According to a new market report published by Transparency Market Research , the global employee (automated) monitoring solutions market is projected to reach US$ 13,335.0 Mn by 2026. The market is expected to expand at a CAGR of 10.7% during the forecast period from 2018 to 2026.
In the solutions segment, software held highest market share in the year 2018 due to rising demand for cloud based software that provides greater ease, storage, and security. North America is anticipated to lead the global employee (automated) monitoring solutions market during the forecast period, followed by Europe, Asia Pacific, Middle East & Africa, and South America.
The key driver for the global employee (automated) monitoring solutions market is increase in the adoption of cloud services such as Software as a Service (SaaS). Demand for cloud-based monitoring systems is increasing globally. Cloud-based employee (automated) monitoring software and solution services provide better access to companies to monitor employees.
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Moreover, cloud-based services allow businesses to outsource employee monitoring solutions that track their employees while working. The solutions help increase employee productivity. They can be accessed through mobile devices or personal computers. Cloud-based employee monitoring solutions are automated and improve accuracy and efficiency. This results in accurate employee monitoring. The SaaS-based model allows distribution/sharing of high costs for hardware, software, and data center operations among customers. It allows customers to avail top-of-the-line infrastructure at a fraction of the initial cost.
The Software as a Service model reduces the need to physically upgrade the system as it is taken care of by vendors themselves. Also, SaaS technology helps consolidate various employee (automated) monitoring solutions under one single package. This driver is anticipated to have a high impact on the market’s growth throughout the forecast period. The impact is further supported by the growing count of new enterprises, largely small- and medium-sized businesses.