According to the global time and attendance software market report by IMARC Group, the market reached a value of US$ 2.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 4.16 Billion by 2027, exhibiting at a CAGR of 8.50% during 2022-2027.
Time and attendance software refers to an advanced business application designed to track and monitor employee working hours. It assists the human resources (HR) department in maintaining a record of payroll, leaves, and tax information of the employees. It also provides the employees with a centralized location to view schedules, make requests, and receive notifications regarding changes in the company policies.
Moreover, it enhances employee trust in the organization by offering transparent, accurate and fully audited data. In recent years, time and attendance software has gained immense popularity among businesses as it helps automate payroll processes, maximize cash flow, and reduce errors in bookkeeping.
Global Time and Attendance Software Market Trends:
The global time and attendance software market is primarily driven by the rising adoption of automation tools in HR management systems. Additionally, the growing need to comply with government regulations and monitor the efficiency and productivity of the workforce has augmented the product demand.
Furthermore, there has been a significant shift toward the work-from-home (WFH) culture due to the coronavirus disease (COVID-19) outbreak. Along with this, the recent developments in the software, such as digitized timesheet approvals, Wi-Fi-enabled time clocks, advanced scheduling modules with calendar integration, and enhanced scheduling flexibility, have accelerated the product adoption rate.
Other factors, including the increasing usage of cloud-based software, technological advancements, and product innovations, are also anticipated to propel the market growth.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Automatic Data Processing Inc., Ceridian HCM Inc., International Business Machines Corporation, Kronos Incorporated, Oracle Corporation, Paycom Software Inc., Paycor Inc., Reflexis Systems Inc (Zebra Technologies Corporation), SAP SE, Workday Inc. and WorkForce Software LLC.
The report has segmented the market on the basis of region, component, deployment mode, organization size and end user.
Breakup by Component:
- Software
- Services
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- BFSI
- IT and Telecom
- Healthcare
- Retail and E-Commerce
- Manufacturing
- Government
- Education
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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