Time and Attendance Software Market Size, Share & Segmentation by Component (Software and Services), by Deployment Type (On-Cloud and On-Premises), by Organization Size (Small, Medium, and Large), by Industry Verticals (BFSI, IT, Manufacturing, Government, Others), by Regions and Global Market Forecast 2023-2030
Report Id: SNS/ICT/2464 | July 2022 | Region: Global | 128 Pages
Report Scope & Overview:
The Time and Attendance Software Market size was valued at USD 2.61 Bn in 2022 and is expected to reach USD 5.67 Bn by 2030, and grow at a CAGR of 10.19 % over the forecast period 2023-2030.
Time and attendance software is a type of business program that is used to measure and optimize the hours that employees spend on the job, as well as to retain records of salaries and payments paid. It is mostly used by HR departments and businesses to streamline time monitoring. It is quickly becoming popular among enterprises of all sizes. It provides managers with a variety of tools to assist increase cash flow and reducing waste. Furthermore, such software packages are intended for the development, management, and preservation of critical tax and payroll data.
The usage of time and attendance software in the healthcare industry is expanding due to several issues such as spending time generating schedules, manually entering payroll information, and addressing scheduling requests from each and every employee, which is advantageous for the market. In addition, health care companies and hospital management must take extra precautions for their employees, as well as have a solid understanding of its labor statistics and keep a watch on the mobility of its employees for the purpose of contact tracing.
MARKET DYNAMICS:
DRIVERS:
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An increasing need among businesses to increase employee productivity.
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The adoption of remote work culture and BYOD among enterprises is increasing.
RESTRAINTS:
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Market availability of free and open-source time tracking software.
OPPORTUNITIES:
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Demand for cloud-based time tracking software is increasing.
CHALLENGES:
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Concerns about data privacy and security.
IMPACT OF COVID-19:
A covid 19 epidemic is interfering with company operations. This epidemic, however, has no impact on time tracking software. Many businesses today operate remotely. They are doing their work at home. It increases the need of tracking employee working hours. Many end-users are becoming more aware of time and attendance software. Automated time software assists in calculating an employee's proper paycheck. This system guarantees that their payroll process is error-free. In recent years, this software has been used by a large number of businesses. Various health organizations have a high percentage of adoption. The medical field is preoccupied with covid cases. Other organizational duties are challenging for the sector to manage. As a result, implementing time monitoring improves these firms. This program provides precise information on labor data. Demand for the market is increasing at this time. The post-covid 19 market landscape appears to be favorable for the time-tracking software business.
MARKET ESTIMATION:
In the time and attendance software market in 2021, the software component had the strongest growth and is projected to retain its dominance in the future years. The useful features and benefits of time and attendance software are essentially driving the segment's growth. For example, time and attendance software provides valuable functions to a business, such as tracking employee hours, complying with government requirements, tracking salaries paid, and avoiding bookkeeping errors. However, the services market is predicted to develop the fastest, owing to widespread acceptance of professional services among end users, which assures the smooth operation of time and attendance software throughout the process.
The on-premise category led the worldwide time and attendance software market share in 2020 and is projected to retain its dominance in the following years. This is mostly due to the fact that on-premise deployment is commonly regarded in major businesses, despite the fact that it requires a substantial expenditure to implement. Furthermore, improved data security as compared to cloud-based software boosts its acceptance among enterprises. However, the cloud category is predicted to expand the most, owing to a paradigm change in deployment techniques from on-premise to cloud-based models. Furthermore, cloud-based time and attendance software has no upfront costs and requires little maintenance, making it ideal for mid-sized businesses.
KEY MARKET SEGMENTS:
On The Basis of Component
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Software
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Services
On The Basis of Deployment Type
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On-Cloud
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On-Premises
On The Basis of Organization Size
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Small
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Medium
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Large
On The Basis of Industry Verticals
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BFSI
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IT
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Manufacturing
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Government
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Others
REGIONAL ANALYSIS:
The Asia Pacific is a significant regional player, with the biggest market shares. There are prominent Time Tracking Software Market Participants. The use of time tracking software is becoming more popular. Profitability is further aided by the growth of demand from China, India, and Japan. North America is the next largest major actor, with a sizable stake. It is a pioneer in the use of time tracking software. The rising need for organizational productivity efficiency is driving adoption. The need for time tracking software is significant. There are fewer cost barriers in the market. Europe is a market in transition with significant development potential. All of these variables will add to the market's enormous worth.
REGIONAL COVERAGE:
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North America
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USA
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Italy
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Spain
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The Netherlands
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Rest of Europe
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Asia-Pacific
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Japan
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south Korea
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China
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India
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Australia
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Rest of Asia-Pacific
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The Middle East & Africa
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Israel
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UAE
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South Africa
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Rest of Middle East & Africa
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Latin America
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Brazil
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Argentina
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Rest of Latin America
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KEY PLAYERS:
The major key players are Ceridian, IBM corporation, Ultimate kronos group, Oracle corporation, Reflexis systems, Interflex datensysteme gmbh & co. kg, Sap Se, Workday Inc., Workforce software, LLC., Adp, LLC.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 2.61 Billion |
| Market Size by 2030 | US$ 5.67 Billion |
| CAGR | CAGR 10.19% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Component (Software and Services) • by Deployment Type (On-Cloud and On-Premises) • by Organization Size (Small, Medium, and Large) • by Industry Verticals (BFSI, IT, Manufacturing, Government, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, +D11UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Ceridian, IBM corporation, Ultimate kronos group, Oracle corporation, Reflexis systems, Interflex datensysteme gmbh & co. kg, Sap Se, Workday Inc., Workforce software, LLC., Adp, LLC. |
| Key Drivers | •An increasing need among businesses to increase employee productivity. •The adoption of remote work culture and BYOD among enterprises is increasing. |
| Market Restraints | •Market availability of free and open-source time tracking software. |
Frequently Asked Questions (FAQ) :
What is the current market size of the Time and Attendance Software market?
Ans: - The Time and Attendance Software Market size was valued at USD 2.37 Bn in 2021
What are the major factors that are driving the Time and Attendance Software market?
Ans: - An increasing need among businesses to increase employee productivity.
Which segments are covered in the Time and Attendance Software Market report for study?
Ans: - The segments covered in the Time and Attendance Software Market report for study are on the basis of Component, Deployment Type, Organization Size, and Industry Verticals.
Which region accounted largest market share for the Time and Attendance Software market?
Ans: - The Asia Pacific is a significant regional player, with the biggest market shares.
What are the most important growth tactics for Time and Attendance Software Market Players?
Ans: - The primary growth tactics of Time and Attendance Software market participants include merger and acquisition, business expansion, and product launch.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Time and Attendance Software Market Segmentation, by Component
8.1 Solution
8.2 Services
9. Time and Attendance Software Market Segmentation, by Deployment Type
9.1 On-premise
9.2 Cloud
10. Time and Attendance Software Market Segmentation, by Organization Size
10.1 Small
10.2 Medium
10.3 Large
11. Time and Attendance Software Market Segmentation, by Industry Verticals
11.1 BFSI
11.2 IT
11.3 Manufacturing
11.4 Government
11.5 Others
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Ceridian
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 IBM corporation
13.3 Ultimate kronos group
13.4 Oracle corporation
13.5 Reflexis systems
13.6 Interflex datensysteme gmbh & co. kg
13.7 Sap Se
13.8 Workday Inc.
13.9 Workforce Software, LLC.
13.10 Adp, LLC.
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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