Time and Attendance Software Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.38 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Time and Attendance Software Market Analysis
The Time and Attendance Software Market is projected to expand at a CAGR of 6.38 % during the forecast period. The traditional method of keeping track of time and attendance was simple, but it resulted in expensive mistakes and aggravating inefficiencies because employees had to fill out paper timesheets to track their working hours. Businesses have created sophisticated time and attendance management software to minimize these efforts. Software is being used more frequently, which enables management to get automatic timesheets and permit job distribution throughout several shifts regardless of location.
- Innovative time & attendance systems enable managers to monitor employee time while saving significant amounts of human effort. Time and attendance systems assist managers in streamlining work by verifying employee availability for specific tasks that must be completed on time. Project managers can concentrate on the company by using the technology to relieve managers of regular tasks and manual scheduling. Time & attendance systems can also be used to determine how certain tasks and projects can be completed to fulfill a task. For example, Effective time and labor software analyses sales or shop traffic information to forecast the need for the right number of employees in the retail sector. Following that, managers create schedules based on the workforce projection to enhance productivity and keep within the allocated budget.
- An integrated time & attendance system can provide good data visibility and make it easier to manage payrolls, leave requests, and performance reviews. Automated alerts and notifications allow the manager to promptly approve requests for overtime and early departure without the need for additional discussion. A time & attendance management tool can assist in organizing schedules and keeping track of shift swaps with only a few clicks. Each attendance shift can have a separate configuration, with options for defining attendance cycles, leave deductions, mark in/out guidelines, and optional holidays. For example, Hikvision has made the HikCentral Access Control software available, which may fit applications and scenarios of any scale and improve daily operations. Users can access all features using standard web browsers without installing a desktop client because it just has an i3 CPU and 4 GB of RAM. The flexibility is increased by the ability for users to administer remotely through an easy-to-use mobile app that works with both iOS and Android operating systems.
- Utilizing a cloud-based time & attendance system effectively aids in removing the need for labor-intensive manual attendance systems, which increase the likelihood of human mistakes, and proxy punching practices, which lower productivity levels in a business. For Example, the cloud-based HCM Ceridian Dayforce provides management of core HR, employee self-service, talent acquisition, talent management, workforce management, and benefits administration.
- The ready availability of low-quality free & open-source Time and Attendance Softwires are creating a constraint for the market players because small-scale companies are adopting the free software instead of going for an authentic solution by compromising the quality. For example, Great Field Work Takes Great Teamwork is an app created by Fieldsence that combines a powerful tracking, monitoring, and reporting system with practical tools and workflows to speed up field operations. Location Tracking, Visit Management, Expense Reimbursement Workflow, Dashboard & Insights, and Attendance Management are all components of the app. Up to 25 users can use this for free.
- The COVID-19 epidemic has no effect on the expansion of the time and attendance software market since, in the face of unprecedented circumstances, more people are adopting time and attendance software solutions. Due to the greater transition to an automated time and attendance software for boosting payroll accuracy and reducing human and error-prone data entry, the COVID-19 epidemic has greatly accelerated the market's growth rate. Additionally, by ensuring the proper individuals are there when it counts, these products help firms enhance productivity.
Time and Attendance Software Market Trends
This section covers the major market trends shaping the Time & Attendance Software Market according to our research experts:
The rise in the Adoption of Cloud-based Time & Attendance Systems is driving the Time and Attendance Software Market
- The current trend of cloud services and their integration with Time and Attendance Software is solving all the Human resource and allied criticality in a very effective manner. In today's fiercely competitive business environment, the software is a set of tools that aids firms in the hiring, training, compensation, management, and retention of skilled, high-performing people. Many companies are providing cloud-based Time and Attendance Software products. For example, a component of the Oracle Fusion Cloud Applications Suite, Oracle Time and Attendance software helps businesses to plan, monitor, and improve global personnel processes using a single, shared data source, guaranteeing that the information is correct and up to date. It has modules for work-life balance, learning, payroll, time tracking, talent management, workforce management, and global HR.
- In addition, Paycheck Flex connects with talent management analytics and the general ledger. The platform offers simple-to-understand information about hiring, benefits, labor expenses, time and attendance, and changes in headcount and enables HR administrators to design dashboards. For the administration of HR, finance, time and attendance, and benefits, Paycheck Flex interfaces with other systems. The Paychex Flex Mobile App also provides access to the software.
