Analysis of the Global Time and Attendance Solutions Market, Forecast to 2024

Analysis of the Global Time and Attendance Solutions Market, Forecast to 2024

Biometric-based Time and Attendance Solutions will Grow Rapidly due to the Increase in Adoption of Remote Working in the Near Futu

RELEASE DATE
18-Jun-2020
REGION
Global
Research Code: K48B-01-00-00-00
SKU: ES01156-GL-MT_24505

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Description

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

  • Is the market growing? How long will it continue to grow and at what rate?
  • Which are the key geographies and segments that will grow at a fast rate?
  • What are the product types that offer high-growth opportunities?
  • Which vertical markets will witness the most demand and provide the best growth opportunities?
  • What are the regional and global trends that will impact market revenue?
  • What does the competitive environment look like? Who are the leading time and attendance solutions vendors?

Author: Nandini Bhattacharya

RESEARCH: INFOGRAPHIC

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Table of Contents

Key Findings

Market Engineering Measurements

CEO’s Perspective

Market Definitions

Market Definitions (continued)

Key Questions This Study Will Answer

Market Segmentation

Market Distribution Channels

Market Drivers

Drivers Explained

Drivers Explained (continued)

Market Restraints

Restraints Explained

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast Discussion

Percent Revenue Forecast by Product Type

Revenue Forecast by Product Type

Revenue Forecast Discussion by Product Type

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Percent Revenue Forecast by Vertical Market

Revenue Forecast by Vertical Market

Revenue Forecast Discussion by Vertical Market

Market Share

Market Share Analysis

Competitive Environment

Top Competitors

Top Competitors (continued)

Top Competitors (continued)

Competitive Factors and Assessment

Growth Opportunity—Contactless Cards

Growth Opportunity—Biometric Solutions

Strategic Imperatives for Success and Growth

Proximity Cards Segment Key Findings

Market Engineering Measurements

Revenue Forecast

Revenue Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Revenue Forecast Discussion by Region (continued)

Revenue Forecast Discussion by Region (continued)

Biometric Segment Key Findings

Market Engineering Measurements

Revenue Forecast

Revenue Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast by Region

Revenue Forecast Discussion by Region

Revenue Forecast Discussion by Region (continued)

Others Key Findings

Market Engineering Measurements

Revenue Forecast

Revenue Forecast Discussion

Percent Revenue Forecast by Region

Revenue Forecast by Region

The Last Word—3 Big Predictions

Legal Disclaimer

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

Market Engineering Methodology

List of Companies in “Others”

Related Research
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.--BEGIN PROMO--

Key Issues Addressed

  • Is the market growing How long will it continue to grow and at what rate
  • Which are the key geographies and segments that will grow at a fast rate
  • What are the product types that offer high-growth opportunities
  • Which vertical markets will witness the most demand and provide the best growth opportunities
  • What are the regional and global trends that will impact market revenue
  • What does the competitive environment look like Who are the leading time and attendance solutions vendors

Author: Nandini Bhattacharya

More Information
No Index No
Podcast No
Author Nandini Bhattacharya
Industries Electronics and Sensors
WIP Number K48B-01-00-00-00
Is Prebook No
GPS Codes 99D5-A1