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Employee Monitoring Software Global Market Expected to Witness $6.45 Billion with Impressive Growth at a 18.2% CAGR By 2028 | Intuit Inc., ActivTrak Inc., Veriato Inc., Time Doctor LLC, Teramind Inc.
Employee Monitoring Software Market
As per the report, 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 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%.
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Cloud-Based Solution Propel Growth Of The Employee Monitoring Software Market
The surge in the adoption of cloud-based solutions is expected to propel the growth of the employee monitoring software market going forward. Cloud-based solutions refer to services, applications, and resources delivered over the internet rather than being hosted locally on a personal computer or an on-premises server. The surge in the adoption of cloud-based solutions is driven by their scalability, cost-effectiveness, and ability to support remote work and digital transformation. Cloud-based solutions facilitate the adoption of employee monitoring software by offering real-time data access, remote management, and seamless integration across various devices and locations. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, around 45.2% of EU enterprises utilized cloud computing services, primarily for email hosting, file storage, and various operational tasks, with a notable increase of 4.2% points from 2021. Therefore, the increase in the adoption of cloud-based solutions is driving the growth of the employee monitoring software market.
Technological Advancement Transforming Employee Monitoring Software
Major companies operating in the employee monitoring software market are focusing on developing innovative solutions, such as HR management solutions to enhance workforce management efficiency. HR management solutions refer to integrated tools for streamlining human resources processes, such as attendance tracking, performance management, and employee scheduling. For instance, in July 2021, Caprice Cloud Solutions Pvt Ltd, an India-based HRMS and payroll management software company, launched a new application tailored to monitoring employee productivity in addition to HRAPP. The new app provides a comprehensive suite of features designed to enhance employee productivity. It includes real-time tracking of user activity to detect potential burnout and recommend breaks, as well as app and URL tracking to differentiate between productive and unproductive usage for better resource optimization. Task tracking capabilities integrate with popular task management solutions, offering a complete view of time spent on various tasks. User-friendly, affordable, and easy to set up, this app empowers mid-market organizations to improve productivity, security, and compliance effectively.
The employee monitoring software market covered in this report is segmented -
1) By Type: Premises Employee Monitoring, Remote Employee Monitoring
2) By Deployment Mode: Hybrid, Cloud Based, On-Premises
3) By Features: Productivity Monitoring, Real-Time Alerts, User And Entity Behavior Analytics, Insider Risk Analysis, Internet Usage Monitoring
4) By Enterprise Size: Small And Medium Enterprise, Large Enterprise
5) By Industry Vertical: Banking, Financial Services And Insurance, Government, Information Technology And Telecom, Manufacturing, Retail, Hospitality, Transportation And Logistics
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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.
Contents of the report:
1. Executive Summary
2. Employee Monitoring Software Market Report Structure
3. Employee Monitoring Software Market Trends And Strategies
4. Employee Monitoring Software Market - Macro Economic Scenario
5. Employee Monitoring Software Market Size And Growth
…..
27. Employee Monitoring Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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