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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