May 23, 2024
Employee Advocacy Tool Market

Employee Advocacy is Key to High Growth in the Employee Advocacy Tool Market Owing to Increased Employee Engagement

The employee advocacy tool market enables organisations to empower employees to share approved company content on social media channels. Employee advocacy tools offer features like a central hub for content curation and distribution, analytics for measuring engagement and impact, and employee profiles to build personal brands online. The growing need among companies to amplify their brand message through trusted employee networks is a key driver for the employee advocacy tool market.

The global 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 of 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.

Key opportunities in the market include increased employee engagement leading to higher productivity and brand loyalty, talent acquisition and employer branding using employee advocacy, and greater collaboration within distributed organisations.

The market is witnessing increased global expansion as multinational companies expand operations across geographies and seek to promote a unified brand message through a global employee network.

Market Drivers

A major market driver is the need for increased employee engagement across organisations. Employee advocacy tools help get more employees involved in actively supporting company activities and initiatives on social media platforms they

PEST Analysis
Political: Government regulations related to data privacy and security would impact how employee advocacy tools collect and utilize worker data. Stringent regulations could hamper innovation while more lax policies may encourage growth.

Economic: A strong economy with high employment rate provides opportunities for adoption of employee advocacy tools by businesses to boost engagement and retention. However, an economic slowdown could negatively impact the market.

Social: Younger workforce is more engaged on social media and expects tools to share their professional experience and endorse employers. This drives demand for advanced employee advocacy platforms. Concerns around oversharing at workplace remains a challenge.

Technological: Advancements in AI, analytics and mobile technologies enable sophisticated employee advocacy solutions. Tools with social selling, recruitment and training features see higher traction. Integration of these platforms with HR systems streamlines operations.

Geographical Regions with High Market Concentration
North America, especially the US, dominates the global employee advocacy tool market in terms of value. This can be attributed to early adoption of advanced HR technologies, presence of key players and growing importance given to employee experience. Rising competition for talent also drives companies to leverage Employee Advocacy Tool Market Demand for engagement and referrals in this region.

Fastest Growing Regional Market
The Asia Pacific employee advocacy tool market is poised to witness the highest growth during the forecast period backed by rapid digital transformation of HR functions across industries in countries like China, India and Japan. Rising internet penetration and young workforce enthusiastic about social platforms contribute to increasing demand. Furthermore, international players are expanding into high potential APAC economies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it