Time Tracking Solution Market is expected to reach US$ 17,601.72 million by 2030

Rise in Concerns of Time Theft by Employees Drives Time Tracking Solution Market Growth

According to our latest study on “Time Tracking Solution Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Deployment, Enterprise Size, and Application,” the time tracking solution market size is expected to reach US$ 17,601.72 million by 2030 from US$ 2,971.57 million in 2022. The time tracking solution market is estimated to grow at a CAGR of 24.9% from 2022 to 2030.

There is a growing concern about time theft by employees. Due to the pandemic, many employees switched to entirely remote or hybrid working arrangements. The challenge of managing a workforce without direct supervision increasingly lies with employers. In such circumstances, time theft is a significant form of wrongdoing in which employees are compensated for the time they did not work. To eliminate such misconduct by the employees, implementing time tracking is necessary to avoid the loss of productivity. According to a 2020 Connecteam survey, time theft affects more than 75% of US firms. It can consume up to 7% of total annual gross payroll. When employees round up their hours at work or receive payment for tasks they did not perform, it is called time theft. Buddy punching is the practice of having a coworker clock in using employees' cards while employees are away. Several companies that still use paper timesheets and traditional clock-in systems frequently deal with time theft and buddy punching. Thus, several businesses nowadays reduce time theft using cutting-edge staff attendance and time tracking software. Thus, the increasing concern of time theft by employees is driving the time tracking solution market.

Time Tracking Solution Market – by Region, 2022 and 2030

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Source: The Insight Partners Analysis

The technological advancements in China are increasing significantly, including cloud-based infrastructure. According to the China Internet Watch report, China’s cloud infrastructure spending increased 6% year-on-year in Q1 2023, reaching US$ 7.7 billion and constituting 12% of total global cloud expenditure. China’s top 4 cloud vendors (Alibaba Cloud – 36%, Huawei Cloud – 19%, Tencent Cloud – 16%, and Baidu AI Cloud – 9%) account for 80% of cloud spend in the country. Also, the rise of AI technologies and related services continues to promise fresh avenues of growth in the cloud services sector in China. AI-based tracking solutions have several advantages over traditional time-tracking solutions. By integrating AI into the cloud, time tracking solutions can be retrieved from anywhere with the internet, making them ideal for businesses with mobile or remote employees. Hence, with the increasing technological advancements, the demand for time tracking solutions is increasing, boosting the time tracking solution market growth in China.

The time tracking solution market is segmented based on deployment, organization size, application, and geography. Based on deployment, the time tracking solution market is bifurcated into cloud and on-premises. By organization size, the time tracking solution market is bifurcated into small and medium enterprises and large enterprises. Based on application, the time tracking solution market is segmented into tracking and reporting, project management, and payroll. By geography, the time tracking solution market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Replicon Inc, Clarizen Inc, clicktime.com Inc, ConnectWise LLC, UKG Inc, Kantata Inc, SAP SE, Time Doctor LLC, Planview Inc, and Zoho Corporation Pvt Ltd are among the key players operating in the time tracking solution market.

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