According to the latest report by IMARC Group, the global time and attendance software 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.
What is Time and Attendance Software?
Time and attendance software refers to an application that keeps track of the employee hours in their workplace and helps the HR department maintain a systematic record of payroll and leaves of employees. It reduces mistakes in the process of bookkeeping and breaks down processes and events into charts, graphs and tables. It also produces, retains and archives necessary tax information and aids organizations boost their cash flow. It provides employees a concentrated place to view schedules, make requests and be informed of the changes in the company policies. Moreover, it helps increase employee trust in the business as this application provides fully audited, exact and transparent data.
Covid-19 Scenario: 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.
|Market Size Value in 2021:||US$ 2.45 Billion|
|Growth Rate:||CAGR of 8.50% from 2022 to 2027|
Global Time and Attendance Software Market Trends and Drivers:
One of the key factors driving the market is the rising need to observe the efficiency and productivity of the employees. Additionally, the increasing use of automation tools in human resource management (HRM) systems and the extensive advantages and features of this application are contributing to the market growth. Besides, technological advancements in the software enable organizations to make automated workflows and create custom policies for the company.
Moreover, a digitized timesheet approval procedure that functions automatically and the substantial shift toward the work from home culture (WFH) due to the coronavirus disease (COVID-19) outbreak is propelling the market growth.
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Furthermore, the growing usage of cloud-based software that permits employees to log in and log out via web browsers, tablets and phones is catalyzing the market growth. Some other growth-inducing factors are developing scheduling modules with integrated calendars, improving scheduling flexibility and Wi-Fi-enabled time clocks.
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:
Breakup by Deployment Mode:
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End User:
- IT and Telecom
- Retail and E-Commerce
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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