Market Overview:
The global time tracking software market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The growth in this market can be attributed to the increasing demand for time tracking software from small and medium-sized enterprises (SMEs) and the growing trend of BYOD (Bring Your Own Device). In addition, the increasing adoption of cloud-based time tracking software is also contributing to the growth of this market. However, lack of awareness about time tracking software among end users is restraining the growth of this market. On the basis of type, timesheet accounted for a major share in 2017 and is expected to maintain its dominance during the forecast period. This can be attributed to its ability to track employee hours worked along with their pay rates and deductions. Time recording/tracking was second largest type segment in 2017 and is projected grow at a higher CAGR than timesheet during 2018-2030 owing rising demand from SMEs for managing their employee’s working hours effectively . On basis on application, large enterprises dominated global time tracking software market with more than 60% share in terms revenue generated by sales through 2030; however SMEs are anticipated witness highest CAGR over next decade owing need manage workforce productivity & compliance related issues on tight budget constraints .
Product Definition:
Time Tracking Software is a computer program that records the amount of time spent on specific tasks or projects. The importance of Time Tracking Software is that it allows managers to see how much time is being spent on certain tasks, and identify areas where improvements can be made.
Timesheet:
The timesheet is a tool that records the time an employee has spent on specific tasks or projects. It's used to calculate labor costs and track time & attendance for both employees and contractors. The timesheet is also known as time record, time sheet, or worksheet; it's a tool that records the details of individual activities or events in a Time Tracking System (TTS).
Time tracking/Recording:
Time tracking is the process of keeping track of employee or contractor time. Time tracking software is used to record and log the time worked by an employee, which helps in calculating payments for wages or other expenses. The information recorded includes start and end dates as well as times worked by each individual employee, which can be used for various purposes including audits, reviews, calculate overtime payouts etc.
The global Time Tracking/Recording.
Application Insights:
The large enterprises segment accounted for the largest market share in 2017 and is expected to continue its dominance over the forecast period. The main factors contributing to this growth are increasing number of employees in large organizations and rapid growth of companies. For instance, as per a study by Gainsight Research, an IT research firm, there were around 54.0 million remote workers in 2016 across more than 200 countries worldwide; this was up from 46.0 million remote workers in 2014 and 29.0 million remote workers globally in 2013 respectively. This rapid increase indicates that time tracking software is becoming increasingly important for successful completion of projects within big organizations only rather than small or medium-sized enterprises as well as individual freelancers/contractors who work on personal projects or take on client work remotely).
Regional Analysis:
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. The growth can be attributed to increasing awareness about time management, availability of low-cost labor, and need for accurate records of employee's work hours. In addition, growing number of small and medium enterprises in this region is anticipated to fuel the demand for time tracking software in Asia Pacific during the forecast period.
North America accounted for a significant share in 2016 owing to presence of a large number of IT companies providing time tracking solutions coupled with high purchasing power and technological adoption among users. Moreover, growing use cases such as billable hour accounting are further fueling growth across this region. Europe also held a considerable share due to early adoption by several countries such as U.K.
Growth Factors:
- Increased demand for time tracking software from small and medium businesses (SMBs) due to the growing awareness of the benefits of time tracking software.
- The increasing trend of BYOD (Bring Your Own Device) in organizations, which is driving the demand for time tracking software that can be used on different devices.
- The growing popularity of cloud-based time tracking software, which is making it easier for businesses to track employee time remotely.
- The increasing use of Time Tracking Software by freelancers and contractors as a way to invoice their clients accurately and efficiently.
- The rising adoption of Time Tracking Software by enterprises as a way to improve workforce productivity and optimize resource utilization
Scope Of The Report
Report Attributes
Report Details
Report Title
Time Tracking Software Market Research Report
By Type
Timesheet, Time tracking/Recording
By Application
Large Enterprises, Small and Medium-Sized Enterprises
By Companies
Wrike, Clarizen, Zoho Projects, ProWorkflow, Basecamp, Mavenlink, ClickTime, ConnectWise Manage, Workfront, Time Doctor
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
196
Number of Tables & Figures
138
Customization Available
Yes, the report can be customized as per your need.
Global Time Tracking Software Market Report Segments:
The global Time Tracking Software market is segmented on the basis of:
Types
Timesheet, Time tracking/Recording
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Large Enterprises, Small and Medium-Sized Enterprises
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Wrike
- Clarizen
- Zoho Projects
- ProWorkflow
- Basecamp
- Mavenlink
- ClickTime
- ConnectWise Manage
- Workfront
- Time Doctor
Highlights of The Time Tracking Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Timesheet
- Time tracking/Recording
- By Application:
- Large Enterprises
- Small and Medium-Sized Enterprises
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Time Tracking Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Time tracking software is a computer program that helps you keep track of the time you spend on different tasks. Time tracking can help you learn how much time you spend on different activities, and it can also help you find ways to save time.
Some of the major players in the time tracking software market are Wrike, Clarizen, Zoho Projects, ProWorkflow, Basecamp, Mavenlink, ClickTime, ConnectWise Manage, Workfront, Time Doctor.
The time tracking software market is expected to grow at a compound annual growth rate of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Time Tracking Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Time Tracking Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Time Tracking Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Time Tracking Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Time Tracking Software Market Size & Forecast, 2020-2028
4.5.1 Time Tracking Software Market Size and Y-o-Y Growth
4.5.2 Time Tracking Software Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Timesheet
5.2.2 Time tracking/Recording
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Large Enterprises
6.2.2 Small and Medium-Sized Enterprises
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Time Tracking Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Time Tracking Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Timesheet
9.6.2 Time tracking/Recording
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Large Enterprises
9.10.2 Small and Medium-Sized Enterprises
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Timesheet
10.6.2 Time tracking/Recording
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Large Enterprises
10.10.2 Small and Medium-Sized Enterprises
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Timesheet
11.6.2 Time tracking/Recording
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Large Enterprises
11.10.2 Small and Medium-Sized Enterprises
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Timesheet
12.6.2 Time tracking/Recording
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Large Enterprises
12.10.2 Small and Medium-Sized Enterprises
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Timesheet
13.6.2 Time tracking/Recording
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Large Enterprises
13.10.2 Small and Medium-Sized Enterprises
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Time Tracking Software Market: Competitive Dashboard
14.2 Global Time Tracking Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Wrike
14.3.2 Clarizen
14.3.3 Zoho Projects
14.3.4 ProWorkflow
14.3.5 Basecamp
14.3.6 Mavenlink
14.3.7 ClickTime
14.3.8 ConnectWise Manage
14.3.9 Workfront
14.3.10 Time Doctor
