Allied Market Research published a report, titled, “Time and Attendance Software Market by Component (Software and Services), Deployment Mode (Cloud and On-Premise), Organization Size (Large Enterprises and SMEs), and Industry Vertical (BFSI, IT and Telecom, Healthcare, Retail, Manufacturing, Government, Education and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global time & attendance software industry was estimated at $2.15 billion in 2020, and is anticipated to hit $5.31 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.
Drivers, restraints, and opportunities
Increase in need for growing efficiency and productivity of employees, rise in shift toward cloud based time and attendance software, wide ranging features and benefits of time and attendance software, and surge in adoption of automation tools in HRM systems drive the growth of the global time & attendance software market. On the other hand, several security concerns and high installation cost associated with the software impede the growth to some extent. However, upsurge in demand for time and attendance software from small and medium sized organizations and ongoing technological advancements in the field of time and attendance systems are expected to create lucrative opportunities in the industry.
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COVID-19 scenario
- Adoption of time and attendance software solutions has increased in the healthcare sector since the outbreak of the pandemic, thereby boosting the growth of the market.
- Also, the healthcare employers of hospital management need to take extra precaution for their employees along with having a proper insight into its labor data and keep an eye on the movement of its employees for the sake of contact tracing. This factor has been beneficial for the market growth.
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The software segment to retain the lion’s share
On the basis of component, the software segment held the major share in 2020, garnering nearly two-thirds of the global time & attendance software market. This is attributed to the factors such as need for automated system for optimizing and tracking the number of work hours of an employee, rising shift toward cloud based time and attendance software among the SMEs, and growing emphasis on workforce optimization as well as mobile applications. The services segment, on the other hand, is expected to register the fastest CAGR of 10.7% throughout the forecast period, due to extensive adoption of deployment and integration services among the end users, as it ensures effective functioning of time and attendance software throughout the process.
The cloud segment to dominate by 2030
On the basis of deployment model, the cloud segment contributed to the lion’s share in 2020, holding nearly half of the global time & attendance software market. Moreover, the same segment is also projected to manifest the fastest CAGR of 11.3% from 2021 to 2030. This is due to paradigm shift in the deployment methods from on-premise to cloud-based models.
North America held the major share in 2020
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering nearly half of the global time & attendance software industry. Growing organization sizes, presence of global market players in the United States, and increasing application area of time and attendance software propel the market growth in the region. Simultaneously, Asia-Pacific is expected to cite the fastest CAGR of 11.8% throughout the forecast period. This is because large number of enterprises in this region have now implemented time and attendance software in an effort to improve productivity and performance of their business.
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Key players in the industry
- ULTIMATE SOFTWARE
- ADP, LLC
- WORKDAY INC.
- RONOS INCORPORATED
- Ceridian
- SAP SE
- IBM Corporation
- WorkForce Software, LLC
- Reflexis Systems
- Oracle Corporation
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