Time Tracking Software Market Analysis by Deployment, Application, Region and Key Companies

The global Time tracking software market was valued at USD 425.32 billion in 2020 and is expected to reach USD 1785.36 billion by the year 2025, at a CAGR of 22.36%.

Time tracking software is a tool used by corporate managers and employees to record hours worked for billing, payroll and other tasks. This software allows managers to assign tasks to projects, capture the time each employee spends on assigned tasks, and is used to automate payroll or customer billing processes.

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Major Key Players Considered in the Time Tracking Software Market

· SAP SE,

· Kronos Incorporated,

· Wrike, Inc.,

· Clarizen,

· Zoho Corporation,

· ProActive Software Ltd.,

· Basecamp,

· Mavenlink,

· Click Time,

· ConnectWise,

· LLC, Workfront

· Time Doctor

By Deployment, The Time tracking software market is segmented

· On-Premises deployment

· Cloud-Based deployment

By Application type, the market is segmented into

· Retail Inventory,

· Perishable Goods,

· Electronics & IT Assets

· Others

Regions and Countries Level Analysis:

· North America (U.S., Canada, Mexico)

· Europe (Germany, U.K., France, Italy, Russia, Spain etc.)

· Asia-Pacific (China, India, Japan, Southeast Asia etc.)

· South America (Brazil, Argentina etc.)

· Middle East & Africa (Saudi Arabia, South Africa etc.)

Additionally, the software provides operational-related reports and insights, such as alerts on time and costly tasks via a dashboard, allowing businesses to plan project budgets, increase productivity and accuracy, and increase workplace transparency.

Time theft and buddy punching are some of the major concerns in companies that still use traditional paper timesheets for time tracking. Time theft is expected to affect almost 75–80% of businesses. Also, a study by Affinity Live revealed that the US economy loses 50 million hours in productivity per day because of unrecorded work activities.

This equates to a loss of USD 7.4 billion per workday, due to which the enterprises are investing in sophisticated time tracking tools that help in eliminating the risks relating to time theft and buddy punching, increase employee productivity, and improve employee engagement and performance.

Time tracking software enables managers and employees to manage and track project time and expense, payroll, and other enterprise operations effectively. Furthermore, due to the emergence of cloud-based time tracking software, the prevalence of remote work, and the use of mobile phones for official purposes, it is expected that the time tracking software industry will grow during the forecast period.

The Time tracking software market size is estimated to be USD 2043.83 billion by the end of 2027. The major factors that are driving the market are the improvement in inventory management, asset tracking, and the usage of consumer goods, especially in the North-America.

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