The global Labor Productivity Tracking Market is estimated to be valued at US$ 5.91 Bn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Labor productivity tracking solutions enable organizations to measure the productivity levels of employees across teams and projects through time tracking, project management, collaboration monitoring, and other integrated features. These solutions help organizations enhance labor efficiency by identifying unproductive time and monitoring active work versus idle or non-work-related activities.
Market key trends: One of the key trends in the labor productivity tracking market is the increasing demand for social collaboration tracking features. With the rise of remote and hybrid work models, organizations are focusing on enhancing collaboration between distributed teams. Labor productivity tracking solutions with social collaboration monitoring features help track communications over messaging platforms, video conferencing, and other collaboration tools. This enables real-time insights into how productively teams are collaborating. These solutions also facilitate attribution of work outputs to specific collaboration sessions. The data captured assists managers to enhance collaboration effectiveness and improve remote team performance. Overall, social collaboration tracking has emerged as a highly valued capability among labor productivity solutions.
Segment Analysis
The global labor productivity tracking market is segmented based on component, organization size, deployment type, vertical and region. Based on component, the market is segmented into software and services. The services segment is further divided into professional and managed services. The software segment is expected to dominate the market during the forecast period. This is mainly due to the increasing demand for workforce productivity management solutions to reduce operational costs and enhance employee productivity.
Key Takeaways
Market size
The global Global Labor Productivity Tracking Market is expected to witness high growth, exhibiting a CAGR of 13.% over the forecast period, due to increasing demand for workforce productivity management solutions from various industries to optimize business processes and operations.
Regional analysis
North America is expected to hold the largest share of the labor productivity tracking market during the forecast period. This is attributed to the presence of major players and early adoption of advanced technologies in the region. Asia-Pacific is expected to grow at the highest CAGR during the forecast period due to rising digital transformation across industries in emerging economies.
Key players
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. Veriato and Hubstaff are identified as dominant players due to their extensive product portfolio and strong global presence.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it