Yahoo Finance Employee Monitoring Solution Market Estimated to Reach Up to USD 6.84 Billion by 2028 - Report by Market Research Future (MRFR)
New York, US, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Employee Monitoring Solution Market information by Type, by Components, by Application and Region – forecast to 2028” market size to reach USD 6.84 billion, growing at a compound annual growth rate of 25.4% by 2028.
Market Scope:
The global employee monitoring solution is garnering significant traction. Work from home (WFH) or remote work has become normal, and many companies have embraced monitoring tools to keep tabs on workers. The increasing use of advanced and increasingly powerful technologies to manage and monitor workers boosts the market size.
As remote work rose sharply during the COVID-19 pandemic, many businesses sought ways to keep track of workers. Now, with remote work strategies still in place and office re-openings being pushed back, the use of monitoring tools is expected to continue to grow. With the increasing need to monitor the business environment, the market is garnering significant traction worldwide.
Dominant Key Players on Employee Monitoring Solution Market Covered are:
Birch Grove Software Inc. (US)
FairTrak (India)
InterGuard (US)
IMonitor Software (US)
Micro Focus (UK)
Netsoft Holdings LLC (US)
Rapid7 (US)
Forcepoint (US)
Splunk Inc. (US)
ObserveIT (US)
Imperva (US)
Securonix (US)
LogRhythm Inc. (US)
SolarWinds ULC (Canada)
One Identity LLC. (US)
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Market USP Exclusively Encompassed:
Market Drivers
Additionally, the rising adoption of employee monitoring solutions in increasing numbers of enterprises across the BFSI, IT & telecom, and retail industries substantiate market revenues. Also, improving internet connectivity and growing employee fraud cases increase the demand for better software solutions. The growing integration of artificial technologies with employee monitoring solutions pushes the market growth.
On the other hand, the high risk of threats and security breaches is a key factor impeding market growth. Also, the lack of skilled professionals for managing the software is a huge challenge. Nevertheless, regulatory compliance for increased security and access would support the market growth throughout the forecast period, generating more opportunities for market players.
Moreover, the rising demand for solutions to improve control over employees and increasing investments by enterprises in deploying advanced solutions to increase employee productivity escalates the market growth. Furthermore, the proliferation of mobile devices in the working culture encourages businesses to invest in cloud-based employee monitoring solutions infrastructure.
Sharing progress updates on shared drives and regular updates could all be effective alternatives to at-home supervision. Government initiatives to provide comprehensive regulatory oversight over online surveillance software to ensure people have the right to privacy in workplaces or homes are expected to hamper the market growth.
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Segmentation of Market Covered in the Research:
The market is segmented into types, components, deployment mode, organization size, applications, verticals, regions. The type is bifurcated into standalone (project supervision & management, productivity suites, and surveillance suites) and integrated. The component segment is bifurcated into solutions and services.
The deployment mode segment is bifurcated into on-premise and on-cloud. The organization size is bifurcated into small & medium-sized enterprises (SMEs) and large enterprises. The application is bifurcated into system monitoring, database monitoring, file monitoring, application monitoring, network monitoring, and others.
The vertical is bifurcated into retail, banking, financial services & insurance (BFSI), government & defense, energy & utilities, healthcare & life sciences, telecommunication & IT, manufacturing, and others. By regions, the market is sub-bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
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Regional Analysis
North America is the largest market for employee monitoring solutions globally. The market growth is led by the increasing adoption of employee monitoring solutions & services and the early adoption of advanced technologies. Besides, the strong presence of leading solution providers, highly advanced infrastructure, and skilled professionals in the region boost the market size. The rising demand for improved operational efficiency and employer-employee relationships drives the market growth.
COVID-19 Impact on the Global Employee Monitoring Solution Market
COVID 19 pandemic has positively impacted the employee monitoring solution market, fostering digitization and automation across the industries globally. The lockdown mandates imposed to control the COVID 19 spread forced many organizations to let their employees work from home. The trend toward remote and hybrid work has shown how important it is to have an online system to monitor employees in real-time and accurate information.
Due to the Covid-19 disruption, many organizations identified the need to regulate workplace surveillance algorithms before it’s too late. Many companies implemented employee monitoring solutions to increase their use of monitoring technologies. Resultantly, implementations of employee monitoring solutions increased rapidly in all sizes of organizations.
Competitive Analysis:
The employee monitoring solution market witnesses several strategic approaches, such as expansion, collaboration, mergers & acquisitions, and product launches. Mature market players have been making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Oct. 13, 2021, Aware, a leading provider of employee behavior platform analyzers across messaging platforms like Slack, announced raising US$60 MN in a series to drive product development, sales efforts, and hiring. The funding round was led by Spring Mountain Capital, Goldman Sachs Growth Equity, Allos Ventures, Blue Heron Capital, Ohio Innovation Fund, Rev1 Ventures, and JobsOhio.
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