Attendance tracking software is a sort of business software or application that is designed to optimize and track the periods that the workers or employees spend on the job and preserve records of the salaries and wages paid. This is a common type of application used almost in business of all sizes. Attendance tracking software delivers management personnel with varied tools to aid minimize waste and maximize cash flow. The programs is likely to maintain, generate and archive important tax and payroll information. The records ascertain importance during the event of audit by taxing authorities. A good attendance software suite is likely continue to function correctly as an organization advances. It also aids to regulate labor costs by decreasing over-payments which are mostly triggered by paying employees for period that are not working, and reduces interpretation error, transcription error and intentional error.
Increasing need for employee efficiency and productivity is one of the primary factors driving the attendance tracking software market during the forecast period. Advanced analytical tools offers employers with enhanced understanding of the behavior of the employees. Such perceptions have impelled organizations to apply content analytics and predictive in improving operational efficiency. Increasing cloud based solution is also another important factor boosting the growth of the attendance tracking software market across the world. Switching to a cloud based software application helps in reducing money spent on installing, configuring and maintaining a system. It aids in accommodating organization’s growth easily and have the access to the current updates easily. Apart from this benefits, it is easily accessible from anytime and from anywhere. Increasing emphasis on workforce optimization and mobile applications is also bolstering the demand of the global attendance tracking software market. Workforce optimization is likely to help improving productivity, service and reduces costs and risks. Increasing adoption of automation is also bolstering the demand of attendance tracking software market across the globe. Automation of the system is likely to increase the productivity of the workforce since it carries out the repetitive tasks thereby allowing the workforce to focus on other productive tasks. Furthermore, it also increases accuracy and reduces the cost of operation.
Despite of numerous driving factors there are certain factors hindering the growth of the attendance tracking software market globally during the forecast period. Since the biometric system captures all the detail of an individuals’ such as fingerprints, that are possibly be compromised or hacked due to various security reasons. However, this factor is likely to have medium impact during the forecast period.
Increasing adoption of attendance tracking software among the small and medium sized organizations is likely to create opportunities in the global market. Moreover, inclination towards human resource analytics is also an important opportunity in the global market.
On the basis of types the global attendance tracking software market is bifurcated into proximity cards and biometrics. The proximity cards is further bifurcated into magnetic strips, connect less smart card and Radio Frequency Identification (RFID). Moreover, the biometric has been further segmented into fingerprint, facial recognition, hand geometry and iris recognition. Based on deployment type, the attendance tracking software market has been bifurcated into cloud and on premises. In addition, the market has also been segregated on the basis of end users that encompasses banking and financial sectors, healthcare, logistics and transportation, IT and Telecom, Retail, Government offices and others. The geographic bifurcation of the market comprises North America, Europe, Middle East and Africa, Asia Pacific and Latin America.
Some of the key companies in the attendance tracking software market includes International Business Machines Corporation (U.S.), Kronos, Inc. (U.S.), SAP SE (Germany), Automatic Data Processing LLC. (U.S.), Oracle Corporation (U.S.), Ultimate Software Group, Inc. (U.S.), Workday, Inc. (U.S.), Workforce Software, LLC. (U.S.), Reflexis Systems (U.S.), Inc. and RITEQ Pty Ltd. (Australia).
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.