Online Time Tracking Software Market Segmentation:
The report is segmented into four dynamics;
By Deployment : On-Premise and Cloud-Based.
By Application : Tracking & Reporting, Project Management, Payroll, and others.
By Organization Size : Small- to-Medium Enterprises and Large Enterprises.
By Regions : North America, Europe, APAC, and Rest-of-the-World.
Online Time Tracking Software Market – Geographical Analysis
North America dominates the global for the Online Time Tracking Software Market. In 2018, the regional market was valued at USD 610.65 MN. The largest market share is attributed to the increasing workforce, resulting in the widespread adoption of time tracking software across enterprises. 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 North American Online Time Tracking Software Market is poised to retain its dominance, growing at 21.03% CAGR throughout the forecast period.
The Asia Pacific region stands second in the global time tracking software, mainly due to the rapidly growing Indian economy and business. Additionally, the market growth is driven by the rapidly increasing awareness about cyber data theft and the benefits offered by the software, such as payroll management, employee monitoring, project management, and others.
Furthermore, growing government initiatives to foster digitalization and increase the adoption of cloud-based services boost the growth of the regional market. Emerging economies like India, China, and South Korea are leading in the regional market. The APAC time tracking software market is expected to grow significantly, registering 22.21% CAGR throughout the review period.
Europe also holds a sizable share in the global Online Time Tracking Software Market. Factors such as the rising uptake of this software and increasing business in the region create substantial market demand. The European time tracking software market is expected to grow at the highest CAGR during the forecast period.
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Global Time Tracking Software Market --- Competitive Landscape
Highly competitive, the time tracking software market appears fragmented due to the presence of several notable players. Industry players adopt strategies such as collaboration, mergers & acquisitions, expansion, and technology launch to gain a larger competitive share.
These players also make substantial R & D investments in developing a technology with unrivaled design and features on an entirely different level. Considerable investments go into expansion plans to increase global reach and to gain diverse expertise.
Major Players
Players leading the time tracking software market are Kronos Incorporated (US), SAP SE (Germany), Wrike, Inc. (US), Zoho Corporation (US), Clarizen (US), ProActive Software Ltd. (The Netherlands), Mavenlink (US), Basecamp (US), ClickTime (US), Workfront, Inc. (US), ConnectWise, LLC (US), and Time Doctor (US), among others.
Industry/Innovation/Related News:
September 16, 2020 ---- Immediate (Canada), a financial wellness company, announced a new integration with Visa that would allow workers and users of its earned wage access services to receive requested funds directly onto an eligible debit card real-time through Visa Direct, a real-time push payments platform.
Any existing Visa debit card can be linked in the ImmediatePay app and enable users to transfer and use money in real-time. Immediate's software platform integrates directly with employers' time tracking and payroll software, and nominal early access fees are set up like ATM convenience charges, which employers can elect to cover.
Market Highlights
The global time tracking software market is garnering substantial traction. The market growth attributes to increasing investments by enterprises to deploy sophisticated time tracking tools that help eliminate the risks relating to time theft & buddy punching, increase employee productivity, and improve employee engagement & performance. Besides, the increasing demand for time tracking software that can enable team leaders and members to manage and track project time & expense drives the market growth.
Moreover, the rising demand to manage payroll and other enterprise operations effectively escalate market growth. According to Market Research Future (MRFR), the global time tracking software market valuation is poised to grow at 20.69% CAGR throughout the review period (2019–2025). The emergence of cloud-based time tracking software, prevailing work from home policies & remote operations, and the use of mobile phones for official purposes create substantial market demand.
Additionally, the cost-benefit that time tracking software and the added advantage of cloud-based services accelerate market sales, enabling shared infrastructure. Also, increasing technological advances and integration of time management software with cloud services push the market growth, bringing about customization options. The increasing trend of 'bring your own device (BYOD)' policies and connected devices such as Laptops, smartphones, and tablets influence the growth of the market.
Companies are increasingly adopting cloud and mobility solutions to help employees work wherever and whenever they want without restrictions and reduce the time and cost of the IT spend on support and troubleshooting the user device. Mobile time tracking and expense management applications boost the productivity of the workforce. Furthermore, the augmenting demand for mobile tracking software to track & manage work, and improve productivity, impact the market growth positively.
On the flip side, the availability of free and open-source time tracking software is a major factor projected to impede the market growth. Also, data privacy and security concerns restrict the development of the market. Nevertheless, the increasing demand for cloud-based time tracking software would support market growth throughout the assessment period.
1 EXECUTIVE SUMMARY
1.1 MARKET SYNOPSIS 14
1.2 GLOBAL TIME TRACKING SOFTWARE MARKET, BY REGION, 2018 16
1.3 GLOBAL TIME TRACKING SOFTWARE MARKET, BY DEPLOYMENT 16
1.4 GLOBAL TIME TRACKING SOFTWARE MARKET, BY APPLICATION 17
1.5 GLOBAL TIME TRACKING SOFTWARE MARKET, BY ORGANIZATIONS SIZE 18
1.6 GLOBAL TIME TRACKING SOFTWARE MARKET, BY REGION 19
2 MARKET INTRODUCTION
2.1 DEFINITION 20
2.2 SCOPE OF THE STUDY 20
2.3 RESEARCH OBJECTIVE 20
2.4 MARKET STRUCTURE 21
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 22
3.2 PRIMARY RESEARCH 23
3.3 SECONDARY RESEARCH 24
3.4 MARKET SIZE ESTIMATION 24
3.5 FORECAST MODEL 26
3.6 LIST OF ASSUMPTIONS 27
4 MARKET DYNAMICS
4.1 DRIVERS 29
4.1.1 GROWING NEED AMONG ENTERPRISES TO INCREASE EMPLOYEE PRODUCTIVITY 29
4.1.2 INCREASING ADOPTION OF REMOTE WORK CULTURE AND BYOD AMONG ENTERPRISES 29
4.2 RESTRAINTS 30
4.2.1 AVAILABILITY OF FREE AND OPEN SOURCE TIME TRACKING SOFTWARE IN THE MARKET 30
4.3 OPPORTUNITIES 30
4.3.1 INCREASING DEMAND FOR CLOUD-BASED TIME TRACKING SOFTWARE 30
4.4 CHALLENGES 30
4.4.1 DATA PRIVACY AND SECURITY CONCERNS 30
5 MARKET FACTOR ANALYSIS
5.1 PORTER’S FIVE FORCES MODEL 31
5.1.1 THREAT OF NEW ENTRANTS 31
5.1.2 BARGAINING POWER OF SUPPLIERS 32
5.1.3 BARGAINING POWER OF BUYERS 32
5.1.4 THREAT OF SUBSTITUTES 32
5.1.5 INTENSITY OF RIVALRY 32
5.2 VALUE CHAIN 32
5.2.1 SOLUTION PROVIDERS 33
5.2.2 SYSTEM INTEGRATORS 33
5.2.3 END-USERS 33
6 GLOBAL TIME TRACKING SOFTWARE MARKET, BY DEPLOYMENT
6.1 OVERVIEW 34
6.2 ON-PREMISE 35
6.3 CLOUD-BASED 35
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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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