The global time tracking software market is garnering substantial traction. The market growth attributes to increasing investments by enterprises to deploy sophisticated time tracking tools that help eliminate the risks relating to time theft buddy punching, increase employee productivity, and improve employee engagement performance. Besides, the increasing demand for time tracking software that can enable team leaders and members to manage and track project time expense drives the market growth.
Moreover, the rising demand to manage payroll and other enterprise operations effectively escalate market growth. According to Market Research Future (MRFR), the global time tracking software market valuation is poised to grow at 20.69% CAGR throughout the review period (2019–2025).
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Time Tracking Software Market – Segmentations
The report is segmented into four dynamics;
By Deployment: On-Premise and Cloud-Based.
By Application: Tracking Reporting, Project Management, Payroll, and others.
By Organization Size: Small- to-Medium Enterprises and Large Enterprises.
By Regions: North America, Europe, APAC, and Rest-of-the-World.
Time Tracking Software Market – Geographical Analysis
North America dominates the global for the time tracking software market. In 2018, the regional market was valued at USD 610.65 MN. The largest market share is attributed to the increasing workforce, resulting in the widespread adoption of time tracking software across enterprises. Besides, the early adoption of advanced technologies and innovations in HRM solutions increase the time tracking software market size.
Moreover, high RD investments in developments in cloud technology and high economic growth foster regional market growth. The North American time tracking software market is poised to retain its dominance, growing at 21.03% CAGR throughout the forecast period.
The Asia Pacific region stands second in the global time tracking software, mainly due to the rapidly growing Indian economy and business. Additionally, the market growth is driven by the rapidly increasing awareness about cyber data theft and the benefits offered by the software, such as payroll management, employee monitoring, project management, and others.
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