Corporate volunteering platforms equip enterprises with tools for organizing, managing, and administering volunteer initiatives. Volunteering management tools support enterprises increase employee engagement in mission-driven programs, charities, and events. The corporate volunteering solutions also support enterprises and human resource (HR) departments enhance workforce participation and evaluate their contribution towards those activities. Corporate volunteering platform comprise internal dashboards for tracking progress, employee engagement, public-facing dashboards for communicating company impact, and rewards management tools, and more. Moreover, micro-volunteering is growing progressively, and corporate volunteering has the potential to accelerate its growth. Easy and on-demand opportunities to volunteer can minimize the administrative side of volunteering and open the door to a new crop of employee volunteers interested in opportunities which are more convenient.
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The corporate volunteering platform market was valued at US$ 691.8 million in 2019 and it is projected to reach US$ 1359.7 million by 2027; it is expected to grow at a CAGR of 9.3% from 2020 to 2027. Rising focus on adopting advanced technologies to make corporate volunteering easier and more effective and increasing number of successful corporate-NGO partnerships are some of the key driving factors for global corporate volunteering platform market. However, high security concerns and lack of awareness in developing economies may hinder the growth of the market. Despite some limitations, the implementation of virtual volunteering platform for employee engagement and implementation of emerging technologies with corporate volunteering platform are the major factors that are anticipated to drive the growth of corporate volunteering platform market.
The recent COVID-19 outbreak has significantly affected the world and is continuing to shatter the economies of several countries. Businesses around the world are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the world is anticipated to face an economic slowdown in 2020 and it is most likely to continue in 2021 as well. However, the COVID-19 crisis positively impacted the growth of some sectors, such as software and technology. The demand for digital solutions has grown at a high rate in the past few months. A significant number of corporates have taken significant initiatives to volunteer to the affected areas. As a result, the adoption rate of volunteering platforms is expected to grow in the coming years to manage all the operations. The impact of COVID-19 is short-term; it is likely to decrease in the coming years.
The players operating in the corporate volunteering platform market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
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