Portland, ore.And Jan 21 2022 /PRNewswire/ – Allied Market Research has published a report titled “Time and Attendance Software Market by Component (Software and Services), Deployment Mode (cloud and on-premises), Enterprise Size (Large and SMEs), and Industry Vertical (BFSI, ICT, Healthcare, and Retail Manufacturing, Government, Education, etc.): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global Time & Attendance Software industry has been estimated with $2.15 billion In 2020, it is expected to happen 5.31 billion dollars By 2030, recording a compound annual growth rate of 9.4% from 2021 to 2030.
Drivers, limitations and opportunities
Increasing need to increase efficiency and productivity of employees, rise in shift towards cloud-based time and attendance software, wide range of features and benefits of time and attendance software, and rush to adopt automation tools in human resource management systems is driving growth of global time & attendance software market. On the other hand, several security concerns and high installation cost associated with the software hamper growth to some extent. However, the increasing demand for time and attendance software from small and medium-sized enterprises and continued technological advances in the field of time and attendance systems are expected to create lucrative opportunities in this industry.
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- The adoption of time and attendance software solutions in the healthcare sector has increased since the outbreak of the pandemic, thus boosting market growth.
- Also, hospital management healthcare employers need to take extra precautions for their employees along with getting insight into their work data and monitoring the movement of their employees in order to trace contacts. This factor was beneficial to the growth of the market.
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Software sector to retain the lion’s share
On a component basis, the software segment captured the major share in 2020, accounting for nearly two-thirds of the global time and attendance software market. This is attributed to factors such as the need for an automated system to optimize and track employee hours worked, the growing shift towards cloud-based time and attendance software among SMEs, and the growing focus on workforce optimization as well as mobile applications. On the other hand, the services segment is expected to register the fastest compound annual growth rate of 10.7% throughout the forecast period, owing to the heavy adoption of deployment services and integration among end users, ensuring effective performance of time and attendance programs throughout the forecast period. Processing.
Cloud dominated by 2030
On the basis of the deployment model, the cloud segment contributed the lion’s share in 2020, owning nearly half of the global time and presence software market. Moreover, the same segment is also expected to show the fastest compound annual growth rate of 11.3% from 2021 to 2030. This is due to the paradigm shift in deployment methods from on-premises to cloud-based models.
North America On the main stake in 2020
By region, market via Asia Pacific, followed by North America, took over in 2020, and captured nearly half of the global Time & Presence software industry. The increasing size of institutions, and the presence of players in the global market in them United StateIncreasing application space for time and attendance software is driving market growth in the region. together, Asia Pacific It is expected to indicate the fastest compound annual growth rate of 11.8% throughout the forecast period. This is because a large number of organizations in this region have now implemented time and attendance programs in an effort to improve productivity and their business performance.
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The main players in the industry
- ULTIMATE PROGRAM
- ADP, LLC
- WORKDAY INC.
- Ronos Incorporated
- SAP SE
- IBM Corporation
- WorkForce Software, LLC
- Reflection systems
- Oracle Corporation
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