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.
  • Others

Global Time and Attendance Management Service Market: Research Scope

Global Time and Attendance Management Service Market, by Solutions

  • Software
  • Services
    • Consulting & Integration
    • Support & Maintenance

Global Time and Attendance Management Service Market, by Software Deployment

  • Cloud
  • On-premise

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

  • Government
  • BFSI
  • Transportation & Logistics
  • Energy
  • Hospitality
  • Healthcare
  • Media
  • Retail
  • Others (Manufacturing, etc.)

Global Time and Attendance Management Service Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

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 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.

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Time And Attendance Management Service Market

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