Rise in need for efficiency and productivity of employees, increase in shift towards cloud based time and attendance software, wide ranging features and benefits of time and attendance software, and surge in adoption of automation tools in HRM systems the growth of the global time and attendance software market. North America contributed to the highest share in terms of revenue in 2020, contributing to more than two-fifths of the total market share. Moreover, the pandemic led the software-assisted organizations in raising their productivity by ensuring availability of right people for specific tasks.

According to the report published by Allied Market Research, the global time and attendance software market generated $2.1 billion in 2020, and is projected to reach $5.3 billion by 2030, witnessing a CAGR of 9.4% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.

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Rachita Rake, a Research Analyst, ICT at Allied Market Research, stated, "Asia-Pacific is expected to observe the highest growth rate during the forecast period. Large number of enterprises in this region have now implemented time and attendance software in an effort to improve productivity and performance of their business. In addition, upsurge in a number of SMEs in this region creates lucrative growth opportunities for cloud based time and attendance software. Moreover, developing markets such as China, India, Japan, and South Korea are expected to play a significant role in the Asia-Pacific time and attendance software market growth."

COVID-19 scenario:

• The outbreak of the COVID-19 pandemic led to implement automated time and attendance software for improving payroll accuracy and lowering down the manual and error-prone data entry in order to cope up with various challenges such as hours spent in creating schedules, the manual entrance of payroll information, and handling of scheduling requests from employees.
• This way, the pandemic led the software-assisted organizations in raising their productivity by ensuring availability of right people for specific tasks.
• Moreover, the adoption of "work from home culture" in organizations due to closedown of offices and facilities led to surge in implementation of time and attendance software.

The report offers detailed segmentation of the global time and attendance software market based on component, deployment type, organization size, industry vertical and region.

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Based on component, the solution segment held the highest market share in 2020, accounting for nearly two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. However, the services segment is estimated to register the highest CAGR of 10.7% from 2021 to 2030.

Based on deployment type, the cloud segment held the largest market share in 2020, accounting for nearly half of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is projected to register the highest CAGR of 11.3% from 2021 to 2030.

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Based on region, North America contributed to the highest share in terms of revenue in 2020, contributing to more than two-fifths of the total market share, and is estimated to continue its dominant share by 2030. However, the Asia-Pacific region is projected to manifest the fastest CAGR of 11.8% during the forecast period.

Leading players of the global time and attendance software market analyzed in the research include Kronos Incorporated, ADP, LLC, Ultimate Software, Ceridian, Workday Inc., WorkForce Software, LLC, SAP SE, IBM Corporation, Oracle Corporation, and Reflexis Systems.

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

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