Employee Monitoring Solution Market to 2027 - Global Analysis and Forecasts by Offering, Enterprise Size, Industry Vertical
NEW YORK, Nov. 25, 2019 /PRNewswire/ --
The global employee monitoring solution market was valued US$ 724.81 Mn in 2018 and is expected to witness a CAGR growth rate of 7.1% in the forecast period from 2019 to 2027. The global employee monitoring solution market is poised to reach US$ 1,322.42 Mn by 2027. Factors such as a significant rise in popularity of social media platforms and the number of internet users have contributed towards an increase in the usage of the internet for non-work related activities. Furthermore, the growing demand from many management staff across different enterprise sizes for a robust solution that facilitates employee monitoring solutions at the workplace has added to the increasing demand for such solutions and applications. As a result, employee monitoring solutions are specially designed applications and solutions that facilitate the organization's management in seamless tracking or monitoring of the employees across work-related business activities. Thus, driving the growth of employee monitoring solution market during the coming years.
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Additionally, the growing popularity of employee monitoring based solution have facilitated the penetration of the solution across small & medium enterprises and subsequently propelling the growth of employee monitoring solution market.Moreover, the rise in insider threat and increasing instance of social media and internet usage within the organization also has contributed significantly to the growth of employee monitoring solution market across numerous industry verticals.
In addition to this, the rise in employee monitoring by organization management for identification and analyzing employee productivity as well as efficiency at the workplace also has boosted the growth of the market across selected end-users in different end-user industries.Thus, the market is poised to provide numerous profitable business opportunities for market players operating in the employee monitoring solution market during the coming years.
Opportunities such as integration of AI technologies for facilitating enhanced user behavior analytics and anticipation of insider threat detection, employee governance and compliance across the enterprise is expected to gain traction and provide lucrative niche business opportunities for the employee monitoring solution market players during the forecast period.
SMEs account for the majority of businesses worldwide and 90% of businesses and more than 50% of employment worldwide.In today's technology-driven ecosystem, SMEs face the challenge of deploying a better resource than their established competitors.
This is mainly due to the limited finance and the small number of the team for every department.SMEs presume technology adoption as a costly affair.
Therefore, to gain better visibility into their organizations, improve productivity, and achieve better operational procedures, SMEs are widely adopting employee monitoring solutions.The growing adoption of employee monitoring solutions by SMEs is creating an opportunity for the players operating in the market to gain a strong customer base by offering cost-effective and advanced employee monitoring solutions for SMEs.
Some of the prominent market player operating in the employee monitoring solution market include Awareness Technologies (InterGuard), Birch Grove Software, Inc. (ActivTrak), EfficientLab LLC (Work Examiner), Fair Trak, Hubstaff, iMonitor Software Inc (iMonitorsoft), SentryPC (formerly Access Control Software), Atom Security, Inc. (Staffcop), Teramind Inc., and Clouds Dubai among numerous others. The global employee monitoring solution market is highly fragmented.
Based on region, the Asia-Pacific region accounted for the largest market share in the global employee monitoring solution market owing to the significant presence of IT & telecom industries and various IT-based business operation outsourcing in the region. . Moreover, the fast-growing economies, along with flourishing SMEs across Southeast Asian and Chinese regions, is anticipated to continue to drive the market growth of employee monitoring based solution and services across the Asian region. As a result, the Asia-Pacific region accounted for the largest market share in the global employee monitoring solution market as well as is projected to continue to hold its dominant market share during the coming years. Whereas, factors such as identification of employee accountability & productivity, compliance, insider threat detection, and mitigation are the significant factors propelling the growth of employee monitoring solution market across developed economies in North America and Europe regions during the coming years.
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