ID: MRFR/ICT/8101-CR | April 2020 | Region: Global | 147 pages
Time Tracking Software Market Snapshot
Time Tracking Software Market is anticipated to grow by 21.4%. The time tracking application helps to track and optimize the working hours of employees. Regulating employee wages and salary is the crucial task of this software. The HR departments utilise this time tracking software. It is an effortless way to simplify the time tracking process in any organisation Enterprise will have thousands of employees.
Checking the working hours of every employee individually is a challenging task. However, with these accurate working hours is calculated. Personal tools are available in this software that helps to track the wastage of working hours. The time tracking software can fit in any type of enterprise. The demand for technologies is increasing in workspaces. Automation increases productivity and efficiency in organisations.
In many firms, wasting working hours is a common practice for employees. It is affecting the operations in the enterprise. Less efficiency, delayed work and not being able to meet the deadline are some of the challenges in organisations. Through time tracking software no employee can escape from working hours. In many organizations, the rate of waste time can affect the salary of the employee. Time Tracking Software Market Forecast, shows these factors will increase profitability in organizations.
An outbreak of covid 19 is affecting business operations. However, this pandemic has low effects on the time tracking software. Today, many organisations are working remotely. They are working in the home setting. It leads to more need of tracking employee working time.
Time and attendance software is gaining more awareness among many end-users. Automated time software is helping to calculate the accurate payroll of the employee. Their payroll process is error-free through this technology. Many enterprises use this software in recent years.
The adoption rate is high in various health organisations. The health industry is occupied with covid cases. Managing other organisational tasks is difficult for the industry. Therefore, the adoption of time tracking benefits these organizations. Precise information about labour data is available through this software. In this period, demand for the market is expanding. Post covid 19 market scenario seems positive for the time tracking software market.
The rising need for high productivity in organisations is driving demand. The shift of enterprise in adopting cloud-based software is massive. Time tracking is cloud technology that is secure and reliable. Higher productivity is so reported by using this software. Growing equipment of productivity will have a positive impact on the time tracking software market.
Especially, adoption by large and small enterprises will lead to higher revenue. Employees are much more concerned to work effectively during working hours due to this time surveillance. Enterprise without time tracking faces many challenges. Poor time management, payroll error and business losses are limitation in many enterprises. The discipline in an organisation to manage time is rising due to this software. This software contributes to employee morale. In some enterprises, employees finishing work before the deadline receive incentives.
Errors in the organisation are reducing by half due to this software. The increased remote culture in workplaces is another driver of the time tracking software market. Today, many organisations are benefitting from remote work. Even post covid many are trying to work remotely. The organisational costs are saved due to remote working. This rising trend will bring favourable changes Time Tracking Software Business.
Technological advancements in the field will bring Time Tracking Software Market Growth opportunities. The time tracking market is witnessing massive technological advancements. For maximum security and accuracy, these developments are initiated. These developments will automatically take care of employee time tracking to pay enrolment tasks.
In recent times, automated workflows are high in the market. Building custom policies to manage this workflow are happening in the time tracking software market. Technological trends such as wifi time clock and calendar benefit the overall market. Scheduling in time and attendance feature so the market will bring massive growth. The increase in automation tools of time tracking software will provide more scope.
In upcoming years, key players are making new developments in products. Time tracking is expected to become more automated. These changes in the time tracking software market will lead to high growth opportunities. New product launches and features will attract many end-users. These opportunities will expand the overall market in the forecast period.
Open source time tracking is a restraint in the time tracking software market. This format of the time tracking software can increase potential risks. Data issues and security concerns can affect the demand. The time tracking device can collect crucial payment information of the employee. Due to open source time tracking, anyone can access this data.
This can lead to high revenue losses for all these markets. Many cases involve poor monitoring of staff when using the time tracking software. Providing proper password protection and securing payments in the software are essential. Not following these norms can lead to heavy damage to the time tracking software market. Productivity and efficiency can damage due to these issues.
The high cost of software is a restraining factor of the time tracking software market. The time tracking software has high challenges due to the cost. Cost is a serious issue in developing nations. The demand for time tracking technologies is massive in these markets. However, the high cost makes it unaffordable for the users. Many markets find it difficult to allocate investment for time tracking software.
The services and installation cost of the market remains a challenge. Installing the audit software in the central system of any enterprise is difficult. In many regions installation requires an entire change of the technological infrastructure. Due to the economic crisis and covid outbreak, the investments are reducing for the market. All these factors remain a challenge for the market.
The Time Tracking Software Market Analysis shows a stable trend. There are plenty of growth factors such as the high need for productivity is driving the demand for the market. Also, poor time management of various regions is leading to errors in a time tracking software.
The need to establish poor time management is bringing favourable changes in the market. Simplifying several tasks is possible through technology. Open source timing can cause privacy concerns in the market. Also, the high cost of software is another restraint in the market. However, the growth opportunities sustain the overall growth of the time tracking software market.
The Asia Pacific is a leading regional player with high time tracking software market shares. It is a region that accounts for 37.2% of the shares. Countries such as China, India and Japan are key regions in the market. They are top investors who take initiatives for new developments. There are plenty of manufacturing facilities in this market.
The growth of enterprises is driving demand in this region. Many large and medium organisations require effective time management for high productivity. Cloud-based time tracking will lead to more growth opportunities in the market. Higher adoption among SMEs will play a major role in high profitability.
Time Tracking Software Market Segments
By Tracking Application
By Organisation Size
Competition in the Time Tracking Software Industry is high. The entry of new key players will create more growth in the market. Also, price competition is high among the key players. Innovations in the software are expected. Investments from emerging nations will raise R&D expenditures. Further, market expansion, acquisition, collaborations and partnership will rise.
The time tracking software market is fragmented into Asia Pacific, Europe and North America. The Asia Pacific is a key regional player with the highest market shares. There are top Time Tracking Software Market Players. Awareness about time tracking software is growing. Also, the emergence of demand from China, India and Japan contribute to profitability.
North America is the next largest key player with massive shareholding. It is an early adopter of the time tracking software. Rising demand for productivity efficiency in the organisation is leading to adoption. The investors are high for time tracking software. There are fewer cost barriers in the market. Europe is a merging market with high growth potential. All these factors will contribute to the immense value of the market.
The key players in the time tracking software market are
Key players are increasing their production of microprocessors. The key end-users have a high demand for this segment of the market. The rising demand is due to inventory management and time tracking in the industry.
The production in the retail segment is expected to grow massively in the forecast period.
Frequently Asked Questions (FAQ) :
The global tracking software market is estimated to record a CAGR of 20% during the forecast period from 2019 to 2025.
According to MRFR, the global tracking software market is estimated to hold a substantial value during the forecast period.
The key players of the global time tracking software market are SAP SE (Germany), Kronos Incorporated (the US), Wrike, Inc. (the US), Clarizen (US), Zoho Corporation (US), ProActive Software Ltd. (The Netherlands), Basecamp (US), Mavenlink (US), ClickTime (US), ConnectWise, LLC (US), Workfront, Inc. (the US), and Time Doctor (US).
According to MRFR, North America is estimated to acquire the largest market share. On the other hand, the APAC region is likely to expand at the highest CAGR during the review period.
The growing adoption of remote work culture and BYOD is estimated to be the major factor leading to market expansion.