Time and Attendance Management Service Market Trends and Forecasts 2030

• Time and attendance management service is a business SaaS application, specifically developed to track & optimize actual work hours of employees, that would help to keep record of salaries and wages paid.
• This Software as a Service provides personnel management with varied tools to minimize waste and maximize cash flow. Time & attendance, payroll management, labor budgeting, scheduling, and task management are some applications of this software.

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Impact of Coronavirus (COVID-19) on the Time and Attendance Management Service Market

Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19) has a positive impact on the time and attendance management service market. Lockdowns have forced most of the enterprises to opt for work-from-home (WFH) due to the growing demand to enforce social distancing because of the highly contagious nature of Coronavirus (COVID-19).

Rising Adoption of Cloud–based Solutions Instead of On-premise Solutions among Enterprises Driving the Global Time and Attendance Management Service Market

• Rising adoption of cloud-based time and attendance management solutions is one of the major trends observed in the market. These days, organizations want to adopt cloud-based time and attendance management solutions with limited infrastructure investment.
• The cloud-based model is becoming popular in medium and small scale businesses. Cloud-based solutions provide additional benefits compared to an on-premise solution. This helps users to focus on their core business activities while achieving substantial reduction in the total cost of ownership.
• A cloud-based solution is an advanced model used for delivering various solutions such as time & attendance, payroll management, labor budgeting, scheduling, and task management, where the solution is hosted on the cloud and accessed through a browser. Cloud service providers deploy and manage the solution while end-users use the service on a pay-per-use model.
• Cloud-based solutions are considered as the right model for enterprise solutions as they allow the customers to move their content to cloud. Thus, the growing need to reduce the total cost of ownership and easily access data is compelling enterprises to shift toward cloud-based models.
• Rising adoption of cloud–based solutions rather than on-premise solutions among enterprises is driving the time and attendance management service market.

Cloud Security and Network Transmission Issues Expected to Hamper the Market

• Time and attendance management solutions widely rely on cloud-based services which are vulnerable to control loss or service impairment, and service loss comprising service interruption, data leakage, or in worse cases even service termination.
• End-user experience may also be affected by unstable network connections at some places across different locations worldwide; this might limit the scope of cloud-based services comprising hybrid services/solutions in the affected regions.
• This factor is predicted to have a moderate impact as a market restraint throughout the forecast period as the issues pertaining to network transmission are already being addressed by improving the network infrastructure.
• Therefore, cloud security and network transmission issues are expected to hamper the time and attendance management service market worldwide.

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North America to Account for Major Share of the Global Time and Attendance Management Service Market

• In terms of region, the global time and attendance management service market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
• North America is anticipated to account for major share of the global time and attendance management service market during the forecast period due to major presence of leading players and rising demand for workforce optimization in the region, indicating potential growth of the market. Europe is expected to be the second largest market for time and attendance management service from 2020 to 2030.
• Asia Pacific is projected to be a rapidly growing market for time and attendance management service during the forecast period due to growing implementation of cloud-based time and attendance management service across various industry verticals such as retail, banking, financial services, and insurance, specifically in India, Japan, and China.