Market Highlights

The time tracking software market is witnessing a constant revenue growth. Factors such as increasing investments in modern time tracking tools by enterprises to increase employee productivity substantiate market growth. Moreover, increasing adoption of time tracking software to improve employee engagement & performance by eliminating the time theft and buddy punching risks accelerate the growth of the market.

Market Research Future (MRFR) asserts that the global time tracking software market is expected to create an exponential value growing at 20.69% CAGR during the forecast period (2019–2025). Additionally, the rising demand to effectively manage payroll and other enterprise operations boosts market growth. The increasing demand for solutions to manage and track project time & expense increase the time tracking software market size.

Furthermore, the emergence of cloud-based time tracking software and prevailing work from home policies & remote operations create substantial market demand. Rising usages of mobile phones for official purposes drives the growth of the market. The cost-benefit that time tracking software and the added advantage of cloud-based services increases market sales, enabling shared infrastructure.

Conversely, the availability of free and open-source time tracking software obstructs market growth. Also, data privacy and security concerns restrict the development of the market. However, the increasing trend of 'bring your own device' (BYOD) policies and connected devices would support market growth throughout the review period. Additionally, the growing demand for cloud-based time tracking software influences the growth of the market.

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Segmentation:

The market is segmented into four dynamics;

By Application : Project Management, Tracking & Reporting, Payroll, and others.

By Deployment : On-Premise and Cloud-Based.

By Organization Size : Small-to-Medium Enterprises (SMEs) and Large Enterprises.

By Regions : Europe, North America, APAC, and Rest-of-the-World.



Global Time Tracking Software Market – Regional Analysis

North America leads the global for the time tracking software market. The widespread adoption of time tracking software across enterprises led by the increasing workforce in organizations drive the growth of the market. Besides, the early adoption of advanced technologies and innovations in HRM solutions increase the time tracking software market size. Moreover, high R&D investments in developments in cloud technology and high economic growth foster regional market growth.

The Asia Pacific time tracking software market has emerged as a promising market, mainly due to the rising adoption of cloud-based services. Additionally, growing government initiatives to foster digitalization and the increase in Indian economy and business positively impact the market growth. Rapidly increasing awareness about cyber data theft and the benefits offered by the software, such as payroll management, employee monitoring, project management, and others propel the regional market growth.

region stands second in the global, mainly due to the rapidly growing the market growth is driven by the.

Europe also holds a sizable share in the global time tracking software market. Factors such as the rising uptake of time tracking software and increasing business in the region create substantial market demand. The UK and Germany are emerging markets in the region, providing impetus to the European time tracking software market. The market is expected to grow at the highest CAGR during the forecast period.

Time Tracking Software Market --- Competitive Analysis

Time tracking software market appears highly competitive and fragmented owing to the presence of several notable players. Collaboration, mergers & acquisitions, expansion, and technology launch are common trends of industry players to retain their market position. Market players invest substantially to drive R & D activities and to expand the global footprints.

Major Players

Players active in the time tracking software market are Kronos Incorporated (US), Wrike, Inc. (US), SAP SE (Germany), Zoho Corporation (US), ProActive Software Ltd. (The Netherlands), Clarizen (US), Mavenlink (US), ClickTime (US), Basecamp (US), Workfront, Inc. (US), Time Doctor (US), and ConnectWise, LLC (US), among others.

Industry/Innovation/Related News:

September 28, 2020 ---- Locus (the UK), leading global logistics planning and optimization software provider, announced a partnership with a global software SaaS company -Vinculum, to enable its customers to develop omnichannel commerce and supply chain. Locus’ B2B SaaS platform automates human decisions in the supply chain, providing efficiency, transparency, and consistency in logistics operations. Brands & Retailers can now have access to best-in-class routing, omnichannel commerce solutions, and supply chain management under one roof

The Locus platform uses deep machine learning and proprietary algorithms, offering smart logistics solutions like route optimization, real-time tracking, insights & analytics, beat optimization, efficient warehouse management, and vehicle allocation & utilization. This helps companies optimize their end-to-end supply chain network with its strategic consulting offering.

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Global Time Tracking Software Market Research Report: by Deployment (On-Premise and Cloud-Based), Application (Tracking and Reporting, Project Management and Payroll), Organization Size (Large Enterprises and Small & Medium Enterprises) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027

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