ID: MRFR/ICT/8101-CR | April 2020 | Region: Global | 147 pages
Global Time Tracking Software Market is expected to register at a CAGR of 20% during the forecast period 2019–2026.
Time tracking software is a tool used by managers and employees in an enterprise to record work hours for billing, payroll, and other operations. The software allows managers to assign tasks on a project, helps in capturing the time spent by each employee on the assigned task and is used to automate payroll or the client invoicing process. The software also offers reports and insights related to operations such as notifying about tasks that are time-consuming and costing the most money through the dashboards, thereby allowing the enterprises to plan project budgets, increase productivity and accuracy, and foster workplace transparency.
Time theft and buddy punching are some of the major concerns in companies that still use traditional paper timesheets for time tracking. Time theft is expected to affect almost 75–80% of the businesses. Also, a study by AffinityLive revealed that the US economy loses 50 million hours in productivity per day because of unrecorded work activities. This equates to a loss of USD 7.4 billion per workday, due to which the enterprises are investing in sophisticated time tracking tools that help in eliminating the risks relating to time theft and buddy punching, increase employee productivity, and improve employee engagement and performance. Time tracking software enables managers and employees to manage and track project time and expense, payroll, and other enterprise operations effectively. Furthermore, due to the emergence of cloud-based time tracking software, the prevalence of remote work and the use of mobile phones for official purposes, it is expected that the time tracking software industry will grow during the forecast period.
There has been a gradual increase in the demand for time tracking software owing to the growing need among enterprises to boost employee productivity and the increasing adoption of remote work culture and bring your own device (BYOD) policies. Laptops, smartphones, and tablets are increasingly gaining popularity around the globe, as the BYOD phenomenon continues to grow. Companies are embracing technologies such as cloud and mobility to help employees work whenever and wherever they want without restrictions. This also helps in reducing the time and cost of the IT spend on support and troubleshooting the user device. Due to this, employees are getting used to handling a variety of work-related matters from their mobile devices. However, there are various issues in terms of work monitoring and managing in the case of BYOD and remote work. Mobile time tracking software helps in managing and tracking the time and work for BYOD and remote work applications. With mobile time tracking software, employees can enter timesheets and request time offs with just a few taps on their devices. Also, mobile time tracking applications allow information entries as and when an event occurs, thereby increasing the accuracy of the details entered. Furthermore, mobile time tracking, and expense management applications help in boosting the productivity of the workforce. Thus, increasing adoption of BYOD policies and the remote work culture drives the demand for mobile tracking software for tracking and managing work, and improving productivity. However, the availability of free and open-source time tracking software is expected to hamper the growth of the market. Also, data privacy and security concerns are the major challenges faced by the market. The market seeks opportunities from the increasing demand for cloud-based time tracking software.
Global Time Tracking Software Market, By Region, 2019 (%)
Source: MRFR Analysis
Global Time Tracking Software Market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America accounted for the largest market share in 2019, with a market value of USD 610.65 million; the regional market is expected to register a CAGR of 21.03% during the forecast period. The growth in the region is attributed to the increasing workforce over the years, which has resulted in the widespread adoption of time tracking software across all sizes and kinds of businesses. Asia-Pacific is expected to register the highest CAGR of 22.21% during the forecast period. The growth can be attributed to the rapidly growing awareness concerning insider threats, and the benefits offered by the software like payroll management, employee monitoring, project management, and others.
The Key Players in the Global Time Tracking Software Market are SAP SE (Germany), Kronos Incorporated (US), Wrike, Inc. (US), Clarizen (US), Zoho Corporation (US), ProActive Software Ltd. (The Netherlands), Basecamp (US), Mavenlink (US), ClickTime (US), ConnectWise, LLC (US), Workfront, Inc. (US), and Time Doctor (US).
According to the MRFR analysis, Kronos Incorporated is a prominent player in the global time tracking software market that offers workforce management solutions. Some of the key suites offered by the company include the Workforce Dimensions Suite, the Workforce Ready Suite, and the Workforce Central Suite. Furthermore, the company has invested heavily in acquiring several products, services, and technologies that are complementary to its existing offerings. It focuses on its R&D activities and aims for strategic acquisitions of leading companies in the market.
Key Questions Addressed by the Report
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.