The Time And Attendance Software Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Time And Attendance Software Global Market Report 2024, The time and attendance software market size has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.45 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to shift from manual to automated systems, efficiency and cost reduction, shift work and flexible scheduling, focus on analytics and reporting, biometric authentication implementation..
The time and attendance software market size is expected to see rapid growth in the next few years. It will grow to $5.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to employee-centric features, flexibility to accommodate changing work structures, remote work transition, shift towards cloud-based solutions, automation for efficiency, mobile-centric solutions, enhanced analytics and reporting.. Major trends in the forecast period include employee self-service, integration of biometric technology, compliance and labor regulations, analytics and reporting capabilities, integration with hr and payroll systems.
The rise in the usage of automation tools in human resource management (HRM) systems is expected to propel the growth of the time and attendance software market going forward. Automation of human resources (HR) is a technique for managing workers by employing software to automate and streamline time-consuming, repetitive processes. Automating HR functions can save time by allowing workers to focus on more important or challenging duties. Additionally, it can enhance security, boost productivity, and reduce human error likelihood, thus increasing the demand for time and attendance software. For instance, in February 2021, according to an article published by Oracle NetSuite, 47% of companies will use AI-based solutions in human resources by 2022. Therefore, using automation tools in human resource management (HRM) systems will drive the time and attendance software market.
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The time and attendance software market covered in this report is segmented –
1) By Component: Software, Services
2) By Type: Time Cards, Proximity Cards Badges And Key Fobs, Biometric, Web-Based Login Stations, Interactive Voice Response (IVR)
3) By Deployment Mode: On-Premise, Cloud, Hybrid
4) By Organisation Size: Large Enterprises, Small and Medium Enterprises (SMEs)
5) By Industry Verticals: Banking, Financial Services and Insurance (BFSI), Manufacturing, Healthcare, Government, Retail and E-Commerce, IT and Telecom, Education, Other Industry Verticals
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the time and attendance software market. Key players operating in the time and attendance software market are focused on partnerships and collaborations to reinforce their position. For instance, in May 2022, Greenshades, Inc., a US-based creator of a platform for processing payroll taxes and human capital management (HCM) data, partnered with Lathem Time, a US-based designer and manufacturer of timekeeping products. This collaboration is intended to integrate each other’s systems to create new, cutting-edge, end-to-end labor management solutions. Moreover, in September 2021, Timerack, a US-based human resources management program developer, intended to serve as a front-end payroll system partnered with Coats Staffing Software to provide necessary software solutions to time and attendance, payroll, employee monitoring, and recruitment problems in the staffing industry. Coats Staffing Software is a US-based recruitment company that provides fully comprehensive accounting integrated CRM and payroll services.
Major Players:
- Automatic data processing
- Ultimate Kronos Group Inc.
- Ceridian HCM Inc.
- Paycor Inc.
- SAP SE
The time and attendance software market report table of contents includes:
1. Executive Summary
2. Time And Attendance Software Market Characteristics
3. Time And Attendance Software Market Trends And Strategies
4. Time And Attendance Software Market – Macro Economic Scenario
5. Global Time And Attendance Software Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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