The increasing need for the management and analysis of working efficiency of employees is providing new opportunities to the time and management software market
Covid-19 Impact & Market Status
The COVID-19 situation has severely impacted many industrial and business sectors. Due to lockdown, many potential companies had to stop their work as there were no services available like infrastructure, technicians, transportation, and much more. Though this situation had little impact on the global time and attendance software market because this market is highly in online mode and doesn’t require many offline services. The clients and employees can work and coordinate with each other in online mode. This ensures that the entire software development lifecycle goes according to the plan made by the company.
After the lockdown phase, the market of time and attendance software took a high pace as there were more active companies demanding particular software platforms with required features. Hence, the total CAGR of the global time and attendance software market will increase rapidly by the end of the forecast period.
The cloud deployment mode provides high connectivity and networking options to the time and attendance software platform.
After the development of an application, the major thing is its deployment by selecting the most suitable platform. Among all the deployment modes available, the cloud platform is highly beneficial when it comes to networking and communication with other external or embedded devices. This helps in proper working and coordination of the software platform and helps the user to have a wide range of features. The cloud platform provides the software with a data volume to store heavy data and maintain high data load coming via the connections. In this way, it can access the data warehouse or the database to which it is connecting for fetching data for processing or any other purpose. This provides a smooth flow of operation via various sessions that run parallelly and concurrently for multiple users so that multiple operations can be performed at the same time without causing any inconsistency. This also secures the database from data loss or network issues.
The growing and advancing technologies are driving the global time and attendance software marketing by providing analytical services.
There is an increased need for employment in various industrial sectors and for this, the rate of hiring is increasing rapidly. To ensure quality hiring and high working efficiency of employees there should be a tracking and analysis platform that can generate regular reports for the HR department. This platform will update the company officials and its employees regarding their performance and keep them update. Hence, many potential companies are involved in the development of required software platforms that will serve the desired purpose.
With this, the time and attendance software market has emerged with the scope of quality and timely delivery of attendance, time management by employees, working capability, time utilized for a particular task, and much more. Overall, it is like a tracking software that manages and updates the respective department regarding the time management of the concerned user. It covers various domains including healthcare, education, the IT sector, and much more. Hence, it has highly organized the working culture of an organization by helping individuals to manage their tasks and time by keeping a track of their daily activities.
The market value of global time and attendance software market is estimated to reach close to 4.16 Billion until the forecast period at an annualized growth rate of 8.63%.
In the modern education system, it has helped students and university graduates to keep track of their projects so that they can do timely delivery and the pipeline of development can be managed efficiently. In this way, the project delivery can be delivered in time and quality checks can be done effectively. This system ensures that everything in the project development pipeline gets executed before or on scheduled time so that there is enough time and resources available for testing and maintenance phases.
Advanced technologies like machine learning and many new development platforms like PWA for web apps, flutter, kotlin, etc. for application development provide new opportunities for the development of time and management software platforms. Also, there are various deployment platforms to make these services readily available, this includes on-premise and cloud platforms. These platforms are essential for storage and retrieval purposes and connect the service with the database to ensure proper networking and communication. It enables the software to communicate with other hardware devices so that it can track the user properly. Apart from hardware connection, other software and the browser or operating system can be connected with these software platforms so that the user can be monitored and the work can be analyzed.
One of the major ap[lication of the time and attendance software market is in the healthcare domain. It is used to track and monitor the health and activities of various patients who are kept under observation. It helps the consulting and monitoring staff to keep track of many patients simultaneously. This increases the working efficiency and helps the doctors to monitor the regular growth of their patients by providing precise analysis of their consulting time, date, number of visits, and much more.
The main restriction to the growth of the global time and attendance software market is the high development cost associated with it. As this platform uses highly advanced technologies, their integration and deployment are highly complicated which increases the cost of development. Hence, many organizations, mostly small-scaled enterprises, are unable to afford them and they rely on manual attendance practices. Also, the maintenance of these software platforms is expensive that makes their regular update and maintenance a difficult task. To overcome this price rise, many organizations are trying to develop similar software platforms that will serve the same task but will be affordable. This comes with proper integration of necessary technologies and providing required services and features in particular software.
The major players of the global time and attendance software market are Workforce Software LLC, ADP LLC, Workday Inc., CERIDIAN, Ultimate Kronos Group (UKG), IBM Corp., SAP SE, INTERFLEX DATENSYATEM GMBH & Co. KG, Reflexis Systems, Amano, ATOSS, Paylocity, Paycor, Replicon, Info Tronics, Insperity, TSheets, Acumen Data, Synerion, Halogen Software Inc., SumTotal Systems LLC, Redcort, Icon Time Systems, and Oracle Corp.
Latest Innovations In The Market:
- Oracle, SAP SE, and many other potential companies are developing time and attendance software platforms with specific features as required by various organizations.
Time And Attendance Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4.16 Billion|
|Growth Rate||CAGR of 8.63% during 2021-2028|
|Segment Covered||Component, Deployment Type, Organization, Industry Verticals, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Workforce Software LLC, ADP LLC, Workday Inc., CERIDIAN, Ultimate Kronos Group (UKG), IBM Corp., SAP SE, INTERFLEX DATENSYATEM GMBH & Co. KG, Reflexis Systems, Amano, ATOSS, Paylocity, Paycor, Replicon, Info Tronics, Insperity, TSheets, Acumen Data, Synerion, Halogen Software Inc., SumTotal Systems LLC, Redcort, Icon Time Systems, and Oracle Corp.|
Key Segments of the Global Time And Attendance Software Market
Component Overview, 2018-2028 (USD Billion)
Deployment Type Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
Industry Verticals Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa