The time-tracking software market is gaining traction with the increased adoption of cloud-based solutions. Time tracking software helps employees to track their working hours and generate reports based on their performance. Businesses are using this solution to manage payrolls, attendance, and performance reports.
Let’s find out more about the time-tracking software market and all about time tracking in this blog.
Use of Time and Attendance Software Solutions after the Pandemic
The adoption of time and attendance software solutions has increased in the healthcare sector since the pandemic and has therefore boosted the growth of the market. The increasing demand for such solutions is due to their ability to automate timekeeping for employees, which can help improve productivity and reduce costs.
In addition to providing a solution for time-tracking and employee attendance, these software solutions also allow organizations to track their employees’ locations through GPS tracking. This feature is particularly useful for healthcare providers, who can use it to ensure that their staff members are in compliance with safety protocols or stay within designated areas during an emergency situation.
Global Time Tracking Software Market Size Overview
The time tracking software market is a dynamic, highly fragmented, competitive market in the B2B space. The key players are large and small software companies that offer their solutions as a service or on-premises. The market is driven by two factors:
- The increased demand for agile project management; and
- The need for accurate expense reporting is due to growing regulatory compliance requirements.
The market for time tracking software is growing rapidly, with new companies entering the market every year. According to a report by MarketsandMarkets, the global time tracking software market will be dominated by North America during the forecast period (2019–2024), according to the same source.
The region is expected to account for over 40% of the total revenues generated by the global time tracking software market during this period, with Europe coming in close behind at a projected share of 37%. The Asia Pacific will be the third largest regional contributor at about 22% of revenues during this period.
Based on industry, the market spreads across the following industries:
- Aerospace & Defense
- Automotive & Transportation
- Financial Services & Insurance
- Construction & Real Estate
- Consumer Goods & Retail
- Education, Energy & Utilities
- Healthcare & Life Sciences
- Information Technology
- Travel & Hospitality
On the basis of deployment, the time tracking software market is divided into:
In addition, it is also divided application-wise into:
- Tracking and reporting
- Project management
By Organization Size (2019-2025)
The global time and attendance software market size was valued at $2,156 million in 2020 and is projected to reach $5,312 million by 2030, growing at a CAGR of 9.4% from 2021 to 2030.
In this report, the global time tracking software market has been segmented on the basis of organization size, industry vertical, and region (Americas, Europe, Asia Pacific [APAC], Middle East & Africa [MEA], and South America).
By Organization Size: Small & Medium Enterprises represent the highest revenue share in the overall market followed by Large Enterprises.
By Industry Vertical: Manufacturing accounts for the largest share in terms of revenue generation followed by IT & Electronic Devices and Services Sectors among others.
Time and Attendance Software Market Statistics
According to the report by time and Attendance Software – Global Market Outlook (2019-2027), the Global Time and Attendance Software Market accounted for $1,317.38 million in 2019 and is expected to reach $2,493.09 million by 2027, growing at a CAGR of 8.3% during the forecast period.
The global time and attendance software market is witnessing some growth due to increasing demands for accurate time recording among organizations due to increasing compliance with labor laws such as FSLA (Fair Labor Standards Act), Family Medical Leave Act (FMLA), OSHA (Occupational Safety & Health Administration), FLSA (Federal Labor Standards Act), FMLA, and unemployment insurance benefits among others.
As an extension of basic payroll systems, these solutions provide full-fledged employee management capabilities along with data mining features that enable employers to track employee productivity levels over time so that they can hold employees accountable for their performance on a day-to-day basis.
Types of Time Trackers
Time tracking software is a type of software that helps you track time spent on projects, tasks, and other activities. There are many different kinds of time tracking software available for different purposes. Some examples are:
- Personal Time Tracker – These types of programs help you keep track of your personal to-do list. They can also be used to help with personal productivity, such as keeping track of how much time you spend on each task or project so that you can better manage your workload in the future.
- Project Management Software – This kind of program is designed specifically for businesses that need to manage multiple projects at once while keeping an eye on costs and deadlines.
