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Time and Attendance Software Market (Component - Software, and Services; Deployment Mode - Cloud, and On-premise; Industry Vertical - BFSI, IT and Telecom, Healthcare, Retail, Manufacturing, Government, Education, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : August, 2021

  • Rep Id : ICT00286

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

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 and Attendance Software Market



Market Insight

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.

 

Segment Covered

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 others.

 

Companies Profiled:

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.

 

Report Highlights:

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.


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