Ever-increasing business competitiveness has boosted demand for analyzing employees and bringing out better business outcomes. Recent trends in employee (automated) monitoring solutions show that a rise in the need for effective Return on Investment (ROI) and the need to mitigate a company’s overall investments are leading to the adoption of employee (automated) monitoring solutions in organizations.
The global employee (automated) monitoring solutions market has been segmented based on component, solution, enterprise size, industry, and geography. Component is segmented as software and professional service, where software is further segmented into cloud and on premise. The cloud software segment is expected to have strong market attractiveness. This is primarily due to benefits associated with cloud technologies such as improved accuracy and efficiency of systems and also due to increasing demand for dynamic, cost effective, and efficient employee (automated) monitoring solutions from end-users such as banking, financial services and insurance, education, government, hospitality, legal, manufacturing, telecom, and IT industry. Based on solution, the market is segmented as standalone and integrated, where standalone is bifurcated into productivity suite, project supervision and management, and surveillance suite. Productivity suite is further bifurcated into attendance tracking, employee scheduling, and activity tracking. The market in terms of enterprise size is segmented as small and medium enterprise and large enterprise. Based on industry, the market is segmented as banking, financial services and insurance, education, government, hospitality, legal, manufacturing, telecom and IT, and others. The telecom and IT industry segment is expected to have strong market attractiveness due to significant adoption of employee (automated) monitoring solutions by the industry. Apart from telecom & IT and BFSI, education, healthcare & retail are active industry verticals availing the benefits of employee (automated) monitoring solutions.
An increase in demand for contingent labor, targeted talent strategies, and mobile workforce has encouraged companies to adopt employee (automated) monitoring solutions. Moreover, fast changing economies and rapidly evolving government policies are driving the need for reliable workforce data that can help companies tackle economic fluctuations and make effective staffing decisions. As a result, enterprises (especially the large ones) these days require a complete package that has an advanced workforce management solution along with succession planning software, compensation management software, and career pathing management solutions.
In terms of region, North America led the employee (automated) monitoring solutions market in the year 2017 and is expected to remain dominant throughout the forecast period from 2018 to 2026. North America dominates the global employee (automated) monitoring solutions market due to a large number of established players in this region. The presence of large number of mid-sized and large enterprises in this region has led to wider adoption of employee (automated) monitoring solutions. Europe is also projected to see significant growth in the market in the coming years due to adoption of employee (automated) monitoring solutions and technical awareness about the functioning of these solutions.
The global employee (automated) monitoring solutions market is largely driven by solutions offering and partnerships. For instance, Teramind provides a wide variety of products to its clients globally. The company continuously invests huge amounts in R&D to introduce new innovative products. It is engaged in partnerships with leading companies to meet the growing demand for employee monitoring software. In December 2018, Teramind announced that its employee monitoring and data loss prevention solutions are accessible to deploy on the AWS platform.
Key players profiled in theglobal employee (automated) monitoring solutions market include Awareness Technologies, Inc., Birch Grove Software, Inc., StaffCop, Teramind, iMonitorSoft, Nandini Infosys Pvt. Ltd, NetVizor, Saba Software, WorkTime, Time Doctor, Toggl, Work Examiner, Veriato, Inc., SentryPC, Fair Trak, OSMonitor, Mobistealth.com, and Hubstaff.