Time Tracking Software Market is Estimated to Register a CAGR of 16.5% over the Forecast Period

Pune, India, April 2020, /MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Time Tracking Software Market.

Market Highlights

Global Time Tracking Software Market spans across North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. North America is dominating the global time tracking software market owing to the increasing workforce in the region resulting in the widespread adoption of time tracking software across all sizes and kinds of businesses. For analysis purposes, the market in North America has been segmented into the US, Canada, and Mexico. During the forecast period, the US is expected to be the leading country-level market, registering a CAGR of 16.5%, followed by Canada and Mexico. The growth of the US market is attributed to the presence of a large number of businesses in the country. The country actively focuses on increasing efficiency and labor productivity, especially after the recession. The market is driven by the increasing focus on enhanced productivity and the upsurge in the adoption of analytical solutions and ERP. Additionally, employee monitoring in the US is legal and unregulated, which enables the companies to track and monitor the employees’ keystrokes, emails, phone calls, and Internet use. All these factors are contributing to the growth of the US time tracking software market. Canada holds the second-largest market share and is expected to be the fastest-growing country-level market in North America during the forecast period with a CAGR of 23.33%. Companies across the country are starting to recognize the need for the implementation of tracking and reporting software to stay ahead of their competitors. The increasingly growing popularity of big data, particularly for payroll, results in a lucrative opportunity for companies operating in this market. Also, an entry to this market is quite easy as it does not require much technical expertise, which enables the Canadian firms to offer differentiated software or services to the buyers.

Asia-Pacific is the fastest-growing regional market for time tracking software. Asian countries are some of the biggest exporters as well as manufacturers of goods. Countries such as China, India, Indonesia, South Korea, and Japan are huge manufacturers of different goods. Therefore, time tracking software for workforce or projects helps in addressing various concerns, and thus, in automatically boosting the growth of the overall market. To facilitate analysis, the Asia-Pacific market has been further divided into China, Japan, India, South Korea, and the rest of Asia-Pacific. China is dominating the time tracking software market in the region. Companies based in China are investing heavily to capture the market. Chinese players are significantly investing in the latest technologies enabling them to manage their workforce efficiently, which helps in increasing business productivity. These are some of the factors responsible for the growth of the time tracking software market during the assessment period. Additionally, the growing number of small-medium enterprises across China is boosting the growth of the time tracking software market. India is expected to grow at the highest CAGR in the Asia-Pacific time tracking software market due to the increasing number of small & medium businesses that will help to automate manual processes. In addition to the growth in SMEs, the growing demand for project management and payroll management software across the IT & telecommunications, BFSI, government & defense, and other sectors to increase labor productivity is augmenting the growth of the time tracking software market in India.

Europe, the Middle East & Africa, and South America are also undergoing considerable growth in the global time tracking software market. The growth of the European market is due to large enterprises in the region that have deployed software that monitors both projects and timesheets of the employees, thereby driving the growth of the European market. For the purpose of analysis, Europe has been segmented into the UK, Germany, France, Italy, and the rest of Europe, amongst which, Germany is the major revenue contributor to the regional market. The Middle East & Africa market includes GCC countries, South Africa, and the rest of the Middle East & Africa. The increasing demand for software in the IT & Telecom industry and the increasing initiatives from the governments to adopt advanced technologies in both public and private sectors are some of the driving factors for the growth of the market in this region. The market in South America includes countries such as Brazil, Argentina, Colombia, and the rest of South America. The growing adoption of time tracking software in the IT & telecom industry is one of the major factors contributing to the growth of the market at a CAGR of 17.96% during the forecast period.Global Time Tracking Software Market is expected to reach USD 11.48 Billion by 2032, registering a CAGR of over 16.5% during the forecast period, 2024-2032.

Global Time Tracking Software Market Segmentation

Global Time Tracking Software Market has been segmented based on Deployment, Application, Organization Size, and Region. The market, by deployment, has been segmented into on-premise and cloud-based; by application, the market has been segmented into tracking and reporting, project management, and payroll; by organization size, the market has been segmented into large enterprises and small & medium enterprises; regional markets being North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

Prominent Players

Some of the Prominent Players in the Global Time Tracking Software Market are SAP SE (Germany), Kronos Incorporated (US), Wrike, Inc. (US), Clarizen (US), Zoho Corporation (US), ProActive Software Ltd. (The Netherlands), Basecamp (US), Mavenlink (US), ClickTime (US), ConnectWise, LLC (US), Workfront, Inc. (US), and Time Doctor (US).