Global Time and Attendance Management Service Market - Introduction
- Time and attendance management service is a business SaaS application, specifically developed to track & optimize actual work hours of employees, that would help to keep record of salaries and wages paid.
- This Software as a Service provides personnel management with varied tools to minimize waste and maximize cash flow. Time & attendance, payroll management, labor budgeting, scheduling, and task management are some applications of this software.
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Impact of Coronavirus (COVID-19) on the Time and Attendance Management Service Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a positive impact on the time and attendance management service market. Lockdowns have forced most of the enterprises to opt for work-from-home (WFH) due to the growing demand to enforce social distancing because of the highly contagious nature of Coronavirus (COVID-19).
Rising Adoption of Cloud–based Solutions Instead of On-premise Solutions among Enterprises Driving the Global Time and Attendance Management Service Market
- Rising adoption of cloud-based time and attendance management solutions is one of the major trends observed in the market. These days, organizations want to adopt cloud-based time and attendance management solutions with limited infrastructure investment.
- The cloud-based model is becoming popular in medium and small scale businesses. Cloud-based solutions provide additional benefits compared to an on-premise solution. This helps users to focus on their core business activities while achieving substantial reduction in the total cost of ownership.
- A cloud-based solution is an advanced model used for delivering various solutions such as time & attendance, payroll management, labor budgeting, scheduling, and task management, where the solution is hosted on the cloud and accessed through a browser. Cloud service providers deploy and manage the solution while end-users use the service on a pay-per-use model.
- Cloud-based solutions are considered as the right model for enterprise solutions as they allow the customers to move their content to cloud. Thus, the growing need to reduce the total cost of ownership and easily access data is compelling enterprises to shift toward cloud-based models.
- Rising adoption of cloud–based solutions rather than on-premise solutions among enterprises is driving the time and attendance management service market.
Cloud Security and Network Transmission Issues Expected to Hamper the Market
- Time and attendance management solutions widely rely on cloud-based services which are vulnerable to control loss or service impairment, and service loss comprising service interruption, data leakage, or in worse cases even service termination.
- End-user experience may also be affected by unstable network connections at some places across different locations worldwide; this might limit the scope of cloud-based services comprising hybrid services/solutions in the affected regions.
- This factor is predicted to have a moderate impact as a market restraint throughout the forecast period as the issues pertaining to network transmission are already being addressed by improving the network infrastructure.
- Therefore, cloud security and network transmission issues are expected to hamper the time and attendance management service market worldwide.
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North America to Account for Major Share of the Global Time and Attendance Management Service Market
- In terms of region, the global time and attendance management service market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global time and attendance management service market during the forecast period due to major presence of leading players and rising demand for workforce optimization in the region, indicating potential growth of the market. Europe is expected to be the second largest market for time and attendance management service from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for time and attendance management service during the forecast period due to growing implementation of cloud-based time and attendance management service across various industry verticals such as retail, banking, financial services, and insurance, specifically in India, Japan, and China.
Key Players Operating in the Global Time and Attendance Management Service Market Include:
- ADP, LLC
- Cornerstone OnDemand, Inc.
- Halogen Software Inc.
- IBM Corporation
- Kronos Incorporated
- Oracle Corporation
- SAP SE
- SumTotal Systems, LLC
- Ultimate Software
- Workday, Inc.
Global Time and Attendance Management Service Market: Research Scope
Global Time and Attendance Management Service Market, by Solutions
- Consulting & Integration
- Support & Maintenance
Global Time and Attendance Management Service Market, by Software Deployment
Global Time and Attendance Management Service Market, by Enterprise Size
- Small and Medium Enterprises
- Large Enterprises
Global Time and Attendance Management Service Market, by End-user
- Transportation & Logistics
- Others (Manufacturing, etc.)
Global Time and Attendance Management Service Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players 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.