Employee Monitoring Solution Market Synopsis:
Employee Monitoring Solution Market Size is projected to register a CAGR of 17.60%. The market value is estimated to reach up to USD 6.9 Billion during the forecast period 2022-2030.
Employee monitoring solutions are software tools designed to track and analyze employee activity in the workplace. These tools can help businesses monitor employee productivity, ensure compliance with company policies, improve workflow, and identify areas for improvement. Employee monitoring solutions typically feature features such as time tracking, activity monitoring, and reporting. Some solutions also offer advanced features such as keystroke logging, website blocking, and remote screen viewing.
There are many different employee monitoring solutions available on the market, with varying features, pricing, and compatibility. Businesses should carefully consider their specific needs when choosing an employee monitoring solution to ensure they select a tool that meets their requirements and provides the data and insights they need to improve employee productivity and performance.
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Competitive Landscape:
Several companies have started taking a keen interest in the basic construction of this employee monitoring solution market, which has developed constant upgradation and strategic implementation that would ensure individual’s market positioning. Such decisions are also meant to help holistic market growth. These companies are FairTrak (India), InterGuard (US), Birch Grove Software, Inc. (US), IMonitor Software (US), Netsoft Holdings, LLC (US), Splunk Inc. (US), Micro Focus (UK), Securonix (US), Rapid7 (RPD), Forcepoint (US), Imperva (US), ObserveIT (US), LogRhythm, Inc. (US), One Identity LLC. (US), and SolarWinds ULC (Canada). MRFR listed these companies in their list with their detailed profiles to have a complete grasp over the recent market trends.
In July 2019, Keeper announced the launch of their round-the-clock dark web monitoring that aims at protecting their employees from malware attacks by keeping a track of what they are doing on the web. This would also better company’s security plans.
Segmentation:
MRFR’s take on the global Employee Monitoring Solution Market yields a proper segmentation that has its focus locked on minute changes. Such an analysis is backed by volume-wise and value-wise figures. These segments are component, deployment, organization size, type, application, and vertical.
Based on the component, the global employee monitoring solution market includes solution and service.
Based on the deployment mode, the global employee monitoring solution market comprises as on-premise and cloud. The cloud segment is fast gaining momentum as this is quite easy to access and cost-effective.
Based on the organization size, the global employee monitoring solution market consists small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises are implementing this system to better their productive hours and increase profit margin. SMEs have started realizing the potential and in the near future, the system is expected to gain prominence in the segment.
Based on the type, the global employee monitoring solution market includes standalone and integrated. The standalone segment covers productivity suite, project supervision management, and surveillance suite.
Based on the application, the global employee monitoring solution market encompasses system monitoring, network monitoring, application monitoring, file monitoring, and database monitoring.
Based on the vertical, the global employee monitoring solution market includes energy utilities, banking, financial services insurance (BFSI), telecommunication IT, healthcare life sciences, manufacturing, retail, government defense, and others. The telecommunication IT segment is having a great run in the market.
Regional Analysis:
The global market for employee monitoring solution is estimated to grow at a CAGR of 22.6% during the forecast period from 2018 to 2023. The geographical analysis of the market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to be the dominating region in terms of adoption of employee monitoring solutions. The North American market has been segmented into the US, Canada, and Mexico. The growth of the market in North America can be attributed to the high adoption of advanced technologies in day to day business activities and across all industry verticals. The US is the leading country-level market while the Mexican market is projected to be the fastest-growing during the forecast period.
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The European market has been divided into the UK, Germany, France, and the rest of Europe. In terms of market size, the market in Europe is expected to be the second-largest. Stringent regulatory compliances regarding access and security of employees and the need for enhanced control over employees are driving market growth in Europe. The UK is the leading country-level market and the market in Germany is expected to register the highest growth rate during the forecast period.
Asia-Pacific is anticipated to be the fastest growing market in the global employee monitoring solution market over the forecast period. The regional market has been segmented into China, Japan, India, and the rest of Asia-Pacific. The growing BFSI and IT and telecommunication sector and increasing use of digital technologies to monitor employees are the key driving factors for the growth of employee monitoring solutions in the region.
The rest of the world regional market has been segmented into South America and the Middle East Africa. These regions are expected to offer numerous opportunities to vendors as the majority of the countries are yet to adopt employee monitoring solutions.
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