Summary
Major players in the time and attendance software market are Automatic Data Processing (ADP) Inc., Ultimate Kronos Group (UKG) Inc., Ceridian HCM Inc., Paycor Inc., SAP SE, Replicon, Oracle Corporation, Workday Inc., Zoho Corporation Pvt. Ltd., Nettime solutions, Reflexis Systems Inc., Paycom Payroll LLC, Rippling People Center Inc., Civica, and Atoss Software AG.
The global time and attendance software market is expected to grow from $2.80 billion in 2022 to $3.11 billion in 2023 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The time and attendance software market is expected to grow to $4.68 billion in 2027 at a CAGR of 10.7%.
The time and attendance software market include revenues earned by entities by type including mechanical systems, timesheets, face reader, retinal recognition, punch card reader, and smart card reader.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Time and attendance software is a business tool used to monitor and optimise employee work hours as well as keep track of earnings and salaries paid. A primary purpose of time and attendance system is used to monitor employee attendance at a specific location or activity.
North America was the largest region in the time and attendance software market in 2022. The regions covered in the time and attendance software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main component of time and attendance software are software and services.Time and attendance software is a business program that tracks and optimizes the number of hours people work while keeping track of earnings and salaries paid.
Organizations of all sizes and industries use time and attendance systems to ensure the accuracy of employee time and attendance, pay, and absence requests.The various types of time and attendance track are timecards, proximity cards badges and key fobs, biometric, web-based login stations, interactive voice response (IVR), which is deployment mode on-premises, cloud, and hybrid.
These software are used by large enterprises, small and medium enterprises (SMEs), that are applied under multiple verticals such as Banking, Financial Services and Insurance(BFSI), manufacturing, healthcare, government, retail and e-commerce, IT and telecom, education, and others.
The rise in the usage of automation tools in human resource management (HRM) systems is expected to propel the growth of the time and attendance software market going forward.Automation of human resources (HR) is a technique for managing workers by employing software to automate and streamline time-consuming, repetitive processes.
Automating HR functions can save time by allowing workers to focus on more important or challenging duties.Additionally, it can enhance security, boost productivity, and reduce human error likelihood, thus increasing the demand for time and attendance software.
For instance, in February 2021, according to an article published by Oracle NetSuite, 47% of companies will use AI-based solutions in human resources by 2022. Therefore, using automation tools in human resource management (HRM) systems will drive the time and attendance software market.
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the time and attendance software market.Key players operating in the time and attendance software market are focused on partnerships and collaborations to reinforce their position.
For instance, in May 2022, Greenshades, Inc., a US-based creator of a platform for processing payroll taxes and human capital management (HCM) data, partnered with Lathem Time, a US-based designer and manufacturer of timekeeping products. This collaboration is intended to integrate each other’s systems to create new, cutting-edge, end-to-end labor management solutions. Moreover, in September 2021, Timerack, a US-based human resources management program developer, intended to serve as a front-end payroll system partnered with Coats Staffing Software to provide necessary software solutions to time and attendance, payroll, employee monitoring, and recruitment problems in the staffing industry. Coats Staffing Software is a US-based recruitment company that provides fully comprehensive accounting integrated CRM and payroll services.
In October 2020, Justworks, Inc., a US-based human resource technology company, acquired Boomr for an undisclosed amount. With this acquisition, Justworks will broaden its all-in-one offering to serve a broader range of small businesses and deepen its portfolio of timecard and payroll features for a growing segment of its customers. Boomr is a US-based developer of a comprehensive employee time tracking application.
The countries covered in the time and attendance software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The time and attendance software market research report is one of a series of new reports that provides time and attendance software market statistics, including time and attendance software industry global market size, regional shares, competitors with a time and attendance software market share, detailed time and attendance software market segments, market trends and opportunities, and any further data you may need to thrive in the time and attendance software industry. This time and attendance software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
