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The compelling need for enterprises to increase the productivity and efficiency of employees has stimulated the market demand for employee monitoring software in recent years.
2019 employee monitoring software industry trends
The Employee monitoring software market is estimated to experience remarkable growth in the nearest years. This WorkTime study offers a detailed analysis of key trends, including technology, the market size by region, end-users/ organization size, and factors driving Employee Monitoring Software’s market growth.
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According to research from Market Research Future, the employee monitoring solution industry is estimated to reach 3.84 billion US$ by the end of 2023 with a CAGR of 22.6 percent.
Employee monitoring software by technology
Cloud-based is hosted on software provider’s servers. All data is managed and stored on the server of the software providers. It can be accessed via a web browser.
On-premise as the name implies, it is installed and run on the company’s own computers/servers rather than on the servers of the software provider.
The merits and drawbacks of both cloud-based and on-premises solutions influence market demand.
On-premises vs. cloud-based software
Cloud-based software – Statistics show that this fast-growing trend is gaining momentum mainly due to the numerous benefits and advancements associated with cloud technology, such as improved accuracy and performance, improved manageability and less maintenance, efficient and cost-effective employee monitoring for end-users. In terms of data protection, cloud solutions depend on third-party security measures, which is the main concern for enterprises that want to protect sensitive data.
WorkTime is a powerful employee monitoring software that takes data security very seriously. WorkTime offers transparency while protecting company data.
On-premises – Statistics show that this trend, on the other hand, is slowly waning as cloud technologies continue to evolve. But there are still a few reasons why many businesses still stick to it. As far as data security is concerned, organizations have more control over on-premises solutions. However, all data functions, upgrades, and customization must be handled by specialized IT personnel. It also requires a higher upfront capital investment for installation and maintenance, which may be a concern for small and medium enterprises.
Employee monitoring software market by organization size/end users
Large Enterprise – Enterprises (especially large ones) such as the banking and financial industries, healthcare, insurance, government, hospitality, manufacturing, and IT industries opt for on-premise services due to growing volumes of sensitive and business-related data.
Small and Medium Enterprise – Budget-conscious businesses looking for a less hands-on approach adopt cloud-based services. However, as more security issues and challenges with data-encryption are being solved by evolving cloud services, large enterprises may lean towards a combination of both.
WorkTime Cloud and WorkTime Corporate(on-premise) provide a wide range of features that offer pure employee monitoring to both small/medium and large enterprises globally.
Employee monitoring software market by region
The USA – The USA remains the largest market for employee monitoring software. The North American market has been segmented into the US and Canada. This region’s strong market position is attributed to the presence of a large number of established vendors and relatively higher penetration of technology among business organizations across different industries.
Europe – In terms of market size, the market in Europe is expected to be the second-largest. The European market has been divided into the UK, Germany, France, and the rest of Europe. Strict regulatory compliances concerning access and protection of employees and the need for improved employee monitoring are driving market growth in Europe.
Asia-Pacific – As per market size, this region is projected to be the fastest-growing in the employee monitoring software market. The Asia Pacific market has been segmented into China, Japan, India, and the rest of Asia-Pacific. The growing IT and telecommunication sector and increasing digital technologies to monitor employees are key drivers for the growth of employee monitoring solutions in this region.
As the only software in the market offering employee performance monitoring purely, WorkTime caters to clients ranging from leading multinational companies to small startups, from private businesses to government. And they offer services to nearly every country in the world.
Monitor your employees with WorkTime!
Factors driving the growth of employee monitoring software
1. The growing need to enhance employee performance and productivity.
2. The increasing need for supervision over employees in enterprises.
3. Rapidly evolving government policies and fast-changing economies.
4. The increasing popularity of internet services and mobile applications across social media and online payments.
5. Strict regulatory compliances regarding access and employee protection.