The global time tracking software market is garnering substantial traction. The market growth attributes to increasing investments by enterprises to deploy sophisticated time tracking tools that help eliminate the risks relating to time theft buddy punching, increase employee productivity, and improve employee engagement performance. Besides, the increasing demand for time tracking software that can enable team leaders and members to manage and track project time expense drives the market growth.
Moreover, the rising demand to manage payroll and other enterprise operations effectively escalate market growth. According to Market Research Future (MRFR), the global time tracking software market valuation is poised to grow at 20.69% CAGR throughout the review period (2019–2025). The emergence of cloud-based time tracking software, prevailing work from home policies remote operations, and the use of mobile phones for official purposes create substantial market demand.
Additionally, the cost-benefit that time tracking software and the added advantage of cloud-based services accelerate market sales, enabling shared infrastructure. Also, increasing technological advances and integration of time management software with cloud services push the market growth, bringing about customization options. The increasing trend of ‘bring your own device (BYOD)’ policies and connected devices such as Laptops, smartphones, and tablets influence the growth of the market.
Companies are increasingly adopting cloud and mobility solutions to help employees work wherever and whenever they want without restrictions and reduce the time and cost of the IT spend on support and troubleshooting the user device. Mobile time tracking and expense management applications boost the productivity of the workforce. Furthermore, the augmenting demand for mobile tracking software to track manage work, and improve productivity, impact the market growth positively.
On the flip side, the availability of free and open-source time tracking software is a major factor projected to impede the market growth. Also, data privacy and security concerns restrict the development of the market. Nevertheless, the increasing demand for cloud-based time tracking software would support market growth throughout the assessment period.
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Time Tracking Software Market – Segmentations
The report is segmented into four dynamics;
By Deployment: On-Premise and Cloud-Based.
By Application: Tracking Reporting, Project Management, Payroll, and others.
By Organization Size: Small- to-Medium Enterprises and Large Enterprises.
By Regions: North America, Europe, APAC, and Rest-of-the-World.
Time Tracking Software Market – Geographical Analysis
North America dominates the global for the time tracking software market. In 2018, the regional market was valued at USD 610.65 MN. The largest market share is attributed to the increasing workforce, resulting in the widespread adoption of time tracking software across enterprises. Besides, the early adoption of advanced technologies and innovations in HRM solutions increase the time tracking software market size.
Moreover, high RD investments in developments in cloud technology and high economic growth foster regional market growth. The North American time tracking software market is poised to retain its dominance, growing at 21.03% CAGR throughout the forecast period.
The Asia Pacific region stands second in the global time tracking software, mainly due to the rapidly growing Indian economy and business. Additionally, the market growth is driven by the rapidly increasing awareness about cyber data theft and the benefits offered by the software, such as payroll management, employee monitoring, project management, and others.
Furthermore, growing government initiatives to foster digitalization and increase the adoption of cloud-based services boost the growth of the regional market. Emerging economies like India, China, and South Korea are leading in the regional market. The APAC time tracking software market is expected to grow significantly, registering 22.21% CAGR throughout the review period.
Europe also holds a sizable share in the global time tracking software market. Factors such as the rising uptake of this software and increasing business in the region create substantial market demand. The European time tracking software market is expected to grow at the highest CAGR during the forecast period.
Global Time Tracking Software Market — Competitive Landscape
Highly competitive, the time tracking software market appears fragmented due to the presence of several notable players. Industry players adopt strategies such as collaboration, mergers acquisitions, expansion, and technology launch to gain a larger competitive share.
These players also make substantial R D investments in developing a technology with unrivaled design and features on an entirely different level. Considerable investments go into expansion plans to increase global reach and to gain diverse expertise.
Players leading the time tracking software market are Kronos Incorporated (US), SAP SE (Germany), Wrike, Inc. (US), Zoho Corporation (US), Clarizen (US), ProActive Software Ltd. (The Netherlands), Mavenlink (US), Basecamp (US), ClickTime (US), Workfront, Inc. (US), ConnectWise, LLC (US), and Time Doctor (US), among others.
September 16, 2020 —- Immediate (Canada), a financial wellness company, announced a new integration with Visa that would allow workers and users of its earned wage access services to receive requested funds directly onto an eligible debit card real-time through Visa Direct, a real-time push payments platform.
Any existing Visa debit card can be linked in the ImmediatePay app and enable users to transfer and use money in real-time. Immediate’s software platform integrates directly with employers’ time tracking and payroll software, and nominal early access fees are set up like ATM convenience charges, which employers can elect to cover.
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