ID: MRFR/ICT/6154-HCR | February 2021 | Region: Global | 100 pages
The global employee monitoring solution market is expected to register a CAGR of 22.6% during the forecast period to reach USD 3.84 billion by 2023.
Employee monitoring solutions enable an enterprise to track the activities of employees. The enterprise is able to monitor employee engagement with workplace-related tasks. Enterprises can measure productivity, ensure security, track attendance, and gather proof of hours worked using these solutions. The data collected by these solutions are used in better decision-making and increasing overall productivity. The enterprises determine employee salary, optimize team size, tool-kit, and work process with these solutions.
The major factor contributing to market growth is the growing need for better management of the workforce. Stringent regulatory compliances regarding access and security are also aiding market growth. Additionally, the increasing need among organizations to optimize employee productivity is also expected to drive the market. However, concerns regarding employee privacy are expected to restrain market growth during the forecast period. The integration of employee monitoring solutions with identity and access management (IAM) and security incident and event management (SIEM) and increasing adoption of employee monitoring solutions across verticals offer lucrative opportunities to the key providers of employee monitoring solutions in the global market.
The global employee monitoring solution market has been segmented based on component, deployment, organization size, type, application, vertical, and region/country.
By component, the global employee monitoring solution market has been divided into solution and service.
Based on deployment mode, the global employee monitoring solution market has been classified as on-premise and cloud.
Based on organization size, the global employee monitoring solution market has been divided into small and medium-sized enterprises (SMEs) and large enterprises.
The type segments of the global employee monitoring solution market are standalone and integrated. The standalone segment has been further divided into productivity suite, project supervision and management, and surveillance suite.
The application segments of the global employee monitoring solution market system monitoring, application monitoring, file monitoring, network monitoring, and database monitoring.
On the basis of vertical, the global employee monitoring solution market has been divided into banking, financial services and insurance (BFSI), retail, government and defense, healthcare and life sciences, energy and utilities, manufacturing, telecommunication & IT, and others.
The global employee monitoring solution market has been analyzed for four regions—North America, Europe, Asia-Pacific, and the rest of the world.
The global employee monitoring solution market is estimated to grow during the forecast period from 2018 to 2023. The geographical analysis of the global employee monitoring solution market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is projected to have the largest share in the global employee monitoring solution market. The US, Canada, and Mexico are the leading countries in the region. The growth is attributed to the presence of a large number of technologically advanced industries such as retail, BFSI and IT and telecommunication in North America which are rapidly adopting employee monitoring solutions for better management of resources. The market in Europe is expected to be the second-largest during the review period due to the increasing demand for employee monitoring solutions to optimize employee productivity. Asia-Pacific is anticipated to be the fastest growing market in the global employee monitoring solution market over the forecast period. A rapidly increasing number of enterprises adopting these solutions across the BFSI, IT and telecom, and retail industries and the rising demand for advanced solutions for enhanced control over employees in the region are the key driving factors for the growth of the employee monitoring solution market in the region.
Source: MRFR Analysis
The presence of a large number of vendors in the employee monitoring solution market from different parts of the world intensifies the competition in the market. These vendors are increasingly focusing on offering innovative solutions and services and thus making significant investments in their research & development (R&D) activities. Solution launches, service enhancement, and partnerships are the major strategies adopted by the vendors in the employee monitoring solution market to cater to the diverse requirements of the clients and penetrate new regions.
The key players in the global employee monitoring solution market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include InterGuard (US), Birch Grove Software, Inc. (US), FairTrak (India), Netsoft Holdings, LLC (US), IMonitor Software (US), Micro Focus (UK), Splunk Inc. (US), Rapid7 (US), Forcepoint (US), Securonix (US), ObserveIT (US), Imperva (US), One Identity LLC. (US), LogRhythm, Inc. (US), and SolarWinds ULC (Canada). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and solution launches.
Frequently Asked Questions (FAQ) :
The registered CAGR of the market is recorded to be 22.6%.
The market will be gathering a valuation of USD 3.84 billion by 2023.
The major factor causative to market growth is the increasing need for better management of the workforce. Also, the stringent regulatory compliances for access and security are also supporting market growth.
Component, deployment, organization size, type, application, vertical are the segment of the market under segmental analysis.
North America, Europe, Asia-Pacific are the key regions mentioned in the study of the market.