ID: MRFR/ICT/6154-HCR | February 2021 | Region: Global | 100 pages
According to MRFR analysis, the Employee Monitoring Solution Market is projected to register a CAGR of 25.4%. The market value is estimated to reach up to USD 6.84 Billion during the forecast period 2021-2028. The employee monitoring solutions are used for promoting the enterprise for tracking the data about employee’s activities. With its help, the employees can keep an eye upon the engagement of employees for various tasks at the workplace.
It is also used for attendance, tracking and collects important proofs easily in a short time. This information is helpful for small, large, and medium-sized enterprises to take necessary decisions. In this way, the enterprises can easily determine the salary of employees, enhance the work process, team size with these solutions. Several factors are estimated to promote the Employee Monitoring Solution Market Growth. Such as the strict regulations for security and access are fuelling the market.
Along with that, the growing demand among various organizations for optimizing the productivity of employees is one of the crucial driving factors. It has a user-friendly interface and flexibility is escalating its adoption. Notable restraining factors for the EMS Market like maintaining the privacy of employees are a huge concern. It is a highly fragmented market with several renowned companies that are focusing to expand their business foothold.
The spread of the COVID-19 disease had both positive and negative impacts upon several industries. As the disease began spreading, the implementation of lockdown prevented people to commute. This severely halted the supply chain and other industrial processes. But, the usage of online platforms and better software helped the enterprises to survive the market. However, concerns regarding security breaches emerged at a significant rate. This reason fuelled the demand of Employee Monitoring Solution Market for the enterprises to keep track of the employees who are working from home. Therefore, the market will grow exponentially during the forecast period.
Several market drivers will improve the growth of the Employee Monitoring Solution Business. It is because, the use of the internet and advanced internet connection increased over the past few years. Also, the growing cases of employee fraud simultaneously increased the demand for better software solutions. This software is used for employee monitoring and tracking their movements increased among the enterprises.
Employee monitoring software is used for tracking email, browsing history, phone activity, and many more. The high risk of security breach will be a restraining factor that will affect the growth of the Employee Monitoring Solution Business. It becomes difficult to maintain the privacy of employees that will prevent the enterprises to opt for employee monitoring solutions.
Various opportunities such as integrating artificial technologies for enhancing the online behaviour of employees will fuel the Employee Monitoring Solution Industry. Also, the regulatory compliance for increased security and access will lead to generating more opportunities during the forecast period.
Some challenges such as huge competition in the market can create confusion for the enterprises to choose a reliable product. Apart from that, finding skilled professionals for managing the software is a huge challenge. Also, the security threats and security breaches will hinder the growth of the Employee Monitoring Solution Industry.
The rising Employee Monitoring Solution Market Trends will lead to exponential growth. The Compound Annual Growth Rate (CAGR) of the market is estimated to reach up to 25.4%. Also, the market will further increase up to USD 6.84 Billion during the forecast period 2021-2028, according to MRFR Analysis.
Value Chain Analysis
With various benefits for the enterprises, it will record a significant Employee Monitoring Solution Market Profit. It will help the enterprises to save huge time with specific solutions to monitor the employee's movements and optimize the team's workflow. Hence, the value chain will further improve with the efforts of the key players and others during the forecast period.
The Employee Monitoring Solution Market Segments are divided into organization size, component, type, vertical, application, and deployment.
Based on deployment, the market is divided into On-Premise and On-Cloud.
Based on organization size, the EMS Market is sub-segmented into Large Enterprises and Medium and Small Enterprises.
Based on type, the Employee Monitoring Solution Market is further categorized into standalone and integrated. The standalone sub-segment is divided into Project Management and Supervision, Productivity Suite, and Surveillance Suite.
Based on vertical, the market is bifurcated into Life Science and Healthcare, BFSI, IT and Telecommunication, Defense and Government, Utilities and Energy, Retail and Manufacturing.
Based on component, the Employee Monitoring Solution industry is divided into Solution and Services.
Based on application, the market is further classified into System Monitoring, File Monitoring, Database Monitoring, Application Monitoring, and Network Monitoring.
Based on geography, the Global Employee Monitoring Solution Market is divided into Asia-Pacific, Europe, North America, and the Rest of the World. It is projected that North America will hold the largest Employee Monitoring Solution Market Share during the forecast period. The huge presence of highly advanced infrastructure and skilled professionals are the major reason for the huge growth.
After that, Europe is anticipated to hold the second-largest position in the market due to the rising demand for optimized software. The software will enhance the productivity of employees and team collaboration.
The Asia-Pacific region is estimated to grow at the fastest rate during the forecast period. The growing demand among crucial verticals such as Telecom and IT, Retail Industries, BFSI, etc. are driving the Employee Monitoring Solution Market.
The Employee Monitoring Solution Business is highly fragmented by the presence of several key players in the market. Different strategies such as market analysis, product launches, new ventures, and many more are increasing their business portfolio. These are some crucial Employee Monitoring Solution Market Top Leaders are-
The overview of the Employee Monitoring Solution Market Analysis is mentioned below-
Report Score and Segmentation
The report score is to give insight into the Employee Monitoring Solution Market. It provides information about the strength other factors such as opportunities, challenges, etc. The report is created by collecting information from various primary and secondary sources.
|Market Size||USD 3.84 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Component, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||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.|
|Key Market Drivers||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.|
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.