The Employee Advocacy Tool Market is estimated to be valued at US$ 1.2 Bn or Mn in 2023 and is expected to exhibit a CAGR of 22.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Employee advocacy tools allow employees to participate, endorse and share relevant company and industry news on their social networks. These tools make it easy for employees to share organizational content on social media platforms like Facebook, Twitter, LinkedIn and spread brand awareness. Companies across various industries like IT, healthcare, manufacturing are leveraging these tools to strengthen relationships within their existing customer-base and to reach new potential customers. Employee advocacy programs have emerged as an effective marketing strategy for companies to expand their consumer base and increase sales.
Market Dynamics:
There are two major drivers propelling the growth of employee advocacy tool market. First, the growing digital penetration and widespread usage of social media platforms have made online advocacy a powerful marketing tool. Nowadays, people extensively use social media to stay connected, get updates about industries, brands and make purchase decisions. Leveraging the personal networks of employees can help companies tap into untapped potential customer segments. Second, employee advocacy tools facilitate meaningful engagements that strengthen employer branding. When employees share and endorse relevant company updates, it builds credibility and trust among their connections. Positive word-of-mouth enhances brand perception and differentiates companies from competitors. Rising
Segment Analysis
The Employee Advocacy Tool market is dominated by the large enterprises segment. More than 60% of the employee advocacy tool sales are generated from large enterprises with over 1000 employees. Large enterprises are the early adopters of employee advocacy tools due to their large workforce and the need to manage employee engagements uniformly on social media. Employee advocacy platforms help large enterprises cultivate meaningful social relationships and drive brand loyalists.
PEST Analysis
Political: There are no significant political risks in the employee advocacy tool market currently.
Economic: The employee advocacy tool market is expected to grow at a high pace driven by the economic recovery post COVID and rising digital marketing budgets of enterprises.
Social: Socially conscious employees are keen to advocate their employers’ missions and values online. Social media has become a core part of the corporate communications strategy. Employee advocacy tools make it easy for employees to represent their organizations authentically on social platforms.
Technological: Emergence of advanced technologies like artificial intelligence, machine learning and predictive analytics are aiding employee advocacy platforms to personalize content, automate workflows and optimize reach and engagement. Some platforms also integrate with other marketing automation tools for a unified experience.
Key Takeaways
The Global Employee Advocacy Tool Market Growth is expected to witness high, exhibiting CAGR of 22.% over the forecast period 2023 to 2030, due to increasing importance of employee advocacy in digital marketing strategies.
The North America region accounts for over 40% revenue share of the global employee advocacy tool market currently owing to widespread adoption by enterprises. Europe is expected to emerge as the second largest and fastest growing region owing to focus on enhancing customer experience through employee engagement initiatives.
Key players operating in the employee advocacy tool market are EveryoneSocial, Hootsuite, Sociabble, PostBeyond, Dynamic Signal, Sociabble, MarketBeam, Bambu by Sprout Social, Influitive, GaggleAMP, Rallyware, Ambassify, DrumUp, SocialChorus, Speakap, PostBeyond, Dynamic Signal, Sociabble, Bambu, Influitive. EveryoneSocial and Hootsuite dominate the market due to their widespread customer base and rich features to optimize advocacy programs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
