Time Tracking Software Market size to grow by USD 2,599.62 million from 2022 to 2027|Increasing need for workforce management is one of the key drivers- Technavio

NEW YORK, July 3, 2023 /PRNewswire/ — The global time tracking software market size is estimated to increase by USD 2,599.62 million from 2022 to 2027. The market’s growth momentum will be progressing at a CAGR of 15.05%. Discover some insights on market size, historic period (2017 to 2021), and forecast (2023 to 2027) before buying the full report –Request a sample report

Time tracking software market – Vendor Analysis
Vendor Landscape – The global time tracking software market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer time tracking software in the market are 37signals LLC, Adobe Inc., Avelogic Pte. Ltd., CAKE.com Inc., Citrix Systems Inc., ClickTime, ClockInEasy Inc., ConnectWise LLC, CyberMatrix Corp. Inc., Data Maxx Technologies Inc., FEST Technologies LLC, FunctionFox Systems Inc., JaMocha Tech Pvt. Ltd., Netsoft Holdings LLC, Oracle Corp., Planview Inc., Replicon Inc., Roper Technologies Inc., Smartsheet Inc., and Talygen Inc. and others.

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Vendor Offerings –

• Avelogic Pte. Ltd. – The company offers time-tracking software solutions namely SmartHRMS.
• CAKE.com Inc. – The company offers time-tracking software solutions through its subsidiary Clockify.
• ClickTime – The company offers time-tracking software solutions to track, plan, manage and analyze teams’ project costs.
• For details on the vendor and its offerings – Request a sample report

Time Tracking Software Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on components (Software and Services), deployment (On-premise and Cloud-based), and geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The market share growth by the software segment will be significant during the forecast period. This segment includes time-tracking software applications, dashboards, and user interfaces, which allow enterprises to track employees’ time at work and handle the workforce. The growing adoption of cloud-based time-tracking software is one of the significant aspects propelling the growth of the segment. Moreover, cloud-based software allows companies to access their data from anywhere, at any time. Furthermore, it also eliminates the need for on-premises hardware and software, while providing greater flexibility, scalability, and cost savings for businesses of all sizes. Thus, the rise in demand for the software component in the market will drive the growth of the global time tracking software market during the forecast period.

Geography Overview
By geography, the global time tracking software market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global time tracking software market.

• North America is estimated to account for 41% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The increasing use of cloud-based solutions is another factor contributing to the growth of the time tracking software market in the region. Cloud-based time-tracking software enables companies to access their data from anywhere and at any time and eliminates the need for on-premises hardware and software. This lowers costs, increases scalability, and delivers greater flexibility for businesses of all sizes. In general, the time tracking software market in this region is expected to continue its growth trajectory, propelled by the increasing demand for remote work solutions, cloud-based technologies, and the presence of prominent players in the region.

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Time Tracking Software Market – Market Dynamics
Leading Drivers – 

The increasing need for workforce management is a major factor driving the time tracking software market. Productivity optimization in different industries, such as IT, healthcare, retail, and manufacturing, drives market growth during the forecast period. The increasing adoption of cloud-based time-tracking software solutions and the growing trend of remote work is also expected to drive the growth of this market. However, new development and growth opportunities for market players are created by the integration of new advanced technologies, such as artificial intelligence and machine learning, into time-tracking software. Therefore, these advanced technologies can assist in automating tasks, enhance accuracy, and deliver real-time insights into employee productivity, which will drive demand for time tracking software during the forecast period.

Key Trends – 

Integration of AI and ML in time-tracking software is an emerging time tracking software market trend that is expected to fuel growth during the forecast period. These technologies are known to allow time-tracking software to automate tasks, enhance accuracy, and deliver real-time insights into workers’ productivity. Such advanced technologies help time-tracking software learn from previous data and make forecasts about future trends, thereby permitting enterprises to handle their workforce better and optimize productivity. For instance, AI-powered time-tracking software can automatically identify patterns in employee behavior and suggest changes to enhance productivity. Therefore, such factors are expected to drive the growth of the market during the forecast period.

Major challenges –

Data security concerns and integration issues are major challenges impeding the growth of the time tracking software market during the forecast period. As a result of the growing amount of data being collected and stored by time-tracking software, there is a rising concern over data protection and security. Also, enterprises must guarantee that they have suitable steps in place to safeguard their data from cyber threats and unauthorized access. Different companies use a variety of different software solutions, so incorporating time-tracking software with these systems can be difficult. This may lead to hardships in data synchronization. Therefore such difficulties can affect the accuracy of time-tracking data, which might hinder the growth of the global time tracking software market during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Time Tracking Software Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the time tracking software market 
• Precise estimation of the size of the time tracking software market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the time tracking software market industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of time tracking software market vendors

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Table of contents

1 Executive Summary

• 1.1 Market Overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Component
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Deployment
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global time tracking software market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on global time tracking software market 2017 – 2021 ($ million)

• 4.2 Component Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – Component Segment 2017 – 2021 ($ million)

• 4.3 Deployment Segment Analysis 2017 – 2021
• Exhibit 20: Historic Market Size – Deployment Segment 2017 – 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ million)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Component

• 6.1 Market segments 
• Exhibit 30: Chart on Component – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Component – Market share 2022-2027 (%)

• 6.2 Comparison by Component 
• Exhibit 32: Chart on Comparison by Component
• Exhibit 33: Data Table on Comparison by Component

• 6.3 Software – Market size and forecast 2022-2027
• Exhibit 34: Chart on Software – Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Software – Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Software – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Software – Year-over-year growth 2022-2027 (%)

