The global Labor Productivity Tracking Market is estimated to be valued at US$ 5.91 Bn or Mn 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:
The labor productivity tracking market involves the use of software that tracks the time employees spend on specific tasks and projects. These platforms provide insights into how employees utilize their time at work and their productivity levels. They help identify time-wasting behaviors and areas for improvement. The software integrates with other tools used by employees like email, calendars, documents etc to capture a holistic view of productivity. This helps optimize workflows, improve resource allocation and enhance overall business efficiency.
Market key trends:
One of the key trends in the labor productivity tracking market is the increasing adoption of artificial intelligence technology. AI enables these platforms to gain deeper insights by analyzing large volumes of employee data over time. Platforms use machine learning algorithms to surface patterns in time management, detect anomalies and predict future productivity trends. This helps managers make more informed decisions. AI also allows personalized productivity feedback and coaching for individual employees. As data sets grow larger, AI powered solutions are expected to deliver more advanced analytics and recommendations to continuously boost productivity.
Porter's Analysis
Threat of new entrants: New entrants face high costs in establishing brand awareness and developing IT infrastructure for labor productivity tracking software and services. Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various labor productivity tracking software providers with different capabilities. Bargaining power of suppliers: The bargaining power of suppliers like software developers is low due to availability of a large number of options. Threat of new substitutes: Threat of new substitutes is low as there are limited alternative ways for tracking labor productivity apart from software solutions. Competitive rivalry: The rivalry among existing competitors is high due to intense competition.
Key Takeaways
The Global Labor Productivity Tracking Market is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing demand for real-time labor productivity tracking from organizations.
Regional analysis
North America is expected to dominate the labor productivity tracking market during the forecast period. This is attributed to presence of major players in countries like the US and growing adoption of advanced productivity tracking solutions among organizations in the region. Asia Pacific is expected to exhibit fastest growth rate owing to rapid digitalization and increasing investments by vendors in countries like India and China.
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 capture major market share due to their comprehensive solutions and global presence.
Read More: https://www.trendingwebwire.com/the-growth-of-labor-productivity-tracking-market/
Time Management has earned an underrated title over time.
It’s a term that people use but seldom implement in their lives.A recent study revealed that most people are productive only for 3 hours or less in an 8-hour workday.Where do the rest of the 5 hours vanish?Is it “Burnout”?An entrepreneur’s life revolves around managing an unlimited list of tasks along with preventing burnouts.
They don’t enjoy the luxury of sharing the tough tasks with the whole team.
That’s exactly when they function as a ‘One-man’ army.As a result, this takes a toll on juggling between personal and professional lives, resulting in burnout.
Read the full article at Orangescrum blog
Even so, one of the most pressing challenges leaders frequently encounter, is managing their employees' time and their own for the best results.
In addition to overwork, sometimes employees lack clarity.
Leadership Expansion Statistics The call for fresh leadership talent is on the horizon as previous leaders head to retirement; therefore, preparedness programs are required for forthcoming replacements.
Leading SAAS software comparison site Comparecamp affirms that “under the right leadership management, corporate programs should be strategically planned, consummate, and include prospects that align with today’s workplace.” Additional statistical insights from leading global talent assessment platforms like Mercer Mettiindicate that:At least 31% of companies disclosed that it took over a year before their leadership program was completed.Even though a high majority agree that leadership development is vital for business, a mere 5% have actually incorporated the program at all levels.Problems advancing effectual leadership development programs is primarily due to indifference from senior management.Incidentally, 42% of businesses are void of the necessary leadership skills to create a foundation for leadership development programs.The concept of a leadership expansion program is important.
Because if your company has developed this progressive type of syllabus, you are better equipped to uphold the time measuring quality and productivity-boosting philosophies that made your company successful in the first place.It’s similar to an heirloom.
Gallup.com known for global public opinion polls affirms that “excellence can be promoted by those i.e.
