A recent report published by
Infinium Global Research on the time and attendance software market provides an in-depth analysis of segments and sub-segments in the global as well as
regional time and attendance software market. The study also highlights the
impact of drivers, restraints, and macro indicators on the global and regional
time and attendance software market over the short term as well as long term.
The report is a comprehensive presentation of trends, forecast and dollar
values of the global time and attendance software market. According to the report,
the global time and attendance software market is projected to grow at a CAGR
of 9.62% over the forecast period of 2021-2027.
Time & attendance software
market was valued at USD 2.17 billion in 2020 and expected to reach USD 4.00
billion in 2027, with a CAGR of 9.62% during the forecast period. Time and
attendance software is useful for companies and HR departments to simplify time
tracking. It manages the time and attendance data of the company by
automatically calculating all hours worked with vacation time, holidays, sick
days, and overtime. The software offers various methods for clocking in and out
including clocks, web, phones, and tablets. Some solutions also provide additional
features counting scheduling and visibility into overtime causes and trends.
Time & attendance systems typically integrate with payroll software to
export all employee attendance data and offer employee self-service portals for
employee visibility into all timecard details.
The increasing need for employee
efficiency and productivity is a primary driving factor for the global time
& attendance software market. It offers end-to-end time management software
and services to enterprises of all sizes and capture, analyze, and optimize
time to improve profitability, productivity, and employee satisfaction.
Increasing cloud-based solutions is also fueling the growth of the time and
attendance software market across the world. Using cloud-based solution applications
helps in reducing money spent on installing, configuring, and maintaining a
system. However, security concerns and high installation costs associated with
the software restraining the market growth. On the other hand, technological
advancements in the field and an increase in demand from small and medium-sized
organizations create new opportunities in the coming years. The global pandemic
of coronavirus has positively impacted the time & attendance software
market. Businesses had to quickly find a way when the pandemic sent the global
workforce to work remotely. It has become important to facilitate their
employees to manage their time and attendance to ensure labor fulfillment and
precise payroll processing. The demand for time & attendance software has
increased as businesses continue to rely on remote workers or gradually bring
their employees back into offices and workplaces.
Geographically, the North American
region accounted for the largest market share for time & attendance software.
The North American region is well-known as the major adopter of innovative
technologies such as big data analytics, IoT, and BI tools. The Asia Pacific
and European regions have the fastest-growing market for time & attendance
software. The rising adoption of cloud-based enterprise applications as well as
increasing technological advancement is influencing the market growth in the
Asia Pacific and Europe regions. Additionally, the growing amount of data,
investments in marketing, and increasing penetration of the internet are
driving the market growth.
The report on the global time and
attendance software market covers segments such as component, deployment mode,
and industry vertical. On the basis of component, the sub-markets include software,
and services. On the basis of deployment mode, the sub-markets include cloud,
and on-premise. On the basis of industry vertical, the sub-markets include BFSI,
IT and telecom, healthcare, retail, manufacturing, government, education, and
The report provides profiles of
the companies in the market such as IBM Corporation, Kronos, SAP SE, Automatic
Data Processing LLC, Oracle Corporation, Ultimate Software Group, Workday, Inc,
Workforce Software, LLC, Reflexis Systems, Inc, and RITEQ Pty Ltd.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the time and attendance software market. Moreover, the study highlights
current market trends and provides forecast from 2021-2027. We also have
highlighted future trends in the market that will affect the demand during the
forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.