Pune, India., Sept. 29, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Time Tracking Solution Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Deployment (On-Premise and Cloud), Organization Size (Small and Medium Enterprises and Large Enterprises), Application (Tracking and Reporting, Payroll, and Project Management), and Geography” the market in terms of revenue was estimated to be worth $2.97 billion in 2022 and is poised to reach $17.60 billion by 2030, growing at a CAGR of 24.9% from 2022 to 2030.
The growth of the time tracking solution market is driven by rise in concerns of time theft by employees, increasing in remote working and BYOD, and adoption of GPS Tracking Solution. However, introduction of AI-based time tracking solution is emerging as a future trend in the industry. The US held the largest share of the North America time tracking solution market in 2022.
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Global Time Tracking Solution Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.97 Billion in 2022 |
| Market Size Value by | USD 17.60 Billion by 2030 |
| Growth rate | CAGR of 24.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Deployment, Organization Size, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Introduction of AI-Based Time Tracking Solution to Fuel Global Time Tracking Solution Market Growth During Forecast Period:
Time-tracking technologies with AI capabilities can examine historical data to forecast future work habits, project completion times, and potential bottlenecks. As a result, proactive planning and resource management are made possible, improving project results. Businesses can overcome compliance concerns, underreported or lost time, and other timekeeping issues with the aid of AI time tracking and billing software.
By realizing the power of integration of AI with time-tracking solutions, several companies are launching AI-based time-tracking solutions. For instance, in October 2022, Replicon launched the ZeroTime time-tracking solution. ZeroTime enables businesses to use AI/ML to upgrade their time-tracking process. By automatically collecting work and time data across more than 100 work applications, it frees employees from manually filling out time sheets and increases staff productivity and customer engagement. In June 2023, Tempo Software announced the integration of artificial intelligence into its time-tracking app, Timesheets. AI-based tracking solutions have a number of advantages over the traditional time-tracking solutions. Thus, AI-based time tracking is expected to be a prominent trend in the time tracking solution market.
Global Time Tracking Solution Market: Segmental Overview
The time tracking solution market is segmented based on deployment, organization size, application, and geography. Based on deployment, the time tracking solution market is bifurcated into cloud and on-premises. By organization size, the time tracking solution market is bifurcated into small and medium enterprises and large enterprises. Based on application, the time tracking solution market is segmented into tracking and reporting, project management, and payroll. By geography, the time tracking solution market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The global time tracking solution market is segmented into five major regions—North America, Europe, APAC, the Middle East & Africa, and South America. In 2022, North America led the global time tracking solution market with a substantial revenue share, followed by Europe and APAC. The time tracking solution market in North America is segmented into the US, Canada, and Mexico. The region is home to several technological giants that invest heavily in developing robust technologies. In the US, hour and wage law is governed by the federal Fair Labor Standards Act (FLSA). The FLSA requires workers to receive a minimum hourly pay (currently US$ 7.25) and overtime pay for any hours worked over 40 in a workweek. Many states have decided to implement a minimum hourly wage for workers. Labor laws and regulations vary by region and industry, frequently requiring employers to accurately track and manage employee working hours, breaks, and overtime. Failure to obey can lead to legal issues and fines. Time-tracking solutions help businesses automate and streamline compliance, reducing the risk of violations and associated costs. Therefore, they need time-tracking software to fulfill these needs. Hence, the demand for time tracking solutions is increasing in North America, contributing to the time tracking solution market growth.
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Global Time Tracking Solution Market: Competitive Landscape
Replicon Inc, Clarizen Inc, clicktime.com Inc, ConnectWise LLC, UKG Inc, Kantata Inc, SAP SE, Time Doctor LLC, Planview Inc, and Zoho Corporation Pvt Ltd are among the leading players profiled in the time tracking solution market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their market growth.
Recent Developments:
- In August 2023: The Kantata OX Salesforce app is integrated with the Salesforce AppExchange. The integration will automate project creation from opportunities and provide Salesforce users with key information about Kantata OX projects. The integration also facilitates cross-platform communication within a project.
- In December 2020: SAP launched a cloud-based time-tracking solution to simplify HR processes to enhance employee experience. The launched SAP SuccessFactors Time Tracking solution helps ensure people are paid accurately, on time and in accordance with local regulations.
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