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Time And Attendance Software Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions
Time And Attendance Software Global Market Report 2024
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According to The Business Research Company's, The time and attendance software market size has grown rapidly in recent years. It will grow from $3.1 billion in 2023 to $3.45 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to shift from manual to automated systems, efficiency and cost reduction, shift work and flexible scheduling, focus on analytics and reporting, biometric authentication implementation.
The time and attendance software market size is expected to see rapid growth in the next few years. It will grow to $5.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to employee-centric features, flexibility to accommodate changing work structures, remote work transition, shift towards cloud-based solutions, automation for efficiency, mobile-centric solutions, enhanced analytics and reporting. Major trends in the forecast period include employee self-service, integration of biometric technology, compliance and labor regulations, analytics and reporting capabilities, integration with hr and payroll systems.
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Market Drivers and Trends:
The surge in remote work is expected to propel the growth of the time and attendance software market going forward. Remote work refers to the practice of employees working outside of a traditional office environment, often from their homes or other locations. Time and attendance software is used in remote work by providing tools and features that help organizations effectively manage and monitor the working hours, attendance, and productivity of remote employees. For instance, in June 2023, according to reports published by Forbes Media LLC, a US-based media company, 12.7% of full-time employees will work from home in 2023, 28.2% will choose a hybrid approach, and by 2025, 32.6 million Americans are projected to work remotely. Therefore, surge in remote work is driving the growth of the time and attendance software market.
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the time and attendance software market. Key players operating in the time and attendance software market are focused on partnerships and collaborations to reinforce their position. For instance, in May 2022, Greenshades, Inc., a US-based creator of a platform for processing payroll taxes and human capital management (HCM) data, partnered with Lathem Time, a US-based designer and manufacturer of timekeeping products. This collaboration is intended to integrate each other's systems to create new, cutting-edge, end-to-end labor management solutions. Moreover, in September 2021, Timerack, a US-based human resources management program developer, intended to serve as a front-end payroll system partnered with Coats Staffing Software to provide necessary software solutions to time and attendance, payroll, employee monitoring, and recruitment problems in the staffing industry. Coats Staffing Software is a US-based recruitment company that provides fully comprehensive accounting integrated CRM and payroll services.
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Major Key Players of the Market:
Automatic data processing, Ultimate Kronos Group Inc., Ceridian HCM Inc., Paycor Inc., SAP SE, Replicon Inc., Oracle Corporation, Workday Inc., Zoho Corporation Pvt. Ltd., Nettime solutions, Reflexis Systems Inc., Paycom Payroll LLC, Rippling People Center Inc., The Civica Group , Atoss Software AG, iSolved, Workforce Ready, Kronos Workforce Central, Attendance on Demand, Virtual TimeClock, QuickBooks Time, TimeClock Plus, Paychex Flex, WorkSchedule.Net, Easy Time Clock, Fingercheck, TimeAttend, TrackSmart, WorkWave LLC
Time And Attendance Software Market 2024 Key Insights:
• The time and attendance software market size is expected to see rapid growth in the next few years. It will grow to $5.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%.
• Automation Surge In Human Resource Management Drives Growth In Time And Attendance Software Market
• Strategic Partnerships Drive Innovation In The Time And Attendance Software Market
• North America was the largest region in the time and attendance software market in 2023
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