The time and attendance software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Time And Attendance Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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.
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Scope Of Time And Attendance Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Time And Attendance Software Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
North America was the largest region in the time and attendance software market in 2023. The regions covered in the time and attendance software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the time and attendance software market report are Automatic data processing, Ultimate Kronos Group Inc., Ceridian HCM Inc., Paycor Inc., SAP SE, Replicon Inc., Oracle Corporation, Workday Inc., Zoho Corporation Pvt. Ltd., Nettime solutions, Reflexis Systems Inc., Paycom Payroll LLC, Rippling People Center Inc., The Civica Group , Atoss Software AG, iSolved, Workforce Ready, Kronos Workforce Central, Attendance on Demand, Virtual TimeClock, QuickBooks Time, TimeClock Plus, Paychex Flex, WorkSchedule.Net, Easy Time Clock, Fingercheck, TimeAttend, TrackSmart, WorkWave LLC
Table of Contents
1. Executive Summary
2. Time And Attendance Software Market Report Structure
3. Time And Attendance Software Market Trends And Strategies
4. Time And Attendance Software Market – Macro Economic Scenario
5. Time And Attendance Software Market Size And Growth
…..
27. Time And Attendance Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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