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Employee surveillance and monitoring software can monitor and recorded the worker’s computer screen, chat, internet access, file operations, e-mail, etc. The hierarchical management of the system allows departmental managers to monitor and manage the computers of their teams. Thus, many organizations are increasingly adopting employee surveillance and monitoring system to enhance employee productivity. The simple, friendly, and exquisite interface and robust operational flexibility entice managers to adopt the employee monitoring software. The software can set security and privacy, access employee passwords, and software login passwords to adequately safeguard the monitoring information. Accurate and detailed statistics provided by the software help managers to evaluate the productivity of employees. The software help organizations or team managers for better management of their workforce. Thus, the growing need to manage the workforce efficiently to optimize their productivity would drive software adoption. Increasing trend of remote working or work of home is another crucial factor that drives the significant market growth.
The losses due to employee fraud, internal data theft, and internal organizational fraud are increasing significantly. As per the statistical report published by the CompareCamp in May 2020, global loss from employee fraud and theft is approximately USD 2.9 trillion per annum. The employee monitoring software helps organizations to mitigate employee fraud by continuously tracking employee’s corporate activities. Thus, growing concerns associated with losses due to increasing internal frauds are likely to drive substantial market growth. Apart from this, strict regulatory compliances at corporate workplaces would further aid market growth. The integration of employee surveillance system with access management or security software such as event management, identity, and access management system is also expected to boost the adoption.
Key Market Driver -
• Growing need to augment employee productivity and performance drive the market growth • Increasing losses due to internal or employee frauds to drive the adoption
Key Market Restraint -
• Employee privacy issues would limit the market growth
A highly competitive business landscape encourages vendors to invest their efforts in developing advanced employee monitoring solutions. Vendors are adopting ultimate business strategies such as partnerships, collaborations, mergers, and acquisitions to establish and expand their business network. Prominent companies are taking active measures to deliver a diversified product portfolio to meet the best of needs. Many companies have started developing employee surveillance and monitoring solutions to support remote working as the work from home number surges during the COVID-19 pandemic. For instance, in March 2020, Teramind Inc. announced today the launch of its modern set of featured products and solutions that helps businesses quickly adapt to manage a remote and distributed workforce.
Key companies summarised includes Teramind Inc., Veriato Inc, Workpuls, Inc, Awareness Technologies, BIRCH GROVE SOFTWARE, INC., Parasol Software Trading L.L.C, Nandini Infosys Pvt. Ltd., NetVizor, NesterSoft Inc, Time Doctor, LLC, Toggl Inc, EfficientLab LLC., SentryPC, Fair Trak, Wangya Computer Co., Ltd.and among others.
North America is likely to emerge as a dominating region in the market due to the presence of many key companies across the region. The increasing employee frauds across the region enhances the demand for employee activity tracking solutions. According to the statistical report presented by 'CompareCamp' in May 2020, almost 33% of the corporate bankruptcies in the United States are associated with employee fraud. Thus, to mitigate the growing employee fraudulent activities, organizations across the region would adopt the software. The trend for corporate mobility and remote working further stimulating the demand for employee monitoring software across the region. Significant demand for identifying employee productivity & accountability, insider threat detection, and growing corporate compliance are the other factors propelling the growth of the employee surveillance and monitoring solution market across North America.
The significantly developed corporate sector of Europe is deploying workplace monitoring solutions that drive significant market growth. Several European countries have made employee monitoring and surveillance legal, which is the key reason behind the strong demand for the system across Europe. European employers have a legitimate interest in monitoring the employee's computers by maintaining an individual's privacy. Thus, the developed legacy framework regarding employee surveillance and monitoring would drive market growth across Europe.
The Asia-pacific is showcasing significant developments in IT & telecommunication industries. Various IT-based business operation outsourcing is also increasing across the region. The growing proliferation of IT businesses would drive the adoption of advanced workplace monitoring and surveillance systems. Moreover, a significant rise in employee data theft and fraudulent activities would drive the demand for employee surveillance and monitoring systems across Asia-Pacific.
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