Time tracking software Market: Know About Demand and Growth in the market
The global Time tracking software market was valued at USD 425.32 billion in 2019 and is expected to reach USD 1785.36 billion by the year 2026, at a CAGR of 22.36%.
Time-tracking software allows its employees to record time spent on tasks or projects. This software is used in many industries, including those using freelancers and part-time workers. It is also used by professionals who charge customers hourly. This includes lawyers, freelancers, and accountants.
The time tracking software market is growing due to growing necessity among enterprises. Enterprise wants to improve employee productivity. Also, the increase in adoption of remote work culture and BYOD policies are some of the factors that drive this market
Some companies still use traditional paper timesheets for time tracking. Time theft is expected to affect nearly 75 to 80% of businesses. In addition, a study by Affinity Live found that the US economy lost 50 million hours of productivity per day due to unrecorded work activity.
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Major Key Players Considered in the Time tracking software market
- SAP SE,
- Kronos Incorporated,
- Wrike, Inc.,
- Zoho Corporation,
- ProActive Software Ltd.,
- Click Time,
- LLC, Workfront
- Time Doctor.
By Deployment, The Time tracking software market is segmented
- On-Premises deployment
- Cloud-Based deployment
By Application type, the market is segmented into
- Retail Inventory,
- Perishable Goods,
- Electronics & IT Assets
Regions and Countries Level Analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
- Asia-Pacific (China, India, Japan, Southeast Asia etc.)
- South America (Brazil, Argentina etc.)
- Middle East & Africa (Saudi Arabia, South Africa etc.)
Microprocessor from the component segment is growing due to the heavy demand from the automotive and the electronics industry. Growing usage from inventory management and asset tracking is driving the Time tracking software market.
North America accounted for the largest market share. The growth in the region is due to the increasing workforce over the years, which has resulted in the adoption of time tracking software across all kinds of businesses. The market is growing due to awareness about insider threats, and the benefits offered by the software like payroll management, employee monitoring, and others.