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2021
Time And Attendance Software Market

Time and Attendance Software Market by Component (Software and Services), Deployment Mode (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Manufacturing, Government, Education and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
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Pages: 263
Jun 2021 | 9925 Views
Author(s) : Vikas Gaikwad & Rachita Rake
Tables: 120
Charts: 81
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Time and Attendance Software Market Statistics: 2030

The global time and attendance software market size was valued at $2,156 million in 2020, and is projected to reach at $5,312 million by 2030, growing at a CAGR of 9.4% from 2021 to 2030. Time and attendance software is a kind of business application which is designed for tracking as well as optimizing the hours that employees spend on the job and keeping records of salaries and wages paid. It is mainly used by HR departments and companies to simplify time tracking. It is rapidly being used by businesses of all sizes. It offers management personnel with varied tools to help maximize cash flow and minimize waste. In addition, such software programs are designed for generation, maintenance, and archiving of important tax and payroll information.

The adoption of time and attendance software in healthcare sector is continuously increasing due to numerous challenges such as spending of time for creating schedules, manual entrance of payroll information, and handling of scheduling requests from each and every employee which is opportunistic for the market. Also, the health care employers of hospital management need to take extra precaution for their employees along with having a proper insight into its labor data and keep an eye on the movement of its employees for the sake of contact tracing.

By component, the software segment exhibited the highest growth in the time and attendance software market in 2019, and is expected to maintain its dominance in the upcoming years. The productive features and benefits of time and attendance software primarily fuels the growth of this segment. For instance, the time and attendance software offers beneficial features to an organization; these features include tracking employee hours, complying with government regulations, tracking wages paid, and minimizing the errors in bookkeeping. However, the services segment is expected to witness the highest growth, due to an extensive adoption of professional services among the end users, as it ensures effective functioning of time and attendance software throughout the process.

Time-&-Attendance-Software-Market-

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By deployment mode, the global time and attendance software market share was dominated by the on-premise segment in 2020 and is expected to maintain its dominance in the upcoming years. This is mainly attributed to the fact that the on-premise deployment mode is widely being considered in large enterprises, as it involves a significant investment to implement. In addition, better security of data as compared to cloud-based software promotes its adoption among the organizations. However, cloud segment is expected to witness the highest growth, due to paradigm shift in the deployment methods from on-premise to cloud-based models. In addition, cloud-based time and attendance software does not involve capital cost as well as is low on maintenance requirements, and hence can be preferred by mid-sized organizations.

North America dominates the time and attendance software market. This is due to increase in adoption of time and attendance software by businesses in North America to remain competitive in the market. In addition, the factors such as surge in organization sizes, presence of global market players in the U.S., and increase in application area of time and attendance software significantly fuels the time and attendance software market growth in North America. However, Asia-Pacific is expected to observe highest growth rate during the forecast period. Large number of enterprises in this region have now implemented time and attendance software in an effort to improve productivity and performance of their business. 

The report focuses on the growth prospects, restraints, and time and attendance software market analysis. The study provides Porter’s five forces analysis of the time and attendance software industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the time and attendance software market trends.

Time and Attendance Software Market
By Type

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Services segment is projected as one of the most lucrative segments.

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Segment review

The time and attendance software market is segmented on the basis of component, deployment mode, organization size, industry vertical, and region. By component, it is categorized into software and services. By deployment mode, it is classified into on-premise and cloud. By organization size, it is bifurcated into large enterprises and SMEs. By industry vertical, it is divided into BFSI, IT & telecom, healthcare, retail, manufacturing, government, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Time and Attendance Software Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Asia-Pacific is projected as one of the most significant region.

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COVID Impact Analysis

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has low impact on the growth of the time and attendance software market, as the adoption of time and attendance software solutions has increased in the face of unprecedented circumstances. COVID-19 pandemic has significantly pushed the growth rate of the market owing to the increased shift toward automated time and attendance software for improving the payroll accuracy and reducing the manual and error-prone data entry. In addition, these software helped organizations to increase their productivity by ensuring the right people are present at the right place whenever needed.

In addition, the rapid growth in demand for time and attendance software has been observed in the healthcare sector. The adoption of time and attendance software in healthcare sector is mainly driven by numerous challenges such as spending of time for creating schedules, manual entrance of payroll information, and handling of scheduling requests from each and every employee. Also, the health care employers of hospital management need to take extra precaution for their employees along with having a proper insight into its labor data and keep an eye on the movement of its employees for the sake of contact tracing.

Top impacting factors    

The growth of the global time and attendance software market is mainly driven by factors such as rise in need for efficiency and productivity of employees and increase in shift toward cloud based time and attendance software. In addition, wide ranging features and benefits of time and attendance software along with the surge in adoption of automation tools in HRM systems fuel the demand for time and attendance software. However, security concerns and high installation cost associated with the software are anticipated to hamper the market growth to some extent. On the other hand, upsurge in demand for time and attendance software from small and medium sized organizations is expected to provide lucrative opportunities for the market growth during the forecast period. Also, ongoing technological advancements in the field of time and attendance systems is anticipated to be opportunistic during the time and attendance software market forecast period.

