The latest report by IMARC Group, titled “Time and Attendance Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global time and attendance software market size reached a value of US$ 2.45 Billion in 2021. Time and attendance software is a business application designed to track and optimize the hours that employees spend on the job. It also keeps a record of the salaries and wages paid to the employees. The tool aids management personnel in maximizing cash flow and minimizing waste. Time and attendance software is generally used by the human resources (HR) department across businesses of all sizes. It is constructed to generate, maintain and archive important tax and payroll information. It also offers employees a centralized location for viewing schedules making requests, and notifications regarding changes in the existing company policies. Nowadays, the software is gaining popularity in various organizations as it finds utilization in payroll management, scheduling, attendance management, labor budgeting, and task management.
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.
Global Time and Attendance Software Market Trends:
The market is primarily driven by the increasing need to keep track of efficiency and productivity across various organizations. In addition, the rising use of automation tools in human resource management (HRM) systems is also fueling market growth. Besides this, the growing emphasis on workforce optimization has encouraged organizations to become more inclined toward business intelligence or business analytics. This, along with the rising deployment of could-based time and attendance software, is also creating a positive market outlook as it does not involve capital cost and is low on maintenance requirements. Moreover, the recent outbreak of the coronavirus disease (COVID-19) pandemic has resulted in the shift toward the work from home (WFH) option and digitized timesheet approval processes, thus increasing the product adoption rate. Furthermore, technological developments in the time and attendance software have facilitated automated workflows and building custom policies for the company, which is significantly influencing the market growth. Looking forward, the market value is expected to reach US$ 4.16 Billion by 2027, exhibiting a CAGR of 8.50% during the forecast period (2022-2027).
- Based on the component, the market has been segmented into software and services.
- On the basis of the deployment mode, the market has been classified into on-premises and cloud-based software.
- The market has been categorized based on the organization size into small and medium-sized, and large enterprises.
- On the basis of the end user, the market has been segregated into BFSI, IT and telecom, healthcare, retail and e-commerce, manufacturing, government, education, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being 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.
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