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Biometric-based Time and Attendance Solutions will Grow Rapidly due to the Increase in Adoption of Remote Working in the Near Future
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In 2019, the global time and attendance solutions market raked in $1,776.3 million in terms of revenue, and the market is expected to grow at a compound annual growth rate (CAGR) of 5.8% between 2019 and 2024. North America (NA) was the largest regional market for time and attendance solutions, holding 25.5% of the global revenue. The region is expected to witness the fastest growth at a CAGR of 5.6% between 2019 and 2024 and will continue to be the largest revenue contributor by 2024, with 25.3% of the global revenue share. Proximity card-based time and attendance solutions seem to be the most preferred product type among users, with revenue of $1,300.2 million in 2019. The product type will continue to hold a majority of the market revenue throughout the forecast period. Biometric-based time and attendance solutions will grow at a CAGR of 9.8% between 2019 and 2024 and will contribute 28.1% of the total market revenue by the end of 2024.In terms of vertical markets, the government vertical was the largest revenue contributor, with a 22.4% revenue share. Enterprises were the second-largest vertical, holding 20.2% of the total global revenue in 2019. The healthcare and enterprise verticals will have the highest CAGRs at 6.5 and 6.4%, respectively between 2019 and 2024.The time and attendance solutions market is highly competitive, with about 100 active market participants, and the top 5 participants collectively hold the crux of the global market share at 43.9%. Solution providers are consistently coming up with technology and solutions that can offer greater accuracy and security. Most market participants have adopted the proximity card- or biometric-based time and attendance solutions. As businesses are going mobile through global expansions and widespread adoption of Internet of things (IoT) connectivity, the workforce has started embracing the remote working culture. Hence, businesses need to know the remote locations and working hours of their employees as well as keep track of their overtime hours. All this information is crucial to payroll teams worldwide, as companies tend to lose large amounts of money by overpaying their employees for more hours than they put in. Additionally, large-scale businesses such as construction and manufacturing need to keep track of the exact number of workers available across multiple locations at any given time. This real-time information is crucial for resource planning during important business cycles. As the market is highly competitive, leading participants as well as Tier II companies and start-ups compete on similar solution offerings. Companies that have demonstrated product innovation time and again have been able to stay ahead of their peers in a competitive environment. Market leaders also focus on inorganic growth to expand their product portfolio and customer base.
Key Issues Addressed
Author: Nandini Bhattacharya
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