In 2019, the corporate volunteering platform market was valued at approximately US$ 691.8 million, with projections indicating it will reach around US$ 1359.7 million by 2027. This growth represents a compound annual growth rate (CAGR) of 9.3% from 2020 to 2027.
The increasing emphasis on integrating advanced technologies to enhance the efficiency and effectiveness of corporate volunteering, along with a growing number of successful collaborations between corporations and NGOs, are significant factors driving the expansion of the global corporate volunteering platform market. Nevertheless, challenges such as heightened security concerns and a lack of awareness in developing regions may impede market growth. Despite these obstacles, the rise of virtual volunteering platforms aimed at boosting employee engagement, along with the incorporation of emerging technologies into corporate volunteering initiatives, are expected to significantly contribute to the market's growth.
Organizations benefit in numerous ways from partnerships with NGOs. These volunteer opportunities and the internal communication fostered by such programs enhance employees' awareness of the communities they serve, cultivating loyalty and goodwill towards their employers. Moreover, strategic alliances with NGOs enable large corporations to maintain their integrity, especially when faced with unethical practices within their supply chains. These corporate-NGO collaborations necessitate clear visibility regarding their diverse objectives and priorities. Consequently, organizations are increasingly focusing on monitoring mechanisms, reporting requirements, tracking shared resources and engagement levels, and establishing mutually agreed-upon communication strategies. This trend has led firms to invest significantly in corporate volunteering platforms that facilitate the management of volunteerism, enhance community engagement, and enable the tracking and sharing of impact. Thus, the growing number of corporate-NGO partnerships is driving a substantial demand for corporate volunteer program solutions, further fueling market growth.
The corporate volunteering platform market is categorized based on deployment type, enterprise size, and geographical location. In terms of deployment type, the market is divided into cloud-based and on-premise solutions. The cloud segment dominated the market in 2019. When considering enterprise size, the market is segmented into small and medium-sized enterprises (SMEs) and large corporations, with the SMEs segment anticipated to experience the fastest growth during the forecast period. Geographically, the market is divided into five key regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2019, APAC held the largest market share, followed closely by Europe and North America. Furthermore, APAC is projected to be the fastest-growing region from 2020 to 2027.
The COVID-19 pandemic has had a profound impact on the global economy, causing significant disruptions across various sectors. Many businesses have faced severe economic challenges, leading to operational suspensions or substantial reductions in activities. As a result, the world is expected to experience an economic slowdown in 2020, which may extend into 2021. However, the pandemic has also positively influenced certain sectors, particularly software and technology, as the demand for digital solutions has surged in recent months. Numerous corporations have initiated volunteer efforts to assist affected areas, which is likely to increase the adoption of volunteering platforms in the coming years to streamline operations. The effects of COVID-19 are anticipated to be temporary, with a decline expected in the following years.
The overall size of the corporate volunteering platform market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the corporate volunteering platform market across all segments. Additionally, primary interviews were conducted with industry participants and commentators to validate the data and gain deeper analytical insights. Participants typically include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the corporate volunteering platform sector.
Key players in the global corporate volunteering platform market include Alaya SA, Benevity, Inc., Bright Funds, Inc., Maximus Life LLC, Neighbourly Limited, Oracle Corporation, Blackbaud, Inc., Goodera, Galaxy Digital, and Samaritan Technologies, among others.