industry is segmented based on type, application, and region.

Based on the type, the global Employee Experience (EX) Management Platform for Large Enterprises market is bifurcated into on-premise and cloud-based. The on-premise segment is expected to capture the largest market share over the projected period. On-premise EX systems are set up and operated on the company's hardware, including servers. With this configuration, it has more control over the data and may customize it more thoroughly to fit the needs of the organization. Even though they are less common than cloud-based solutions, on-premise EX solutions are still quite important in this market, particularly for large companies that place a high priority on data control, security, and customization. Growing knowledge and apprehension about privacy issues and data breaches fuels the market for on-premise solutions that allow businesses to keep control over their data. To meet their security and regulatory needs, industries including finance, healthcare, and government that handle sensitive data prefer on-premise solutions. Thereby, driving the market growth.

Based on the application, the global Employee Experience Management Platform for the Large Enterprises industry is bifurcated into energy, retail, healthcare, automotive, financial service, government, travel & hospitality, telecommunication & media, and others. The financial service segment is expected to hold a prominent market share over the projected period. The financial services sector has a growing demand for improved employee engagement, strong data security, and regulatory compliance, which is fueling the market for Employee Experience Management Platforms. Because they provide the flexibility and customization that financial institutions need, on-premise solutions—despite their higher initial costs and complexity—remain a vital part of the EX platform landscape in this industry. Investment in these platforms is anticipated to rise as long as financial institutions maintain their emphasis on the employee experience, which will support the market's overall revenue growth.

Employee Experience (EX) Management Platform for Large Enterprises Market: Report Scope

Employee Experience (EX) Management Platform for Large Enterprises Market: Regional Analysis

North America is expected to dominate the market during the forecast period

North America is expected to dominate the Employee Experience (EX) Management Platform for Large Enterprises market during the forecast period. The market growth in the region is attributed to the presence of major players operating in the region. Key players such as SurveySparrow, IBM, and others are constantly investing in innovative software to remain competitive in the market. For instance, in August 2023, the first chat survey software in history, SurveySparrow, announced the release of ThriveSparrow, a product designed exclusively to enable organizations to enhance their employee experience procedures by combining aspects of peer recognition, employee engagement, and thorough 360-degree feedback. ThriveSparrow is made to help businesses create a work environment where employees are the focal point, satisfying the growing need for all-inclusive employee experience solutions. Performance reviews, targets, and modules for one-on-one meetings are all included in the software to assist HR professionals in maintaining employees' effectiveness and engagement at all times. Additionally, it supports businesses with statistics, team collaboration space reporting, staff recognition, employee engagement surveys, etc. Thus, driving the market growth in the region.

Employee Experience (EX) Management Platform for Large Enterprises Market: Competitive Analysis

The global Employee Experience (EX) Management Platform for Large Enterprises market is dominated by players like:

• Confirmit
• CultureIQ
• DELL (VMware)
• Glint
• Happ
• HappySignals
• InMoment
• Kazoo
• Limeade
• LumApps
• MaritzCX
• Medallia
• Nexthink
• Peakon
• PeopleMetrics
• Quantum Workplace
• Questback
• QuestionPro
• Salesforce
• SAP (Qualtrics)
• SoGoSurvey
• Staffbase
• Surveypal
• Ultimate Software
• Workday

The global Employee Experience (EX) Management Platform for Large Enterprises market is segmented as follows:

By Type

• On-Premise
• Cloud-Based

By Application

• Energy
• Retail
• Healthcare
• Automotive
• Financial Service
• Government
• Travel & Hospitality
• Telecommunication & Media
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa