A new research report by Market Research Future (MRFR) provides an in-depth analysis of global Risk-based Monitoring Software market and its various sub-segments including region, software application, end user, and competition. It provides strategic profiling of key players involved in the market and their business strategies, latest developments, and innovations in the market from 2016 to 2027. 

What is Risk-Based Monitoring Software?

Risk-based monitoring software helps monitor employees with access to sensitive information through email, web browsing, and network access. It analyzes employee behavior and can alert IT teams if it spots a problem. A number of major businesses have already rolled out risk-based monitoring software—including healthcare provider Kaiser Permanente and defence contractor Lockheed Martin—but smaller firms are also starting to get in on the action. The growth of cloud computing means that cloud computing risk management software will grow at an astonishing rate over the next few years. Cloud computing has made data storage much more accessible for small businesses. This has led to increased adoption of cloud services such as Dropbox and Google Drive by small business owners who previously would not have been able to afford them. Cloud security software providers will be looking for ways to capitalize on these trends in order to sell their products.

Some basic benefits of Risk-Based Monitoring Software

Risk-based monitoring software allows employers to remotely track their employees’ internet and network activity, like e-mail and website visits. It also provides for unlimited employee login access and the use of a self service portal that gives employees greater control over their own data. A risk-based monitoring system can also be used to monitor employee behavior on social media sites, including Facebook and Twitter. Employee monitoring software helps employers keep up with employee training and compliance with company policies. It can also help businesses detect fraud, waste or abuse by employees or contractors in real time. This kind of monitoring software keeps employees from using corporate resources for personal gain.
The overall global market for employee monitoring software will grow from $1.9 billion in 2013 to $3.5 billion by 2018, according to an August 2013 report from Transparency Market Research (TMR). This represents a compound annual growth rate (CAGR) of 10 percent between 2013 and 2018. The demand for employee monitoring systems has increased due to growing awareness about security threats among organizations as well as government agencies worldwide, TMR says.

Main trends for Risk-Based Monitoring Software

With more than 5% of companies planning on using Employee monitoring software by 2018, there are many opportunities for businesses and risk management and compliance departments. The employee monitoring software market continues to be plagued by an increased usage of remote employees, which have made it increasingly difficult for organizations to enforce compliance guidelines and risk based procedures. This has resulted in decreased productivity levels, higher labor costs, lower revenue and a reduced customer experience.

Conclusion

The rise in cybercrimes has become a worldwide concern for business organizations and as such risk-based monitoring software market has started gaining popularity. The global Risk-based monitoring software market is expected to grow exponentially at an estimated growth rate of (14.9%) from 2017 -2025 with a CAGR of 26.42% by 2023.

SOURCE: Global Forecast on Risk-based Monitoring Software Market