- The rise of small-scale companies across the globe and their adoption of payroll automation is driving the cloud-based Time and Attendance software market. Many companies are developing software that will be suited for small and medium enterprises. For example, A cloud-based unified time and attendance software called Paycor HCM aids small and midsize businesses in effectively managing HR. Core HR, onboarding and development, time tracking, payroll, hiring, training, employee self-service, HR reporting, workforce insights, talent development, and performance and goal setting are just a few of the features it provides. The Paycor mobile app gives users access to time and attendance, payroll, and HR tools.
- Large Banks and conglomerates are investing huge amounts in emerging cloud-based Time and Attendance software providers, which is creating an opportunity for the companies to go for high-tech and more robust services. For example, according to its most recent filing with the Securities and Exchange Commission, Cincinnati-based Fifth Third Bancorp increased its holdings in Paylocity Holding Co. shares by 162.5 percent during the first quarter (SEC). For American medium-sized businesses, Paylocity Holding Corporation offers cloud-based payroll and human capital management software solutions. The business provides payroll and tax services to streamline procedures, handle compliance demands, and automate payroll.
- In addition, Al Faisal Holding, one of Qatar's largest privately held diversified conglomerates, reportedly selected Ramco Systems to improve its HR and payroll systems. Through its subsidiaries and affiliated businesses, Al Faisal engages in business in a few industries, with a significant emphasis on education, culture, and sports, as well as in real estate, hotel, trading, construction, and project management.
Asia-Pacific Region is experiencing the Highest Growth Rate
- The region is witnessing a high growth rate of health care services. Administrators of both government and non-government organizations are focusing on attendance monitoring across the sector. For example, Health and Medical Education Minister Dr. K. Sudhakar made the decision to implement a biometric attendance system and tie salaries to attendance in response to repeated complaints about the absence of health officials to bring about a qualitative change in the department and more discipline, accountability, and efficiency among the staffs.
- The Asia-Pacific region consists of major emerging economies like China and India, where unorganized sectors are gradually transforming their business into the mainstream. This is creating an opportunity for Time and Attendance Software providers in the region. For example, at workplaces where 20 or more employees are covered by the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), the Union government of India has made recording attendance via its app, National Mobile Monitoring System, mandatory. This change is being made despite numerous issues, such as inconsistent Internet access in rural areas and scant or nonexistent technical support.
- The increasing demand for a touchless biometric attendance system in the region is driving the growth of the Time and Attendance software market in Asia-Pacific. For example, A new biometric access control system being used at Japanese construction sites uses SAFR from RealNetworks' facial recognition technology for live video. With the help of SAFR biometrics, the new solution's hardware, which will be jointly developed by Nextware and Kids-Way, will automatically track employee arrival and departure as well as check their body temperatures for fever symptoms.
- The digitalization in schools, new online monitoring, and quality management system in education in the region is driving the market. For example, to implement biometric attendance tracking and access management on the campus, Sri Lanka's National Institute of Business Management (NIBM) announced the combined installation of facial recognition equipment from NtechLab and local technology startup Green Orgro. According to NIBM, it was the first higher education institution in Sri Lanka to use facial recognition software. It claims that biometric technology will give pupils easy, rapid, and convenient access.
- In addition, Alibaba Cloud has made the decision to increase the appeal of its DingTalk collaborative workspace platform to business clients in China and beyond. DingTalk connects with online personal productivity suites and combines messaging, conferencing, and task management. Additionally, the Ding app includes certain undesirable aspects. Its monitoring features include an optional attendance system that can track employees' locations in real-time.
Time and Attendance Software Industry Overview
Due to the presence of serval big multinational companies, the Time and Attendance Software Market is extremely competitive. Companies in the market are focused on safeguarding employee data, performance supervision, training and development, staff self-service, handling of compensation, and integrations to gain a competitive advantage in terms of acquiring maximum market share.
- March 2022: A recent technical integration that grants access to 20 restaurant-specific Point-of-Sale (POS) and time-and-attendance software systems across the United States has been completed by XTM, Inc., a Miami and Toronto-based FinTech company in the neo-banking space that offers mobile banking and payment solutions globally.
Time and Attendance Software Market Leaders
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SAP SE
-
Oracle Corporation
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FingerCheck
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Automatic Data Processing, Inc.
