The Time Tracking Software Market is witnessing a constant revenue growth. Factors such as increasing investments in modern time tracking tools by enterprises to increase employee productivity substantiate market growth. Moreover, increasing adoption of time tracking software to improve employee engagement & performance by eliminating the time theft and buddy punching risks accelerate the growth of the market. 

" The Time Tracking Software Market was valued at USD 634.79 Billion in 2020 and is expected to reach USD 1,946.59 Billion by the year 2030, at a CAGR of 21.4% "

Market Research Future (MRFR) asserts that the global time tracking software market is expected to create an exponential value growing at 21.4% CAGR during the forecast period (2020-2030). Additionally, the rising demand to effectively manage payroll and other enterprise operations boosts market growth. The increasing demand for solutions to manage and track project time & expense increase the time tracking software market size.

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Furthermore, the emergence of cloud-based time tracking software and prevailing work from home policies & remote operations create substantial market demand. Rising usages of mobile phones for official purposes drives the growth of the market. The cost-benefit that time tracking software and the added advantage of cloud-based services increases market sales, enabling shared infrastructure. 

Conversely, the availability of free and open-source time tracking software obstructs market growth. Also, data privacy and security concerns restrict the development of the market. However, the increasing trend of 'bring your own device' (BYOD) policies and connected devices would support market growth throughout the review period. Additionally, the growing demand for cloud-based time tracking software influences the growth of the market.

Global Time Tracking Software Market – Regional Analysis

North America leads the global for the time tracking software market. The widespread adoption of time tracking software across enterprises led by the increasing workforce in organizations drive the growth of the market. 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 Asia Pacific time tracking software market has emerged as a promising market, mainly due to the rising adoption of cloud-based services. Additionally, growing government initiatives to foster digitalization and the increase in Indian economy and business positively impact the market growth. Rapidly increasing awareness about cyber data theft and the benefits offered by the software, such as payroll management, employee monitoring, project management, and others propel the regional market growth. 

region stands second in the global, mainly due to the rapidly growing the market growth is driven by the.

Europe also holds a sizable share in the global time tracking software market. Factors such as the rising uptake of time tracking software and increasing business in the region create substantial market demand. The UK and Germany are emerging markets in the region, providing impetus to the European time tracking software market. The market is expected to grow at the highest CAGR during the forecast period. 

Global Time Tracking Software Market – Segments

The market is segmented into four dynamics; 

By Deployment:

  • Cloud-based platform 
  • On-premise 

By Tracking Application: 

  • Payroll 
  • Tracking and reporting 
  • Project management 

By Organisation Size:

  • Large scale organisation 
  • Small and medium enterprise 

Time Tracking Software Market --- Competitive Analysis

Time tracking software market appears highly competitive and fragmented owing to the presence of several notable players. Collaboration, mergers & acquisitions, expansion, and technology launch are common trends of industry players to retain their market position. Market players invest substantially to drive R & D activities and to expand the global footprints. 

Major Players:

Players active in the time tracking software market are Kronos Incorporated (US), Wrike, Inc. (US), SAP SE (Germany), Zoho Corporation (US), ProActive Software Ltd. (The Netherlands), Clarizen (US), Mavenlink (US), ClickTime (US), Basecamp (US), Workfront, Inc. (US), Time Doctor (US), and ConnectWise, LLC (US), among others. 

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Industry/Innovation/Related News:

September 28, 2020 ---- Locus (the UK), leading global logistics planning and optimization software provider, announced a partnership with a global software SaaS company -Vinculum, to enable its customers to develop omnichannel commerce and supply chain.  Locus’ B2B SaaS platform automates human decisions in the supply chain, providing efficiency, transparency, and consistency in logistics operations. Brands & Retailers can now have access to best-in-class routing, omnichannel commerce solutions, and supply chain management under one roof

The Locus platform uses deep machine learning and proprietary algorithms, offering smart logistics solutions like route optimization, real-time tracking, insights & analytics, beat optimization, efficient warehouse management, and vehicle allocation & utilization. This helps companies optimize their end-to-end supply chain network with its strategic consulting offering.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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