Market Trends of Time and Attendance Software Industry
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.
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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.
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