Attendance management software is a sort of business software or application that is designed to improve and track the time that employees or workers spend on the job and maintain records of salaries and wages paid.
The attendance management software Market keeps track of an employee's working hours. It is the framework documenting the time of employees' work and the time they take off. The software records the working hours of employees by using cloud-based solutions.
The attendance management software helps keep a track employees and their presence within an organization. Companies can understand the behavior of their employees by checking the attendance, such as their log in and log out times, sick and vacation days, and leaves of absence.
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Rise in demand for enhanced employee productivity and efficiency is a major factor that is estimated to propel the attendance tracking software market during the forecast period. Innovative analytical tools provide employers with an improved understanding of the behavior of their employees. Such benefits have prompted organizations to apply content and predictive analytics in improving operational efficiency.
Attendance Management Software Market: Dynamics
Attendance Management Software Market: Key Drivers
- Rise in adoption of cloud-based attendance management software is a key trend observed in the market. Presently, organizations are focused on the adoption of cloud-based attendance management solutions with limited infrastructure investment.
- The attendance management software empowers the human resource department to keep track of in and out details of employees. The company only pay employees for the time they work. HR tools uses innovative functions such as creating the real-time reports, shift management, leave management and overtime management.
- The attendance management software improves the efficiency and productivity of the business through the automation of repetitive and manual tasks. The software saves a lot of time for the HR team, which can then be used to address more strategic, business-critical tasks.
- Increase in adoption of cloud-based software services and support software is expected to create significant opportunities for solution providers in the attendance management software market
Impact of COVID-19 on Attendance Management Software Market
- Most companies are adopting the work-from-home module during the pandemic period. COVID-19 has considerably boosted the market owing to improved shift toward automated time and attendance software to improve payroll accuracy and drop the error-prone entry.
North America to Hold Major Share of Global Attendance Management Software Market
- In terms of region, the global attendance management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global attendance management software market in 2020. The U.S. is a key market in the adoption of new technologies. Strong financial position enables the country to invest heavily in the adoption of leading tools and technologies to ensure business operations.
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Key Players Operating in Global Attendance Management Software Market
- SAP SE
SAP SE is a global technology company that provides enterprise application software for industries and companies across diverse sectors. The company offers solutions for various businesses, including commerce, finance, asset management, manufacturing, human resources, supply chain, and procurement. The company offers analytic solutions such as agile visualization, and business intelligence for information and data needs.
- International Business Machines Corporation
IBM Corporation is a leading technology company that produces software and hardware solutions. It is a prominent research company in the U.S. patent market with significant number of patents. The company offers a wide range of services that include analytics, cloud, Watson, customer engagement, Internet of Things, industry solutions, IT infrastructure, mobile, and security. IBM cloud services include cloud managed services, cloud advisory services, and cloud migration services
Other key players operating in the attendance management software market include Kronos Incorporated, Ultimate Software, ADP LLC, Workday Inc., Ceridian, Workforce Software, LLC, Reflexis Systems and Oracle Corporation