According to the latest report, the global time and attendance software market reached a value of US$2.45 billion in 2021. Looking ahead, IMARC Group expects the market to reach 4 .16 billion US dollars by 2027, growing at a CAGR of 8.50% in 2022. -2027.
Time and attendance software refers to an advanced business application designed to track and monitor employee working hours. It helps the Human Resources (HR) department maintain a record of employee payroll, vacation, and tax information. It also provides employees with a centralized location to view schedules, make requests, and receive notifications about company policy changes.
Moreover, it builds employee trust in the organization by offering transparent, accurate and fully audited data. In recent years, time and attendance software has gained immense popularity among businesses as it helps automate payroll processes, maximize cash flow, and reduce accounting errors.
We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
|Year of reference :||2021|
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Important Attribute and Report Highlights:
- Detailed Global Market Share Analysis
- Market segmentation
- Historical, current and projected market size in terms of volume and value
- Latest industry trends and developments
- Competitive landscape
- Strategies of key players and product offerings
Global Time & Attendance Software Market Trends:
The global time and attendance software market is primarily driven by the increasing adoption of automation tools in human resource management systems. Additionally, the growing need to comply with government regulations and monitor the efficiency and productivity of the workforce has increased the demand for the products.
Additionally, there has been a significant shift towards the work from home (WFH) culture due to the coronavirus disease (COVID-19) outbreak. Along with this, recent software developments such as digitized timesheet approvals, Wi-Fi enabled clocks, advanced scheduling modules with calendar integration, and improved scheduling flexibility have accelerated the rate of adoption. of the product.
Other factors including increasing use of cloud-based software, technological advancements, and product innovations are also expected to propel the market growth.
The competitive landscape of the market has been studied in the report with the detailed profiles of the major players operating in the market.
Automatic Data Processing Inc., Ceridian HCM Inc., International Business Machines Corporation, Kronos Incorporated, Oracle Corporation, Paycom Software Inc., Paycor Inc., Reflexis Systems Inc. (Zebra Technologies Corporation), SAP SE, Workday Inc. and WorkForce Software LLC.
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The report has segmented the market based on region, component, mode of deployment, organization size, and end user.
Breakdown by component:
Breakdown by deployment mode:
Breakdown by organization size:
- Small and medium enterprises
- Large companies
Breakdown by end user:
- IT and Telecom
- Health care
- Retail and e-commerce
Breakdown by region:
- North America: (United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we can provide it to you as part of the customization.
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