Time And Attendance System Market Report: Market anticipated to reach USD 3.12 BN by 2026
Posted On December 02, 2020
The Global Time And Attendance System Market value is expected to grow from USD 1.77 BN in 2019 to USD 3.12 BN by 2026 at a CAGR of 8.48%% during 2020-2026 as per the market report by Value Market Research. Time and attendance systems allow electronic management of all aspects of an employee's working hours in an organization. The growing demand for better human resource management systems across all businesses will be the key trend driving the time and attendance system market. Increased payroll automation adoption to minimize bookkeeping errors, ensure proper overtime compensation, and comply with labor laws will benefit this market's growth. Integration of this system with Business Analytics to enhance productivity will boost the market growth. The need to better manage both onsite and remote employees' working hours will further propel market growth. The scalability of these systems for use in small businesses to big corporates will be a market booster. This market's main restraints are the high installation costs and security concerns associated with any software system.
A time and attendance system are used to monitor employee working hours, late arrivals, early departures, and absenteeism in an organization. It enables an employer to control employees' working hours and labor costs by reducing over-payments caused by transcription error, interpretation error, and intentional errors. It also helps an organization to ensure compliance with labor regulations regarding proof of attendance. This system is user-friendly, highly configurable, and can be manual, automated, or application-based. Modern time management systems use biometric fingerprint scanning, facial recognition, palm vein readers, swipe smart card devices, and smartphone mobile application attendance marking.
The report “Global Time And Attendance System Market Report By Product Type (Proximity Cards, Biometric, And Others), By Application (Office Building, Hospital, Government, And Other) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026" initially provides the market overview, executive summary followed by detailed revenue analysis bifurcated by segments and regions. The study researches the historical trends of the industry along with understanding all the geo-economic conditions related to the time and attendance system market, thus making the foundation of the report strong and reliable.
On the basis of product types the market is segmented into Proximity Cards, Biometrics, Other. By applications the time and attendance system market is categorised as Office Building, Hospital, Government, Other. Regionally, the report is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In this section of the report the data related to all the segments are analysed as per regions.
The Report Segments Global Time And Attendance System Market -
By Product Types
- Proximity Cards
- Office Building
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Players Profiled In the Report:
ADP, Data Management Inc., Insperity, ISolved, Kronos, NETtime Solutions, Redcort, Replicon, Synerion, TSheets, Ultimate Software, and Others
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