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nettime solutions
*Disclaimer: Major Players sorted in no particular order
Time and Attendance Software Market News
- Nov 2021: Google has developed the Google Meet attendance enables the meeting's host or organizer to take attendance of the attendees. As attendees arrive at the meeting, this occurs automatically; names, joining times, and lengths of attendance are gathered and noted in the attendance report. Unfortunately, Google Workspace and G Suite subscribers only have access to the native attendance recording feature, which is a premium service provided by Google. On the other hand, Google Meet supports Chrome extensions, so you can use a variety of third-party applications for supplemental functionality.
- Feb 2022: In response to persistent complaints of massive absenteeism in the area, the government of Pakistan's Sindh province southeast has announced the adoption of a new biometric attendance tracking system to be introduced at all government colleges.
Time and Attendance Software Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Market Sizing and Estimates for 2020-2027
4.3 Industry Ecosystem Analysis
4.4 Industry Attractiveness-Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of COVID-19 Impact on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increased Flexibility in Workflow Management
5.1.2 Rise in Adoption of Cloud-based Time & Attendance Systems
5.1.3 Trend of Remote Working Culture
5.2 Market Challenges
5.2.1 Availability of Free and Open Source Time Tracking Software in the Market
5.3 Market Opportunities
5.3.1 Increase in Usage of Time & Attendance Software to Track Projects and Tasks Performed by Employees is creating an opportunity for the market
6. MARKET SEGMENTATION
6.1 By Deployment
6.1.1 On-premise
6.1.2 Cloud
6.2 By Application
6.2.1 Core HR and Talent Acquisition
6.2.2 Workforce Management
6.2.3 Others
6.3 By End-User Industry
6.3.1 BFSI
6.3.2 Retail and E-commerce
6.3.3 IT and Telecommunication
6.3.4 Government
6.3.5 Healthcare
6.3.6 Manufacturing
6.3.7 Education
6.3.8 Others
6.4 By Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East & Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 SAP SE
7.1.2 FingerCheck
7.1.3 NETtime Solutions
7.1.4 ADP, Inc.
7.1.5 Oracle Corporation
7.1.6 Reflexis Systems Inc.
7.1.7 Replicon
7.1.8 Ultimate Kronos Group (UKG)
7.1.9 Paycor
7.1.10 Paycom Software, Inc.
7.1.11 Rippling
7.1.12 Civica
7.1.13 Ramco Systems
7.1.14 Workday, Inc.
7.1.15 Ceridian HCM
7.1.16 ATOSS
- *List Not Exhaustive
7.2 Vendor Ranking Analysis
8. INVESTMENT ANALYSIS
9. FUTURE OUTLOOK OF THE MARKET
Time and Attendance Software Industry Segmentation
The automatic time tracking of employee's working hours, the creation of digital timesheets to track payroll processes, and the provision of real-time attendance data to management are the tasks that time, and Attendance software performs. Additionally, it gives employees a centralized location to monitor schedules, submit requests, and receive updates on any changes to corporate policy.
Time and Attendance Software Market has been segmented based on Deployment (On-premise, Cloud), By Application (Core HR and Talent Acquisition, Workforce Management), By End-User Industry (BFSI, Retail& E-Commerce, IT & Telecommunication, Government, Healthcare, Manufacturing, Education), and By Geography (North America, Europe, Asia Pacific, Latin America and the Middle East & Africa)
| By Deployment | |
| On-premise | |
| Cloud |
| By Application | |
| Core HR and Talent Acquisition | |
| Workforce Management | |
| Others |
| By End-User Industry | |
| BFSI | |
| Retail and E-commerce | |
| IT and Telecommunication | |
| Government | |
| Healthcare | |
| Manufacturing | |
| Education | |
| Others |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East & Africa |
Time and Attendance Software Market Research FAQs
What is the current Time and Attendance Software Market size?
The Time and Attendance Software Market is projected to register a CAGR of 6.38% during the forecast period (2024-2029)
Who are the key players in Time and Attendance Software Market?
SAP SE , Oracle Corporation, FingerCheck, Automatic Data Processing, Inc. and nettime solutions are the major companies operating in the Time and Attendance Software Market.
Which is the fastest growing region in Time and Attendance Software Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Time and Attendance Software Market?
In 2024, the North America accounts for the largest market share in Time and Attendance Software Market.
What years does this Time and Attendance Software Market cover?
The report covers the Time and Attendance Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Time and Attendance Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
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Time and Attendance Software Market Report Snapshots
