Due to the increasing need among enterprises to boost employee productivity and the increasing adoption of remote work culture and bring your own device policy the market is increasing.
According to the current analysis of Introspective Market Research, the global Time Tracking Software market was valued at USD 425.62 Billion in 2019 and is expected to reach USD 1785.36 Billion by the year 2026, at a CAGR of 22.36%.
Time Tracking Software is a tool used by managers and employees in an enterprise to record work hours for billing, payroll, and other operations. The software allows managers to assign tasks on a project, helps in capturing the time spent by each employee on the assigned task and is used to automate payroll or the client invoicing process. The software also offers reports and insights related to operations such as notifying about tasks that are time-consuming and costing the most money through the dashboards, thereby allowing the enterprises to plan project budgets, increase productivity and accuracy, and foster workplace transparency.
According to the analyst, Time theft and buddy punching are some of the major concerns in companies that still use traditional paper timesheets for time tracking. Time theft is expected to affect almost 75–80% of the businesses. Also, a study by Affinity Live revealed that the US economy loses 50 million hours in productivity per day because of unrecorded work activities. This equates to a loss of USD 7.4 billion per workday, due to which the enterprises are investing in sophisticated time tracking tools that help in eliminating the risks relating to time theft and buddy punching, increase employee productivity, and improve employee engagement and performance. Time tracking software enables managers and employees to manage and track project time and expense, payroll, and other enterprise operations effectively. Furthermore, due to the emergence of cloud-based time tracking software, the prevalence of remote work and the use of mobile phones for official purposes, it is expected that the time tracking software industry will grow during the forecast period.
In terms of region, the market for Time Tracking Software is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific region is projected to grow at the highest CAGR among all the regions by 2021. This is mainly due to emerging economies in China and India and the growing industries such as healthcare, retail, and corporate.
The Time Tracking Software Market is by Deployment (On-Premises deployment and Cloud-Based deployment), Application (Tracking and Reporting, Project Management and Payroll), Organization Size (Large Enterprises and Small & Medium Enterprises) The market is further analyzed on the basis of regional analysis and divided into major regions like North-America, Latin America, Asia-Pacific, Europe and MEA.
Further Key Findings From The Report Suggest:
- The growing necessity among enterprises to improve employee productivity and the increase in adoption of remote work culture and bring your own device (BYOD) policies are some of the significant factors driving the growth of the time tracking software market.
- Moreover, owing to the emergence of cloud-based time tracking software, the occurrence of remote work, and the use of smartphones for official purposes, it is anticipated that the time tracking software industry will grow at a great phase during the forecast period.
- The segment Cloud-Based deployment witnessed a large growth during the year 2019-2020 due to the consumers leaning more towards the easy access available from the products like real Time Tracking Software etc.
- Rapid urbanization due to increase in population across various geographies is one of the major factors driving the adoption of Time Tracking Software technology across industries.
Key Participants Includes: SAP SE, Kronos Incorporated, Wrike, Inc., Clarizen, Zoho Corporation, ProActive Software Ltd., Basecamp, Mavenlink, Click Time, ConnectWise, LLC, Workfront, Inc., and Time Doctor.
For this report, Time Tracking Software Market segmentation on the basis of Region:
Regional Outlook (Revenue in USD Billion; Volume in Units, 2019-2025)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM