Time and Attendance Software Market to Reach USD 5,312 Million by 2030 – Ready to Experience Exponential Growth
Rapid adoption of advanced solutions for improved customer targeting propels growth of the global sales intelligence market.
PORTLAND, PORTLAND, OR, UNITED STATE, September 12, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Time and Attendance Software Market to Reach USD 5,312 Million by 2030 – Ready to Experience Exponential Growth .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
According to the report, the global time and attendance software industry was estimated at $2.15 billion in 2020, and is anticipated to hit $5.31 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.
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The report offers key drivers that propel the growth in the Global Time and Attendance Software Market . These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining potential in untapped regions.
Increase in need for growing efficiency and productivity of employees, rise in shift toward cloud based time and attendance software, wide ranging features and benefits of time and attendance software, and surge in adoption of automation tools in HRM systems drive the growth of the global time & attendance software market. On the other hand, several security concerns and high installation cost associated with the software impede the growth to some extent. However, upsurge in demand for time and attendance software from small and medium sized organizations and ongoing technological advancements in the field of time and attendance systems are expected to create lucrative opportunities in the industry.
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On the basis of deployment model, the cloud segment contributed to the lion’s share in 2020, holding nearly half of the global time & attendance software market. Moreover, the same segment is also projected to manifest the fastest CAGR of 11.3% from 2021 to 2030. This is due to paradigm shift in the deployment methods from on-premise to cloud-based models.
On the basis of component, the software segment held the major share in 2020, garnering nearly two-thirds of the global time & attendance software market. This is attributed to the factors such as need for automated system for optimizing and tracking the number of work hours of an employee, rising shift toward cloud based time and attendance software among the SMEs, and growing emphasis on workforce optimization as well as mobile applications. The services segment, on the other hand, is expected to register the fastest CAGR of 10.7% throughout the forecast period, due to extensive adoption of deployment and integration services among the end users, as it ensures effective functioning of time and attendance software throughout the process.
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By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering nearly half of the global time & attendance software industry. Growing organization sizes, presence of global market players in the United States, and increasing application area of time and attendance software propel the market growth in the region. Simultaneously, Asia-Pacific is expected to cite the fastest CAGR of 11.8% throughout the forecast period. This is because large number of enterprises in this region have now implemented time and attendance software in an effort to improve productivity and performance of their business.
Some of the key time and attendance software industry players profiled in the report include KRONOS INCORPORATED, ULTIMATE SOFTWARE, ADP, LLC, WORKDAY INC., Ceridian, SAP SE, WorkForce Software, LLC, Oracle Corporation, IBM Corporation, and Reflexis Systems. This study includes time and attendance software market trends, time and attendance software market analysis, and future estimations to determine the imminent investment pockets.
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COVID-19 scenario
• Adoption of time and attendance software solutions has increased in the healthcare sector since the outbreak of the pandemic, thereby boosting the growth of the market.
• Also, the healthcare employers of hospital management need to take extra precaution for their employees along with having a proper insight into its labor data and keep an eye on the movement of its employees for the sake of contact tracing. This factor has been beneficial for the market growth.
KEY FINDINGS OF THE STUDY
• By organization size, the large enterprises segment accounted for the highest revenue in 2020. However, the SMEs segment is expected to witness highest growth rate in the forecasted period.
• Region wise, the time and attendance software market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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