The global employee monitoring solution market was valued US$ 724.81 Mn in 2018 and is expected to reach US$ 1,322.42 Mn by 2027 with a CAGR growth rate of 7.1% in the forecast period from 2019 to 2027.
The employee monitoring solution provides a broad range of benefits for the organization management in determining employee productivity through resource monitoring, prevention of unethical as well as the exploitation of organization resources, identify and enhance transparency & governance within the enterprise practices to name a few advantages of employee monitoring based solutions. Thus, the solution has gained unprecedented popularity across several prominent enterprises in different industry verticals such as BFSI, IT & telecom, retail, manufacturing, and healthcare & pharmaceutical, among other industry verticals. According to a study conducted by the American Management Association founded that around 80% of the leading organization monitor their employees within the workplace compared to a mere 35% in 1997.
With the advancements in technologies such as the introduction of artificial intelligence and the future workspaces would have intelligent employee monitoring solutions that would be capable of performing more than just tracking. There is a shift of focus towards behavior analysis, and future employee monitoring solutions would be able to track behavioral changes in employees’ behavior in multiple ways. This would help organizations to access behavioral anomalies in real-time and avoid the threat of insider attacks. In the coming years, the employee monitoring solutions are expected to monitor if an employee is unhappy, thus most likely to resign. This functionality is similar to Hitachi’s Happiness Meter, which measures the happiness of employees. The companies are working rigorously on the development of advanced monitoring solutions. One of the companies with cutting edge monitoring solutions includes Humanyze, which employees and offers people analytics solutions to some of the fortune 500 companies. Thus in the forthcoming years, the end-users’ expectation regarding the capabilities is expected to increase the integration of advanced technologies for better employee monitoring.
Employee Monitoring Solution Market - Geographic Breakdown, 2018