Time and Attendance Software Market Expected to Reach $5,312 Million by 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.

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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.

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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.

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.

Some of the key time and attendance software industry players profiled in the report include KRONOS INCORPORATED, ULTIMATE SOFTWARE, ADP, LLC, WORKDAY INC., Ceridian, SAP SE, WorkForce Software, LLC, Oracle Corporation, IBM Corporation, and Reflexis Systems.

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