Overview
The employee monitoring solution market is witnessing constant revenue growth. Market growth attributes to the increasing number of enterprises adopting these solutions. Besides, the rising adoption of employee monitoring solutions across the BFSI, IT & telecom, and retail industries drive the growth of the market. Moreover, the rising demand for advanced solutions for enhanced control over employees escalates market growth.
According to Market Research Future (MRFR), the global Employee Monitoring Solution Market is expected to create a valuation of USD 3.84 BN by 2023, growing at 22.6% CAGR throughout the forecast period (2018–2023). Factors such as increasing investments by enterprises in deploying modern time tracking tools to increase employee productivity substantiate market growth.
Additionally, the augmenting demand for advanced solutions to collect & analyze the data that helps in better decision-making and increasing overall productivity boost the employee monitoring solution market size. The growing need for better workforce management solutions, alongside stringent regulatory compliances regarding access and security, propel the employee monitoring solution market share.
Furthermore, the increasing need among organizations to optimize employee productivity accelerates the global employee monitoring solution market growth. On the other hand, rising concerns regarding compromised employee privacy are the major factors projected to impede market growth. Rising adoption of employee monitoring solutions integrated with identity & access management (IAM) and security incident & event management (SIEM) would support market growth throughout the review period.
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Global Employee Monitoring Solution Market – Segments
The market is segmented into seven dynamics;
By Component: Solutions and Services.
By Type : Standalone (productivity suite, project supervision and management, and surveillance suite) and Integrated.
By Deployment Mode: On-Premise and On-Cloud.
By Application: System Monitoring, Application Monitoring, File Monitoring, Network Monitoring, Database Monitoring, and others.
By Vertical : Banking, Financial Services & Insurance (BFSI), Retail, Government & Defense, Healthcare & Life Sciences, Energy & Utilities, Manufacturing, Telecommunication & IT, and others.
By Organization Size: Small and Medium-sized Enterprises (SMEs) and Large Enterprises.
By Regions : Europe, North America, APAC, and Rest-of-the-World.
Global Employee Monitoring Solution Market – Regional Analysis
North America dominates the global employee monitoring solution market. The largest market share attributes to the widespread adoption of employee monitoring solutions in rising numbers of enterprises. Besides, the rapid adoption of EMS across many technologically advanced industries, such as retail, BFSI, and IT & telecommunication, drives the employee monitoring solution market share in North America.
Moreover, the rising demand for advanced solutions for better management of resources substantiates the employee monitoring solution industry in the region. The increasing workforce in organizations and the early adoption of advanced technologies and innovations in HRM solutions High R&D investments in developing advanced solutions and high economic growth increase the market size.
Europe stands second in the global employee monitoring solution market. The market growth is driven by the increasing demand for employee monitoring solutions to optimize employee productivity. Additionally, the rising uptake of employee monitoring solutions and increasing business in the region create substantial market demand. The UK and Germany are emerging markets in the region, providing impetus to the regional market. The European employee monitoring solution market is expected to grow at a significant CAGR during the forecast period.
The Asia Pacific region also holds a sizable share in the global employee monitoring solution market. Factors such as rapidly growing corporate companies in the region and the rising adoption of cloud-based services boost the growth of the regional market. Moreover, growing government initiatives to foster digitalization positively impact the employee monitoring solution market size. Simultaneously, the increasing awareness about the benefits offered by employee monitoring solutions propels the regional market growth.
Employee Monitoring Solution Market — Competitive Analysis
Highly competitive, the employee monitoring solution market appears fragmented due to the presence of several notable players. To gain a larger competitive share, industry players initiate strategies such as mergers & acquisitions, collaboration, expansion, and technology launch. Market players make substantial investments to drive R & D activities and to expand the global footprints.
Major Players
Players active in the employee monitoring solution market are Birch Grove Software, Inc. (US), InterGuard (US), FairTrak (India), IMonitor Software (US), Netsoft Holdings, LLC (US), Micro Focus (UK), Rapid7 (US), Splunk Inc. (US), Forcepoint (US), ObserveIT (US), Securonix (US), Imperva (US), LogRhythm, Inc. (US), One Identity LLC. (US), and SolarWinds ULC (Canada), among others.
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Employee Monitoring Solution Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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