The global employee monitoring solution market is heavily fragmented due to the presence of a significant number of companies operating in the market. Furthermore, the strong presence of regional market players with limited geographic focus and notable customer based within the local market has further boosted the overall competitiveness existing in the market. Presently, a significant number of market players operating in the global employee monitoring solution market that offers numerous subscription-based employee monitoring solutions to different industry verticals. However, the market does include a selected number of players with a considerable globally leading customer base and strong brand recognition at the global level. The Middle East & Africa employee monitoring solution market is expeted to witness an CAGR growth rate of 7.5% from 2019 to 2027.
Employee monitoring solutions empower enterprises to track employees and gather other information to drive productivity and ensure security. The employee monitoring solutions provide various features such as activity analysis, smart rules and alerts, live views, monitoring keystroke logging, and file transfer tracking, among others. In the current market scenario, customers are becoming price-sensitive and are the focus on the timely delivery of products and services. Thus, to improve productivity and gain better visibility of the organization, companies are adopting employee monitoring solutions. Also, effective employee monitoring provides the employee the access to a more flexible working environment. Also, the employee monitoring solutions enables the managers to give the employees with effective feedback, as the manager can provide real tangible examples and area of improvement. Thus, driving the growth of the employee monitoring solution market during the coming years.
Employee monitoring solutions are also used as a surveillance tool by organizations to track- employee email, phone activity, browsing history, and time spent on social media, overall internet activity, and remote device access. Companies related to BFSI, IT, and telecom, the Government sector are more exposed to the risk of insider attacks as they handle sensitive data such as trade secrets, IP, customer and employee data, and more. The financial services industry has the highest exposure to a cyber-breach and insider misuse, followed by the consumer, retail and wholesale, consumer, retail and wholesale, and power and utilities. Thus organizations adopt employee monitoring solutions to gain early signs of insider threats and avoid the data leaks. Thus, developing technologies offer promise in recovering waste heat more efficiently rather than traditional.
The global employee monitoring solution market, by offering, has been segmented into solutions and services. The growing focus of the organizations toward driving efficiencies of workforce and increasing demand for better management of the same is a primary factor driving the growth of the employee monitoring solution market. Several enterprises around the globe have implemented employee monitoring solutions, while the remaining are planning to implement the same in the coming years.
During recent years, organizations have shifted their focus toward increasing the efficiency and reducing the overall costs. The employee monitoring solution market, by enterprise size, has been segmented into SMEs and large enterprises. SMEs are primarily investing in employee monitoring solutions to track employees and maximize the ROI. However, for a large organization, it is difficult to manage a large number of employees; therefore, to gain better visibility into their organizations, they adopt employee monitoring solutions. Also, various enterprises are opting for employee monitoring solutions to ensure safety and avoid unauthorized access to information by employees.
The global employee monitoring solution market based on vertical has been segmented into BFSI (i.e., banking, financial services, and insurance), government, retail, manufacturing, IT, and others. The competition across industries is increasing, and the client’s requirements are becoming complex. Also, to gain a strong market position, various companies are focusing on reducing the cost of solutions. Thus, to drive efficiency and reduce overall cost, the companies are adopting employee monitoring solutions. Moreover, companies related to BFSI and government sectors handle a large amount of privileged data, which exposes these enterprises to the risk of insider attacks. Concerns to protect customer information has compelled the European Union to develop new laws, which need companies to execute more enhanced security to maintain the privacy of consumer information.
Some of the market initiatives were observed to be most adopted strategy in the global employee monitoring solution market. Few of the recent market initiatives adopted by the market players operating in the employee monitoring solution market are listed below:
2019:EfficientLab LLC. (Work Examiner) Company announced its new solution version 3.9 (build 449), a cloud-based and on-premise solutions for all of their products such as controlio, standard, and professional editions. The version of Work examiner standard and professional editions are limited to 5 clients and 30 days.
2019:StaffCop released a new version of its software, StaffCop Enterprise 4.5. The new version has added features such as organize access to files for several users, along with blocking websites, USB drives, and applications.
2019:StaffCop teamed-up with a Ghana-based IT solution provider, NETWATCH Technologies. The strategic partnership is aimed at offering information security services to customers’ in Ghana.
The regional trends and factors influencing the Employee Monitoring Solution Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Employee Monitoring Solution Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2018 | US$ 724.81 Million |
Market Size by 2027 | US$ 1,322.42 Million |
Global CAGR (2018 - 2027) | 7.1% |
Historical Data | 2016-2017 |
Forecast period | 2019-2027 |
Segments Covered |
By Offering
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Employee Monitoring Solution Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Employee Monitoring Solution Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies