Time tracking software is a tool used by enterprises for recording and tracking work hours of employees. This can be used in providing due payments and increasing productivity. The software provides the first mover advantage to managers for assigning tasks and providing transparency. The global time tracking software market report by Market Research Future (MRFR) contains insights and forecasts for the period of 2019 to 2025 (forecast period) as well as taking into consideration the impact of the COVID-19 pandemic.
The global Time Tracking Software Market is expected to register at a CAGR of 20.69% during the forecast period. The use of the software for assigning tasks to employees and to make full use of time while ensuring productivity can drive market demand. It is being used by large corporations for monitoring employee workloads during the COVID-19 pandemic. Insights on operations overheads and expenses pertaining to production can be gleaned using the software and provide transparency to employers.
Time theft and buddy punching are concerns of employees that use traditional timesheets for tracking. According to a study by AffinityLive, the U.S. economy loses close to 50 million hours annually in productivity due to this behavior. Rise of remote work, cloud time tracking software, and use of mobile phones for conducting businesses are factors expected to drive market growth over the forecast period. The use of applying for leaves and ability to enter attendance through a mobile phone can bode well for the market.
But concerns of open-source time tracking software and data privacy concerns can challenge the market growth.
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Some of the Prominent Players in the 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).
- By deployment, it is segmented into on-premise and cloud-based.
- By application, it is segmented into project management, payroll, and tracking & reporting. The tracking & reporting segment is expected to garner revenues for the market owing to the feature being employed by corporations for tracking employee productivity. Rising use of automated software is likely to spur segment growth in the global time tracking software market.
- By organization, it is segmented into large enterprise and small & medium enterprises. The small & medium enterprises segment is predicted to garner huge share of the market owing to use of the software for being compliant with federal regulations and captures time off and attendance numbers of employees.
Detailed Regional Analysis
The global time tracking software market, by region, has been segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. North America accounted for the largest market share in 2018 with a market value of USD 610.65 million. It is expected to register a CAGR of 21.03% during the forecast period. The growth in the region is attributed to the increasing workforce, which has resulted in the widespread adoption of time tracking software across all sizes and kinds of businesses.
APAC 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. Emergence of small and medium enterprises owing to encouragement by developing economies to boost their growth rate can drive the demand for the software.
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