Rise in need for efficiency and productivity of employees 

Time and attendance software tracks worked hours of employees. Organization can analyze employee performance through these software along with the worked hours for payroll processing. In addition, such software streamlines the payroll process as well as eliminates human error, resulting in correct paychecks each and every pay period. Moreover, time and attendance software are rapidly being adopted by businesses both large and small for tracking the efficiency of a workforce, individual employee productivity, and employees’ adherence to attendance policies. Therefore, rise in need for efficiency and productivity of employees significantly fuels the growth of the global time and attendance software market.

Ongoing technological advancements in the field of time and attendance systems 

The global time and attendance software market is witnessing rise in number of technological advancements to ensure maximum accuracy and compliance. These advancements are enabling the automation of entire employee time tracking process from check-in to paycheck. In addition, the recent developments in the field of time and attendance systems has empowered organizations to create automated workflows that resolve issues before they happen and build custom policies to manage workforce efficiently. For instance in February 2021, Rippling, the HR and IT management platform maker launched time & attendance solution to streamline employee time tracking from check-in to paycheck.
Moreover, the ongoing technological trends such as automated time tracking, Wi-Fi-enabled time clocks, advanced scheduling modules with calendar integration, and improved scheduling flexibility in the time and attendance systems create lucrative growth opportunities for the market growth during the forecast period. 

Key Benefits For Stakeholders

  • This study includes the time and attendance software market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and time and attendance software market opportunity.
  • The time and attendance software market is quantitatively analyzed from 2020 to 2030 to highlight the financial competency of the industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in time and attendance software market.

Key Market Segments

  • BY COMPONENT
    • SOFTWARE
    • SERVICES

  • BY DEPLOYMENT MODE
    • ON-PREMISE
    • CLOUD
    • HYBRID

  • BY ORGANIZATION SIZE
    • LARGE ENTERPRISES
    • SMES

  • BY INDUSTRY VERTICAL
    • BFSI
    • MANUFACTURING
    • HEALTHCARE
    • GOVERNMENT
    • RETAIL & E-COMMERCE
    • IT & TELECOM
    • EDUCATION
    • OTHERS

  • BY REGION
    • NORTH AMERICA
      • U.S
      • Canada
      • Mexico
    • EUROPE
      • UK
      • Germany
      • France
      • Italy
      • Rest of Europe
    • ASIA-PACIFIC
      • China
      • Japan
      • India
      • South Korea
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa

Key Market Players

  • ADP, LLC.
  • CERIDIAN
  • .IBM CORPORATION
  • .INTERFLEX DATENSYSTEME GMBH & CO. KG
  • ORACLE CORPORATION
  • REFLEXIS SYSTEMS
  • SAP SE
  • ULTIMATE KRONOS GROUP (UKG)
  • WORKDAY INC.
  • WORKFORCE SOFTWARE, LLC.
 

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According to the CXOs of leading companies, the time and attendance software market is going through enormous transformation and growth. Time and attendance software has become the emerging technology for companies and HR departments to simplify time tracking.

Companies around the globe are looking for robust time and attendance software that can offer flexibility as well as an ability to solve a range of challenging tasks associated with HR departments to gain more productivity. Hence, there is significant shift toward automated time and attendance software that are designed for helping supervisors to analyze, measure, and manage working time of employees, and deploy human resources more effectively. Moreover, mobile time tracking has become an emerging need for businesses around the globe to manage a decentralized workforce. Hence, recent trend of mobile time and attendance tracking has created lucrative opportunities for the growth of the global time and attendance software market. The mobile applications are being connected to online time management systems which turns the mobile phone of an employee into robust, handheld time tracking devices. It has helped businesses to track employees’ time and attendance in real-time while also ensuring employees are being paid accurately and stay compliant.

Furthermore, COVID-19 pandemic has significantly pushed the growth rate of the time and attendance software market owing to the increased shift toward automated time and attendance software for improving the payroll accuracy and reducing the manual and error-prone data entry. In addition, the time and attendance software market is competitive and comprises number of regional and global vendors competing based on factors such as cost of software, reliability, and support services. The growth of the market is impacted by rapid advances in the time and attendance systems offerings, whereas the vendor performance is impacted by COVID-19 conditions and industry development. Owing to the competition, vendors operating in the market are offering advanced time and attendance software products and services to improve the experience of their customers. For instance, in December 2020, SAP SE, one of the leading market players launched the SAP SuccessFactors Time Tracking solution. This cloud-based solution provides organizations with innovative and simple tools for recording, approving, and monitoring the time of their workforce.

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