New York, United States , May 15, 2024 (GLOBE NEWSWIRE) -- The Global Time and Attendance Software Market Size is to Grow from USD 3.92 Billion in 2023 to USD 11.09 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 10.96% during the projected period.
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Time and attendance software enables optimization of team productivity and labor costs by accurately tracking the attendance of employees when employees start and stop work. It monitors the employee’s working hours, aids in controlling labor costs by reducing overpayments, and eliminates transcription errors, interpretation errors, and intentional errors. The modern and latest technology of time and attendance software involves the touch and swipe system, the use of application software-based geo-fence capabilities, and facial recognition systems. The use of time and attendance software by employees empowers self-service capabilities, reduces administrative burdens on HR and supervisors, and increases employee engagement and satisfaction by mitigating data errors, reducing incorrect payments, and limiting time spent on related administrative tasks. The cloud-based solutions are the new evolving technology that is considered the future of time-tracking systems. The numerous emerging technologies such as biometrics, AI and ML, IoT devices, geofencing, and other technologies are revolutionizing the way of managing the business workforce. The increasing demand for employee productivity tracking across various industries is increasing the global time and attendance software market. Furthermore, the rising implementation of HRM automation tools that include time and attendance features fuels the demand for time and attendance software. However, the rising concern about data security and the high installation cost of the software are responsible for restraining the market.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Time and Attendance Software Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Services), By Product Type (Proximity Card, Biometrics, and Others), By Application (Retail, BFSI, Manufacturing, Hospital, Construction Sector, Commercial Office, Government Office, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The software segment is anticipated to hold the largest market share during the forecast period.
Based on component, the global time and attendance software market is segmented into software and services. Among these, the software segment is anticipated to hold the largest market share during the forecast period. The rising inclination towards cloud-based time and attendance software is driving the market in the software segment. The increasing significance of workforce optimization and mobile applications is also responsible for enhancing the market.
The proximity card segment is expected to grow at the fastest CAGR during the forecast period.
Based on product type, the global time and attendance software market is segmented into proximity card, biometrics, and others. Among these, the proximity card segment is expected to grow at the fastest CAGR during the forecast period. The proximity card is a reliable and safe way for employees to allow easy card scanning when entering or leaving the workplace with a quick and accurate way of attendance tracking. It contains a small chip that is read by the card reader of the software.
The retail segment dominates the market with the largest revenue share through the anticipated period.
Based on application, the global time and attendance software market is segmented into retail, BFSI, manufacturing, hospital, construction sector, commercial office, government office, and others. Among these, the retail segment is dominating the market with the largest revenue share through the anticipated period. Time and attendance software offers a more effective method of tracking employee hours than manual tracking with time-saving and error-free capabilities.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. Various businesses in the North America region are adopting time and attendance software to enhance the market. The presence of the key market player in the US significantly contributes to the market growth. The prevalence of advanced technologies is also responsible for accelerating the market. Furthermore, the rising organization sizes and scope of application expansion are driving the time and attendance software market in the region.
Asia Pacific region is expected to grow the fastest during the forecast period. There is a huge opportunity for the time and attendance software market due to the gradual transformation of business into mainstream in emerging countries like China and India. The highest growth rate of healthcare services. For instance, the Health and Medical Education Minister has implemented a biometric attendance system and tied salaries to attendance to bring about qualitative change and discipline, accountability, and efficiency among the staff. Additionally, the rising demand for touchless biometrics and new monitoring systems for quality management in education is driving the market demand for time and attendance software in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global time and attendance software market are Oracle, SAP SE, UKG Inc., INTERFLEX DATENSYSTEME GMBH & CO., Ceridian HCM, Inc., Fingercheck, nettime solutions, Reflexis Systems, Inc., Workday, Inc., WorkForce Software, LLC, ADP, Inc., Paychex Inc., Zebra Technologies Corp., and Others.
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Recent Developments
- ·In February 2022, Biometric attendance for college teachers was introduced in Sindh. Biometric attendance has been introduced by the college education department in all educational institutes to ensure the attendance of students in the government colleges, the Sindh Education Department decided to install biometric attendance machines at colleges of the province.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global time and attendance software market based on the below-mentioned segments:
Global Time and Attendance Software Market, Component
- Software
- Services
Global Time and Attendance Software Market, Product Type
- Proximity Card
- Biometrics
- Others
Global Time and Attendance Software Market, Application
- Retail
- BFSI
- Manufacturing
- Hospital
- Construction Sector
- Commercial Office
- Government Office
- Others
Global Time and Attendance Software Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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