logo
logo
Sign in

Labor Productivity Tracking Market Estimated To Witness Growth Due To Product Innovations And Growing Adoption Of Advanced Analytics In Labor Productivity Tracking

avatar
Gauri Cmi
Labor Productivity Tracking Market Estimated To Witness Growth Due To Product Innovations And Growing Adoption Of Advanced Analytics In Labor Productivity Tracking


The 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:

Labor productivity tracking involves the use of digital tools and technologies to analyze employee performance and production output. This helps organizations optimize workflow, improve time management, and gain real-time insights into areas needing improvement. Leading providers offer solutions that track time spent on tasks, applications, and websites. Advanced tools also integrate with payroll systems to automate time-off tracking. These solutions are gaining adoption across industries like IT, manufacturing, and professional services to enhance operational efficiency.

Market Dynamics:

Growing focus on maximizing output while minimizing labor costs is a key driver for market growth. Labor accounts for a major portion of operating expenses, and technology-driven productivity tracking enables organizations to right-size their workforce and identify untapped potential for improvement. In addition, the COVID-19 pandemic has accelerated digital transformation trends, boosting demand for remote work management tools. Major players are launching innovative products with advanced capabilities like predictive analytics. For instance, Veriato's Labor Productivity Suite leverages machine learning to analyze thousands of data points and provide personalized recommendations. Similarly, solutions from Time Doctor and Hubstaff integrate AI and automation features to extract actionable insights from raw user data. Such product innovations are expanding the capabilities of labor productivity tracking systems.

Segment Analysis

The Global Labor Productivity Tracking Market is dominated by the software segment. The software segment currently holds more than 60% of the total market share owing to numerous features offered such as time tracking, application usage monitoring, website monitoring, project tracking, and reporting. The software solutions make it easier for organizations to monitor employee productivity remotely and in real-time.

PEST Analysis

Political: Governments across the world are promoting work from home policies in the wake of the COVID-19 pandemic which is fueling the adoption of labor productivity tracking solutions for remote workforce monitoring.

Economic: The global labor productivity tracking market is expected to grow at a faster pace owing to rising economic activities and increasing productivity targets set by organizations.

Social: Younger generations expect flexibility in working patterns. Labor productivity tracking solutions help organizations and employees to track working hours flexibly according to individual convenience.

Technological: Advancements in areas such as artificial intelligence, machine learning, and predictive analytics are enabling labor productivity tracking vendors to offer more insightful and automated solutions to organizations.

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 demand for remote workforce monitoring solutions. The market size is projected to reach US$ 5.91 billion by 2030 from US$ 2.39 billion in 2023.

The North American region currently dominates the labor productivity tracking market with more than 35% share owing to rapid technological adoption. Factors such as stringent regulations regarding employee monitoring and presence of major players in the region are driving the market. The Asia Pacific region is expected to witness the highest growth during the forecast period supported by increasing digitalization of business processes in major economies.

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, and BMC Software. Major players are focused on developing advancedAI-powered solutions and expanding their global footprint through strategic collaborations and partnerships.

 

Read More: https://www.ukwebwire.com/labor-productivity-tracking-market-is-estimated-to-witness-high-growth/


collect
0
avatar
Gauri Cmi
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more