Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Overview:
Market Research Future has published a research report that is estimated to grow at a CAGR of 22.6% during the forecast period from 2018 to 2023. Market Research Future (MRFR) claims a possibility of crossing USD 3.84 billion by 2023.
Better workforce management, regulatory compliances, privacy policies are some of the reasons expected to inspire the global Employee Monitoring Solution Market. However, employee privacy policies can detract the employee monitoring solution market growth.
Factors Inspiring the Market
The major factor contributing to market growth is the growing need for better management of the workforce. Stringent regulatory compliances regarding access and security are also aiding market growth. Additionally, the increasing need among organizations to optimize employee productivity is also expected to drive the market. However, concerns regarding employee privacy are expected to restrain market growth during the forecast period. The integration of employee monitoring solutions with identity and access management (IAM) and security incident and event management (SIEM) and increasing adoption of employee monitoring solutions across verticals offer lucrative opportunities to the key providers of employee monitoring solutions in the global market.
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Key Players:
The key players in the global employee monitoring solution market are identified based on their country of origin, presence across different regions, recent key developments, product diversification, and industry expertise. These include InterGuard (US), Birch Grove Software, Inc. (US), FairTrak (India), Netsoft Holdings, LLC (US), IMonitor Software (US), Micro Focus (UK), Splunk Inc. (US), Rapid7 (US), Forcepoint (US), Securonix (US), ObserveIT (US), Imperva (US), One Identity LLC. (US), LogRhythm, Inc. (US), and SolarWinds ULC (Canada). The key strategies adopted by most of the players are partnerships, agreements, collaborations, and solution launches.
Segmentation:
MRFR’s take on the global employee monitoring solution market yields a proper segmentation that has its focus locked on minute changes. Such an analysis is backed by volume-wise and value-wise figures. These segments are component, deployment, organization size, type, application, and vertical.
Based on the component, the global employee monitoring solution market includes solution and service.
Based on the deployment mode, the global employee monitoring solution market comprises as on-premise and cloud. The cloud segment is fast gaining momentum as this is quite easy to access and cost-effective.
Based on the organization size, the global employee monitoring solution market consists small and medium-sized enterprises (SMEs) and large enterprises. The large enterprises are implementing this system to better their productive hours and increase profit margin. SMEs have started realizing the potential and in the near future, the system is expected to gain prominence in the segment.
Based on the type, the global employee monitoring solution market includes standalone and integrated. The standalone segment covers productivity suite, project supervision & management, and surveillance suite.
Based on the application, the global employee monitoring solution market encompasses system monitoring, network monitoring, application monitoring, file monitoring, and database monitoring.
Based on the vertical, the global employee monitoring solution market includes energy & utilities, banking, financial services & insurance (BFSI), telecommunication & IT, healthcare & life sciences, manufacturing, retail, government & defense, and others. The telecommunication & IT segment is having a great run in the market.
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Mapping the Global Market:
North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW) are four distinct regions with ample scope to improvise and modulate the global employee monitoring solution market.
North America’s technological superiority has ensured the top position for the regional market. It is further getting traction from countries like the US and Canada. These are countries with high investment capacity and research facilities. Several companies are also from the region, which is expected to take the regional market ahead.
Europe has the second lead and it is witnessing growth due to similar features it shares with North America. High demand to improve productivity is driving the regional market. The AOAC market is about to record the fastest CAGR during the forecast period. Sectors such as BFSI, IT and telecom, and retail industries are showing impressive rise in the number of takers, which can ensure strong regional market growth.
Head-to-Head
In July 2019, Keeper announced the launch of their round-the-clock dark web monitoring that aims at protecting their employees from malware attacks by keeping a track of what they are doing on the web. This would also better company’s security plans.
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