New York, US, June 22, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Time Tracking Software Market - Information by Deployment, Application and Organization Size - Forecast till 2027” the market to register at a CAGR of 20% during forecast period.
Market Scope:
Time tracking software is utilized by managers and employees in an enterprise to record work hours for payroll, billing, and other operations. The software enables managers to delegate tasks on a project, captures the time spent by each employee on the assigned task, and is used to automate payroll or client invoicing. The software also provides operational reports and insights, such as notifying enterprises about activities that are time-consuming and expensive, through dashboards, enabling enterprises to schedule project budgets, improve productivity and accuracy, and promote workplace transparency.
Time theft and buddy punching are two big problems in industries that still use traditional paper timesheets for time tracking. Time theft is estimated to impact approximately 75–80% of companies. AffinityLive has discovered that the US economy loses 50 million hours of productivity every day due to unrecorded work activities. This equates to a USD 7.4 billion loss per workday, which is why businesses are investing in advanced time tracking tools to eliminate the risks associated with time theft and buddy punching, maximize employee productivity, and boost employee engagement and efficiency. Managers and employees can use time tracking software to efficiently manage and track project time and expense, payroll, and other business operations. Furthermore, the time tracking software industry is expected to expand during the forecast period due to the advent of cloud-based time tracking software, the proliferation of remote work, and the use of mobile phones for official purposes.
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/9579
Dominant Key Players on Time Tracking Software market covered are:
- SAP SE (Germany)
- ProActive Software Ltd. (The Netherlands)
- Kronos Incorporated (US)
- Wrike Inc. (US)
- Clarizen (US)
- Zoho Corporation (US)
- Basecamp (US)
- ConnectWise LLC (US)
- Mavenlink (US)
- ClickTime (US)
- Workfront Inc. (US)
- Time Doctor (US)
Segmentation of Market covered in the research:
The global time tracking software market has been segmented into deployment, application, and organization size.
By deployment, the global time tracking software market has been segmented into on-premise and cloud-based.
By application, the global time tracking software market has been segmented into tracking and reporting, project management, and payroll.
By organization size, the global time tracking software market has been segmented into large enterprises and small & medium enterprises.
Browse In-depth Market Research Report (147 Pages) on Time Tracking Software:
https://www.marketresearchfuture.com/reports/time-tracking-software-market-9579
Market USP exclusively encompassed:
Market Drivers
The growing need among companies to improve employee productivity, as well as the adoption of remote work culture and bring your own device (BYOD) policies, has resulted in a steady increase in the demand for time tracking software. Smartphones, laptops, and tablets are becoming increasingly popular around the world as the BYOD phenomenon spreads. Companies are adopting cloud and mobility technologies to enable employees to work whenever and wherever they want, without limitations. This also helps to reduce the amount of time and money that IT spends on support and troubleshooting the user device. As a result, employees are becoming accustomed to addressing a wide range of work-related problems from their mobile devices. However, there are a number of problems to consider when it comes to work monitoring and management in the case of BYOD and remote work. For BYOD and remote work applications, mobile time tracking software aids in the management and tracking time and work. Employees can enter timesheets and request time off with only a few taps on their devices using mobile time tracking software.
Furthermore, mobile time tracking applications allow information to be entered when an event happens, improving the accuracy of the details entered. Moreover, mobile time tracking and expense management applications aid in growing workforce productivity. As a result of the growing adoption of BYOD policies and the remote work culture, there is a greater demand for mobile tracking software for tracking and managing work, as well as enhancing productivity. The availability of free and open-source time tracking software, on the other hand, is expected to restrict market development. Furthermore, the industry is confronted with serious challenges in terms of data privacy and security. The market is looking for opportunities in the rising demand for cloud-based time tracking software.
Share your Queries:
https://www.marketresearchfuture.com/enquiry/9579
Regional Analysis
By region, the global time tracking software market has been segmented into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America held the largest market share in 2019, with a valuation of USD 610.65 million; the regional market is predicted to register a CAGR of 21.03% during the forecast period. The region's expansion can be attributed to the region's rising population, which has resulted in the broad adoption of time tracking software across all sizes and types of companies.
During the forecast period, Asia Pacific is predicted to have the highest CAGR of 22.21%. The rise can be attributed to the increasingly growing awareness of insider threats, as well as the benefits given by technologies such as payroll management, employee monitoring, project management, and others.
Industry News
In October 2019, Clarizen announced several new features to its Clarizen Go task management solution to help business teams achieve their goals by using simple, Agile workflows.
In October 2019, Wrike, Inc. launched its latest solutions and advanced analytics tool for performance-driven teams and companies, called the Wrike Analyze Tool. The new offering addresses the high demand for end-to-end work management solutions that track the effectiveness of efforts and cater to specific use cases.
To Buy:
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=9579
COVID-19 Impact on the Global Time Tracking Software Market
Many businesses are trying to get back on their feet as a result of the pandemic that is sweeping the globe. However, some industries are booming and capitalizing on the situation to propel the market forward.
Because of the high demand from the food and beverage industries, the time tracking software market remained relatively unaffected even though the countries went into lockdown. Since this market has a wider supply chain than the e-online shopping market, demand for this market is still rising and is expected to grow during the forecast period.
Related Reports:
Global ERP Software Market Research Report: Information By Deployment (On-premise and Cloud), Function (Supply Chain and Product Management, Sales and Marketing, Accounting & Finance and Human Resource), Vertical (Manufacturing, Retail, BFSI, IT & Telecom, Aerospace & Defence, Education and Others), Organization Size (Small and Medium Enterprises and Large Enterprises) - Forecast till 2027
HR Payroll Software Market, By Application (Payroll, Benefits, Tax filings, Employees records), By End-User (Large, Medium, Small size organizations) - Forecast 2027
HR Management Software Market Research Report, Vertical (BFSI, Healthcare), Organization Size (Large Enterprises, Small and Medium Enterprises), Service (Integration and Deployment), Deployment (On-Cloud, On-Premise) — Global Forecast till 2027
Employee Monitoring Solution Market Research Report: by Component (Software, Service), Type (Standalone, Integrated), Application (System Monitoring, File Monitoring, Network Monitoring), Vertical (Retail, Healthcare, Energy) — Global Forecast till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.