Time & Attendance Management Software Market Outlook 2031
The global time & attendance management software market was valued over US$ 2.5 Bn in 2021
It is estimated to grow at a CAGR of 9.7% from 2021 to 2031
The global time & attendance management software market is expected to surpass value of US$ 6.5 Bn by the end of 2031
Overview of Time & Attendance Management Software Market
Time & attendance management software is an advanced business application designed to track and monitor employee working hours. It delivers a multi-modal approach by collecting the data from different geographical locations into a centralized office and allows users to process the attendance data according to their requirements. The traditional way of keeping a record of time and attendance used to be simple but also leads to costly errors and frustrating inefficiencies where employees need to fill the paper timesheets that record their work hours. To reduce these efforts, companies have invented advanced time and attendance management software. The increasing use of software helps management to get automated timesheets and enable work distribution across different shifts irrespective of location. The global time & attendance management software market is likely to grow at a significant growth rate during the forecast period 2021-2031, owing to its seamless automated integration with the payroll software and human resource programs.
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Increase in Usage of Time & Attendance Software to Track Projects and Tasks Performed by Employees
Innovative time & attendance systems save considerable human efforts and help managers track the time of employees. Time & attendance systems help in streamlining work systematically for managers as it checks employee availability for particular tasks that need to be concluded on time. The system frees managers from routine activities and manual scheduling so that project managers can focus on the business. Time & attendance systems can also be utilized for finding out in what way some duties and projects can be carried out to complete a task. For instance, if a particular task normally takes four to five hours to complete but an employee took six hours to complete it, it indicates some problem an employee may have encountered while performing the task. Thus, managers can detect the issue and help employees accomplish a task in the given timeframe.
Time & attendance systems help track the efficiency of the employee and therefore, support managers to relate output with attendance. Every company has its own attendance policy, which is developed to support employees, as monitoring and managing attendance manually can be laborious and time-consuming. It takes a lot of time to process time cards and paper sheets, checks overtime, authorizes leaves, and create payroll manually. A programmed system frees up valuable administration time spent on importing information into payroll systems and tracking employee hours. The time and effort saved combined with data accuracy aid in enhancing the productivity of a resource, which helps improve revenue and increase productivity. These factors support the growth of the time & attendance management software market.
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Flexibility in Workflow Management to Boost Demand for Time & Attendance Management Software
An integrated time & attendance system can offer good visibility of all data and ease the process of managing leaves, payrolls, and conducting performance reviews. Alerts & notifications are automated and the manager can approve requests such as overtime and early departure immediately without any specific need for communication. With a few clicks, a time & attendance management tool can help in managing schedules and keeping track of shift swaps. Companies can have different configurations for each attendance shift, with alternatives to define attendance cycles, leave deductions, mark in/out rules, and optional holidays. Inaccurate records can cost administrations considerable money in overtime payments, and can also interrupt labor laws, resulting in fines. A comprehensive time & attendance management system helps organizations to complete the processes hassle-free and provides a seamlessly integrated system.
Rise in Adoption of Cloud-based Time & Attendance Systems to Lead Global Market
Based on deployment, the global time & attendance management software market is bifurcated into on-premise and cloud. The cloud segment of the global time & attendance management software market held a major share of 69.3% in 2021 and is expected to maintain the status at a growth rate of more than 9.7% during the forecast period. The effective use of a cloud-based time & attendance system specifically helps to eliminate the use of time-consuming manual attendance systems to reduce human errors, and proxy punching activities, which affect the productivity of an organization.
For instance, an IoT-enabled cloud-based attendance management software provided by Zicom, a key player in the time & attendance management software market, helps to record the attendance data of employees across locations and generates various dashboards and reports for the management. Demand for cloud-based time & attendance software is rising among small & large enterprises, schools, hospitals, government institutions, banks, and hotels, and delivers accurate results.
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Analysis of Key Market Players in the Global Time & Attendance Management Software Market
The global time & attendance management software market is consolidated with a small number of large-scale vendors controlling a majority of the market share. Diversification of product portfolios and mergers and acquisitions are the strategies adopted by key players.
Kronos Group, Workday, Inc., ADP, LLC, Oracle Corporation, SAP SE, Ceridian HCM, ATOSS, Ramco Systems, Paycom Software, Inc., Rippling, and Replicon are the prominent entities operating in this market. In April 2021, Journyx, Inc., a time tracking solutions vendor acquired Acumen Data Systems, a key player in the time & attendance software market. Mergers help to offer cost accounting, and payroll solutions to customers using biometrics, mobile, and other technologies.
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