Time Tracking Software Market Key Findings, Regional Analysis, Key Players Profiles and Future Prospects


Posted April 26, 2021 by Techfuture

Time Tracking Software Market Emerging Audience, Emerging Factors, Segments, Sales, Profits and Future Outlook
 
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.

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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.

Time Tracking Software Market – Segmentations

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.

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Tags time tracking software market
Last Updated April 26, 2021