Rockville, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The global time tracking software market is valued at US$ 2.9 billion in 2023. As per this new industry analysis by Fact.MR, a market research and competitive intelligence provider, worldwide demand for time tracking software solutions is predicted to surge at a CAGR of 15.5% from 2023 to 2033.
A tool used in an organization to keep track of working time for payroll, billing, and other processes is known as time tracking software. The program is used to automate processes such as payroll and customer invoicing, as well as to enable managers to allocate tasks to employees for projects while keeping a track of the time they spend on each task.
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One of the main factors propelling the demand for time tracking software is the increasing necessity for time monitoring to increase employee productivity in organizations across various industries. Furthermore, the use of automation techniques in human resource management (HRM) systems is growing swiftly. The sales growth is also increasing due to the extensive features and advantages of time and attendance software.
The use of time and attendance software for time monitoring is increasing as a result of the work-from-home (WFH) environment in enterprises around the world that was brought about by the coronavirus outbreak. This, along with an increase in the use of cloud-based software that enables staff to log in and out using a web browser, a smartphone, or a tablet, is fuelling market growth.
Usage of time and attendance software in the healthcare industry is constantly growing as a result of various challenges, including the need to spend time creating schedules, manually entering payroll information, and handling scheduling requests from every employee.
Key Takeaways from Market Study
- The global time tracking software market is projected to reach US$ 12.3 billion by 2033.
- Demand for time tracking software systems in China is predicted to surge at a CAGR of 22% during the forecast period (2023 to 2033).
- Sales of time tracking software in Germany are expected to rise at a CAGR of 12.5% during the forecast period.
- Demand for cloud-based solutions is predicted to rise at a CAGR of 19% from 2023 to 2033.
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Competitive Analysis
The time tracking software market is competitive as a result of the presence of several large multinational corporations. To acquire a competitive advantage and increase their market share, businesses are concentrating on enhancing software features such as employee data protection, performance monitoring, development and training, staff self-service, handling of payroll, and integrations.
According to Fact.MR, a market research and competitive intelligence provider, key players in the time tracking software market are continuously focusing on developing monitoring solutions with advanced features to earn more profits. The improvements in product standards and continuous quality control are boosting sales growth.
- Nov 2021: Google created the Google Meet attendance tool, which allows the meeting's host or organizer to record guests' attendance. This happens automatically as attendees join the meeting; identities, joining times, and durations of presence are gathered and recorded in the attendance report.
Key Companies Profiled
- 32dayz
- Avelogic Pte Ltd.
- Basecamp
- Clarizen
- ClickTime
- Clockify
- ClockInEasy, Inc.
- ConnectWise, LLC.
- CyberMatrix
- Data-Maxx Technologies, Inc
Key Segments of Time Tracking Software Industry Research
- By Deployment:
- On-premise
- Cloud
- By Application:
- Tracking & Reporting
- Project Management
- Payroll
- By Organization Size:
- Large Enterprises
- Small & Medium Enterprises
- By Industry Vertical:
- BFSI
- IT & Telecom
- Healthcare
- Retail
- Manufacturing
- Government
- Education
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global time tracking software market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of deployment (on-premise, cloud), application (tracking & reporting, project management, payroll), organization size (large enterprises, small & medium enterprises), and industry vertical (BFSI, IT & telecom, healthcare, retail, manufacturing, government, education), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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