• 6.4 Services – Market size and forecast 2022-2027
• Exhibit 38: Chart on Services – Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Services – Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Services – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Services – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Component 
• Exhibit 42: Market opportunity by Component ($ million)
• Exhibit 43: Data Table on Market opportunity by Component ($ million)

7 Market Segmentation by Deployment

• 7.1 Market segments 
• Exhibit 44: Chart on Deployment – Market share 2022-2027 (%)
• Exhibit 45: Data Table on Deployment – Market share 2022-2027 (%)

• 7.2 Comparison by Deployment 
• Exhibit 46: Chart on Comparison by Deployment
• Exhibit 47: Data Table on Comparison by Deployment

• 7.3 On-premise – Market size and forecast 2022-2027
• Exhibit 48: Chart on On-premise – Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on On-premise – Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on On-premise – Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on On-premise – Year-over-year growth 2022-2027 (%)

• 7.4 Cloud-based – Market size and forecast 2022-2027
• Exhibit 52: Chart on Cloud-based – Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Cloud-based – Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Cloud-based – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Cloud-based – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Deployment 
• Exhibit 56: Market opportunity by Deployment ($ million)
• Exhibit 57: Data Table on Market opportunity by Deployment ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 63: Chart on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on North America – Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Europe – Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 75: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.7 South America – Market size and forecast 2022-2027
• Exhibit 79: Chart on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America – Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 83: Chart on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on US – Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 China – Market size and forecast 2022-2027
• Exhibit 87: Chart on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China – Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.10 India – Market size and forecast 2022-2027
• Exhibit 91: Chart on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on India – Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.11 UK – Market size and forecast 2022-2027
• Exhibit 95: Chart on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on UK – Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.12 Germany – Market size and forecast 2022-2027
• Exhibit 99: Chart on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany – Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ million)
• Exhibit 104: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 37signals LLC 
• Exhibit 111: 37signals LLC – Overview
• Exhibit 112: 37signals LLC – Product / Service
• Exhibit 113: 37signals LLC – Key offerings

• 12.4 Adobe Inc. 
• Exhibit 114: Adobe Inc. – Overview
• Exhibit 115: Adobe Inc. – Business segments
• Exhibit 116: Adobe Inc. – Key offerings
• Exhibit 117: Adobe Inc. – Segment focus

• 12.5 Avelogic Pte. Ltd. 
• Exhibit 118: Avelogic Pte. Ltd. – Overview
• Exhibit 119: Avelogic Pte. Ltd. – Product / Service
• Exhibit 120: Avelogic Pte. Ltd. – Key offerings

• 12.6 CAKE.com Inc. 
• Exhibit 121: CAKE.com Inc. – Overview
• Exhibit 122: CAKE.com Inc. – Product / Service
• Exhibit 123: CAKE.com Inc. – Key offerings

• 12.7 ClickTime 
• Exhibit 124: ClickTime – Overview
• Exhibit 125: ClickTime – Product / Service
• Exhibit 126: ClickTime – Key offerings

• 12.8 ClockInEasy Inc. 
• Exhibit 127: ClockInEasy Inc. – Overview
• Exhibit 128: ClockInEasy Inc. – Product / Service
• Exhibit 129: ClockInEasy Inc. – Key offerings

• 12.9 ConnectWise LLC 
• Exhibit 130: ConnectWise LLC – Overview
• Exhibit 131: ConnectWise LLC – Product / Service
• Exhibit 132: ConnectWise LLC – Key offerings

• 12.10 CyberMatrix Corp. Inc. 
• Exhibit 133: CyberMatrix Corp. Inc. – Overview
• Exhibit 134: CyberMatrix Corp. Inc. – Product / Service
• Exhibit 135: CyberMatrix Corp. Inc. – Key offerings

• 12.11 Data Maxx Technologies Inc. 
• Exhibit 136: Data Maxx Technologies Inc. – Overview
• Exhibit 137: Data Maxx Technologies Inc. – Product / Service
• Exhibit 138: Data Maxx Technologies Inc. – Key offerings

• 12.12 FEST Technologies LLC 
• Exhibit 139: FEST Technologies LLC – Overview
• Exhibit 140: FEST Technologies LLC – Product / Service
• Exhibit 141: FEST Technologies LLC – Key offerings

• 12.13 FunctionFox Systems Inc. 
• Exhibit 142: FunctionFox Systems Inc. – Overview
• Exhibit 143: FunctionFox Systems Inc. – Product / Service
• Exhibit 144: FunctionFox Systems Inc. – Key offerings

• 12.14 JaMocha Tech Pvt. Ltd. 
• Exhibit 145: JaMocha Tech Pvt. Ltd. – Overview
• Exhibit 146: JaMocha Tech Pvt. Ltd. – Product / Service
• Exhibit 147: JaMocha Tech Pvt. Ltd. – Key offerings

• 12.15 Netsoft Holdings LLC 
• Exhibit 148: Netsoft Holdings LLC – Overview
• Exhibit 149: Netsoft Holdings LLC – Product / Service
• Exhibit 150: Netsoft Holdings LLC – Key offerings

• 12.16 Planview Inc. 
• Exhibit 151: Planview Inc. – Overview
• Exhibit 152: Planview Inc. – Product / Service
• Exhibit 153: Planview Inc. – Key offerings

• 12.17 Smartsheet Inc. 
• Exhibit 154: Smartsheet Inc. – Overview
• Exhibit 155: Smartsheet Inc. – Product / Service
• Exhibit 156: Smartsheet Inc. – Key offerings

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 157: Inclusions checklist
• Exhibit 158: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 159: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 160: Research methodology
• Exhibit 161: Validation techniques employed for market sizing
• Exhibit 162: Information sources

• 13.5 List of abbreviations 
• Exhibit 163: List of abbreviations

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