Employee Advocacy Software Market Trends

Growth Drivers

• Increasing Employee Retention Rate in Companies Using Employee Advocacy Platforms- It is estimated that the presence of advocacy platforms could increase the employee retention rate to more than 35%. Moreover, employees are 20% more likely to stay in their current position with the company if they participate actively in employee advocate initiatives and campaigns.
• Greater Advantages, such as, Increased Visibility of Companies- Deployment of employee advocacy tools could improve the company’s visibility across social media platforms. For instance, organizations with advocacy software had 79% more visibility on social media.
• Increasing Penetration of Internet and Social Media Services- According to the data by the World Bank, 60% of the total global population was using internet services in 2020. Moreover, in 2021, more than 4.5 billion people were using social media platforms in the world. Around 92% of all internet users are on social media.
• Rapid Digitalization of Business Organization across the Globe- The increasing digitalization of enterprises, backed by higher dependency on technology, is estimated to boost the market growth. Moreover, it is estimated that over USD 2.35 trillion would be spent for the digital transformation across the globe by 2024.  
• Government Initiatives to Promote Start-Ups- It is best for early-stage startups to save money, and employee advocacy can be really helpful for advertising their business on social media. According to the statistics by OCED, France has set-up a USD 4.17 Billion fund to support start-up liquidity, Germany has announced a tailored start-up aid program, and the United Kingdom has announced a co-financing fund for innovative companies facing financial difficulties.

Challenges

• Lack of Proper Setup Features and Infrastructure - It is anticipated that factors such as the time-consuming and difficult initial team setup of the employee advocacy tools and the high cost of setting up the software would restrain market expansion. The platform's back end is complex in terms of functionality and might be challenging for some users to maintain. Along with the odd problems and glitches that affect the software's connectivity, messages on the employee advocacy tools come from a single email address that cannot be modified. The platforms may not always post at the best times for greatest attention, which varies for different social media networks, and certain employee advocacy tools are slow to browse and occasionally buggy. Hence these factors estimated to hinder the growth of the market.
• Slow Development in the Social Media Policies of Companies
• Rising Concerns for Data Safety