PUBLISHER: The Business Research Company | PRODUCT CODE: 1518305
PUBLISHER: The Business Research Company | PRODUCT CODE: 1518305
Employee monitoring software comprises digital applications employed by companies to monitor and document employee tasks and efficiency throughout the workday. These tools can oversee multiple facets including online activities, email correspondence, keystrokes, and software utilization. Their principal objectives are to boost productivity, guarantee adherence to organizational regulations, and safeguard against potential data breaches.
The main types of employee monitoring software are premises employee monitoring and remote employee monitoring. Premises employee monitoring involves observing and assessing employees' actions within physical office environments to ensure productivity, security, and adherence to company guidelines. Software deployment options include hybrid, cloud-based, and on-premises solutions, offering functionalities such as productivity tracking, real-time alerts, user and entity behavior analysis, insider risk assessment, and internet usage monitoring. These solutions cater to businesses of all sizes, from small and medium enterprises (SMEs) to large corporations, spanning various industries such as banking, financial services, insurance, government, information technology, telecommunications, manufacturing, retail, hospitality, transportation, and logistics.
The employee monitoring software research report is one of a series of new reports from The Business Research Company that provides employee monitoring software market statistics, including the employee monitoring software industry's global market size, regional shares, competitors with an employee monitoring software market share, detailed employee monitoring software market segments, market trends and opportunities, and any further data you may need to thrive in the employee monitoring software industry. This employee monitoring software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The employee monitoring software market size has grown rapidly in recent years. It will grow from $2.80 billion in 2023 to $3.30 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to the development of sophisticated software algorithms and artificial intelligence, growth of cloud computing, increased use of mobile devices and remote working platforms, enhanced data collection and analysis tools, and rising threats of cyber-attacks and data breaches.
The employee monitoring software market size is expected to see rapid growth in the next few years. It will grow to $6.45 billion in 2028 at a compound annual growth rate (CAGR) of 18.2%. The projected expansion in the forecast period can be credited to several factors, including the increasing prevalence of remote work arrangements, advancements in AI and data analytics technologies, heightened concerns regarding cybersecurity, compliance requirements, a growing focus on productivity benchmarks, the widespread adoption of BYOD (bring your own device) policies, and improved integration capabilities with other enterprise software solutions. Major trends anticipated during this period encompass heightened integration with AI and machine learning tools, strengthened measures for data privacy and security, wider acceptance of analytics for remote workforce management, extended utilization of real-time monitoring and alert mechanisms, enhanced features for compliance tracking, the evolution of mobile device management functionalities, and a transition towards more user-friendly interfaces and dashboards.
The increase in the use of cloud-based solutions is anticipated to drive the expansion of the employee monitoring software market in the foreseeable future. Cloud-based solutions involve the delivery of services, applications, and resources via the internet, as opposed to being locally hosted on individual computers or on-premises servers. The surge in the adoption of cloud-based solutions is fueled by their scalability, cost efficiency, and support for remote work and digital transformation initiatives. These solutions facilitate the uptake of employee monitoring software by providing real-time access to data, remote management capabilities, and seamless integration across diverse devices and locations. For example, as of December 2023, Eurostat reported that approximately 45.2% of EU enterprises utilized cloud computing services, primarily for tasks such as email hosting, file storage, and operational functions, representing a significant increase of 4.2% points from 2021. Hence, the rising adoption of cloud-based solutions is propelling the growth of the employee monitoring software market.
Prominent companies in the employee monitoring software sector are concentrating on devising inventive solutions, such as HR management solutions, aimed at augmenting efficiency in workforce management. HR management solutions encompass integrated tools devised to streamline human resources operations, encompassing tasks such as attendance tracking, performance evaluation, and staff scheduling. For instance, in July 2021, Caprice Cloud Solutions Pvt Ltd, an India-based firm specializing in HRMS and payroll management software, unveiled a novel application geared towards monitoring employee productivity, alongside its existing HRAPP. This new application offers a comprehensive array of functionalities designed to bolster employee productivity. It enables real-time monitoring of user activity to identify potential burnout and suggest breaks, while also tracking app and URL usage to distinguish between productive and unproductive activities for improved resource allocation. Additionally, its task tracking capabilities seamlessly integrate with popular task management solutions, furnishing a holistic view of time allocation across various tasks. With its user-friendly interface, affordability, and straightforward setup, this application empowers mid-sized enterprises to effectively enhance productivity, security, and compliance.
In September 2023, Deltek Inc., Deltek Inc., a United States-based enterprise software and information solutions provider, acquired Replicon for a sum that remained undisclosed. This acquisition by Deltek enhances its range of solutions in project time-tracking, knowledge workforce management, and professional services automation, thereby expanding its portfolio. Consequently, Deltek has diversified its offerings to effectively serve a wide array of project-centric businesses, including contractors and professional services firms. Replicon Inc., situated in Canada, specializes in providing cloud-based time-tracking and workforce management solutions.
Major companies operating in the employee monitoring software market are Intuit Inc., ActivTrak Inc., Veriato Inc., Time Doctor LLC, Netsoft Holdings LLC, Toggl OU, Teramind Inc., Prodoscore Inc., iMonitorSoft Ltd., Awareness Technologies, DeskTime.com LLC, EfficientLab LLC, Ekran System Inc., Atom Security Inc., Deep Software Inc., Insightful.io Ltd., NesterSoft Inc., Spytech Software and Design Inc., VeriClock Inc., Wangya Computer Co. Ltd.
North America was the largest region in the employee monitoring software market in 2023. The regions covered in the employee monitoring software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the employee monitoring software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The employee monitoring software market includes revenues earned by entities providing services such as attendance management, task tracking, and compliance reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Employee Monitoring Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on employee monitoring software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for employee monitoring software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The employee monitoring software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.