Why Should You Track Time?
We all work hard, but sometimes it’s difficult to know exactly how much time we spend on each task. This is where time-tracking software comes in handy. Time tracking software provides you with a complete overview of the time spent on a task, project, and employee basis.
You can find out if your employees are working efficiently or not by analyzing their time sheets and then providing them with constructive feedback to improve their performance. Time tracking software also helps you manage the workload of each department so that each employee has enough work to do without being overwhelmed by too much work at once.
If you’re a small business, it’s safe to say that every hour of your employees’ time is essential. If you’re a large business, the cost of wasted employee hours can add up quickly. In fact, research shows that a lack of time-tracking software leads to lower profits and increased stress levels for employees—and that’s just the tip of the iceberg.
Since most people spend their days at work, it makes sense that they would want to do their best work while they’re there.
Features of Time Tracking Solutions
- Time tracking software can help you keep track of your time, manage your time better, improve productivity and billable hours, and improve client invoicing processes.
- Features like automatic reminders and alerts remind employees to start or stop work when they’re supposed to. Alerts notify managers when an employee hasn’t clocked in for more than 15 minutes in a row so that they can check on the employee’s status.
- Most time tracking systems are integrated with company calendars so everyone knows who is doing what and when without having to pull out paper planners at the end of each day or week. Additionally, these systems can communicate with email apps so that emails sent from one employee or department will automatically appear as tasks in another employee’s calendar (or vice versa).
Best Time Tracking Software Available in the Market
AttendanceBot is a powerful time-tracking software for both small and medium-sized organizations. It is also a great tool for remote and hybrid teams.
The software allows you to track employee hours, overtime, absences, and more. You can also add notes about specific tasks that employees work on throughout the day and assign them to specific projects for better management. AttendanceBot lets you do the following:
- Get reminders to punch in or out as your day begins or ends
- Clock in or out easily without you worrying about tracking the time spent on a task/project each day
- Generate timesheets within Slack
- Track billable hours with ease
- Easily download Excel reports and get them delivered straight to you periodically
- Keep track of time spent on tasks
- If your team works in different shifts, you can manage their schedules and also customize shifts for each member
In addition, AttendanceBot helps employers and employees in the following ways:
- In addition to boosting productivity, it serves internal customers more strategically and optimizes resource planning.
- Offers exceptional time-tracking service for consultants, health care professionals, law firms, and non-profits.
- Offers agency-specific time tracking for marketers
- Offers shift scheduling
- Offers absence management
- Allows employees to work flexible hours through the time off in lieu feature
Challenges In Adopting Time Tracking Solutions
In order to adopt time-tracking solutions, you will need a plan. You need to make sure that it matches your company’s needs and goals. Here are some things to consider when implementing a time tracking solution:
- Your company’s size: If your company is small, then there is probably not much need for complex time tracking software. A simple solution might be enough for you if all you want to do is bill clients for their services and track employee hours. On the other hand, if your business is large with multiple departments around the world, then it’s important that you find software that can scale as well as integrate with other enterprise systems such as payroll applications or project management tools.
- Existing infrastructure: If your company already has an IT department running on-premises servers or cloud platforms, then it may be easier for them to implement new technologies such as artificial intelligence systems into existing infrastructures rather than starting from scratch by installing new hardware components such as servers at each location – although this would depend on whether these locations were remote offices which needed access data stored elsewhere.
Choosing the Best Time Tracking Software
There are several factors to consider when choosing the right time-tracking software for your business.
- Compatibility with your business needs – The first thing to think about is how much time you want to track and how many employees you have. A simple app might be enough for a solo entrepreneur who wants to track their work hours, while something more robust will likely be necessary if they have multiple employees and needs detailed reports of their activity.
- Ease of use – Time tracking isn’t an easy task, so pick something that’s easy to use or learn from tutorials or videos online.
Time tracking software is a great way to manage your team’s time and attendance. It helps you improve productivity and keep track of all the hours your employees work.