by The global Labor Productivity Tracking Market is estimated to be valued at US$ 5.91 billion in 2023 and is expected to exhibit a CAGR of 13.6% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The labor productivity tracking market includes software tools that help organizations track and analyze employee productivity. These tools monitor employee computer and internet usage, time spent on applications and websites, and time away from the desk. They provide insights to optimize workflows and processes.
Market key trends:
One of the major trends in the labor productivity tracking market is the increasing adoption of artificial intelligence and machine learning capabilities. Vendors are integrating AI and ML technologies to gain deeper insights from the vast amounts of employee productivity data. These solutions can now automatically classify employee activities, detect abnormal behavior patterns, and provide personalized productivity recommendations. For example, Veriato incorporates computer vision and natural language processing to its labor productivity tracking software. This enables the tool to understand user actions beyond keyboard/mouse events.
Segment Analysis
The global Global Labor Productivity Tracking Market is segmented by deployment mode, organization size, vertical and region. Based on deployment mode, the market is divided into on-premises and cloud. The cloud segment accounts for the largest market share owing to its benefits of scalability,easy access and data security. By organization size, the market is bifurcated into large enterprises and SMEs. Large enterprises hold a dominant share as they widely adopt labor productivity tracking solutions to optimize workflows and increase productivity.
Based on verticals, the market is categorized into BFSI, IT & telecom, education, healthcare, manufacturing, retail & consumer goods, media & entertainment and others. The BFSI vertical commands the largest share due to demands for labor monitoring and real-time workforce analytics. Geographically, the market covers North America, Europe, Asia Pacific, Middle East & Africa and South America. North America grabs major share due to early adoption of advanced technologies and presence of key players.
Key Takeaways
The global labor productivity tracking market size is expected to grow from US$ 5.91 billion in 2023 to US$ 13.82 billion by 2030, at a CAGR of 13.6% during the forecast period.
By region, North America holds the major share of labor productivity tracking market attributed to early technology adoption and presence of key players. However, Asia Pacific is estimated to witness the highest growth rate over the forecast period owing to growing digitization initiatives and expanding SMEs in the region.
Key players operating in the labor productivity tracking market are Veriato, Hubstaff, Time Doctor, Toggl, Sapience Analytics, Idaptive Tech Solutions, Fair Trak, Atom Security, Birch Grove Software, Forcepoint, Teramind, VeriClock, iMonitor Software, INSIGHTS, Softactivity, WorkTime, Work Examiner, Splunk, Microsoft, BMC Software. Among these, Veriato, Hubstaff and Time Doctor capture over 35% of the overall market share due to their product excellence and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
