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| Global Labor Productivity Tracking Market |
Market Overview:
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.
The labor productivity tracking market has witnessed significant growth in
recent times owing to the increasing adoption of remote work by organizations.
Labor productivity tracking solutions help organizations track and measure the
productivity of remote employees which has become important as more employees
work from home. These solutions provide tools to track employee online
activities, applications used, websites visited, time spent on different tasks
and generate analytics to understand productivity patterns.
Market key trends:
The rising trend of bring your own device (BYOD) in organizations has been a
major driver of growth in the labor productivity tracking market. With BYOD,
employees use their personal devices like laptops and smartphones for work. Labor
productivity tracking solutions help employers track and monitor employee
activities across all devices. They provide device-agnostic visibility into
online and application usage of employees.
Another key trend has been the integration of labor productivity tracking
solutions with other HR tools. Vendors are integrating their solutions with HR
software, helpdesk tools and collaboration platforms. This allows automatic
synchronization of employee work details with other HR records. The centralized
data enables HR and managers to make informed decisions regarding performance
management, compensation and training needs based on productivity insights.
Porter’s Analysis
Threat of new entrants: The Global
Labor Productivity Tracking Market requires significant investments in
software and technology. This poses a moderate threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
specialized nature of labor productivity tracking solutions and the
availability of various providers.
Bargaining power of suppliers: A few major technology providers supply core
components of labor productivity tracking solutions. This gives them some
bargaining power over solution providers.
Threat of new substitutes: There is a low threat of substitutes as labor
productivity tracking solutions offer unique features compared to traditional
time-tracking tools.
Competitive rivalry: The market sees intense competition among various
established players.
Key Takeaways
The global labor productivity tracking market is expected to witness high
growth, exhibiting CAGR of 13.6% over
the forecast period 2023 - 2030, due to increasing productivity monitoring
needs of organizations.
The US dominates the labor productivity tracking market currently due to high
technology adoption. The Europe region is expected to grow at a significant
rate during the forecast period driven by the rapid digital transformation of
workplaces. The Asia Pacific region is projected to be the fastest growing
market owing to rapid industrialization and rising investments in productivity
tools in major countries like China and India.
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. These providers offer advanced productivity solutions
to measure employee work patterns and optimize business processes.
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More: https://www.trendingwebwire.com/labor-productivity-tracking-market-share/