Oct 24, 2024

The North America time tracking solution market was valued at US$ 1.01 billion in 2022 and is expected to reach US$ 5.94 billion by 2030; it is estimated to record a CAGR of 24.7% from 2022 to 2030. The market is segmented based on deployment, organization size, application, and country. Replicon Inc., Clicktime.com Inc., ConnectWise LLC, UKG Inc., Kantata Inc., SAP SE, Time Doctor LLC, Wrike Inc., Zoho Corporation Pvt. Ltd., and Planview Inc. are some of the leading companies operating in the North America time tracking solution market. Rise in Concerns of Time Theft by Employees Fuel the North America Time Tracking Solutions Market There is a growing concern about time theft by employees. Due to the pandemic, many employees switched to entirely remote or hybrid working arrangements. The challenge of managing a workforce without direct supervision increasingly lies with employers. In such circumstances, time theft is a significant form of wrongdoing in which employees are compensated for the time they did not work. To eliminate such misconduct by the employees, implementing time tracking is necessary to avoid the loss of productivity. According to a 2020 Connecteam survey, time theft affects more than 75% of US firms. It can consume up to 7% of total annual gross payroll. When employees round up their hours at work or receive payment for tasks they did not perform, it is called time theft. Buddy punching is the practice of having a coworker clock in using employees' cards while employees are away. Several companies that still use paper timesheets and traditional clock-in systems frequently deal with time theft and buddy punching. Thus, several businesses nowadays reduce time theft using cutting-edge staff attendance and time tracking software. Thus, the increasing concern of time theft by employees is driving the time tracking solution market. North America Time Tracking Solutions Market Overview In North America, the North America time-tracking solution market is well-established. It continues to grow due to various factors, such as the adoption of remote work, compliance requirements, and a focus on productivity and efficiency. Many cloud-based time-tracking solutions have gained popularity among businesses of all sizes in this region, with companies such as Kronos, ADP, and Paychex offering comprehensive time-tracking and workforce management solutions. According to the American Payroll Association, almost US$7.4 billion in time is lost daily due to unrecorded work. Time theft costs ~USD 11 billion annually, so tracking employee productivity hours is important in any business in North America. Time tracking offers necessary insights into the business, which helps improve employee performance. Reasons to Buy: Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America time tracking solutions market. Highlights key business priorities in order to assist companies to realign their business strategies. The key findings and recommendations highlight crucial progressive industry trends in North America time tracking solutions market, thereby allowing players across the value chain to develop effective long-term strategies. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets. Scrutinize in-depth North America market trends and outlook coupled with the factors driving the time tracking solutions market, as well as those hindering it. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution. Key Attributes 5. North America Time Tracking Solution Market - Key Industry Dynamics 5.1 North America Time Tracking Solution Market - Key Industry Dynamics 5.2 Market Drivers 5.2.2 Rise in Concerns of Time Theft by Employees 5.2.3 Adoption of GPS Tracking Solution 5.3 Market Restraints 5.3.2 Lack of Training and Support 5.4 Market Opportunities 5.4.2 Strategic Initiatives by Market Players 5.5 Future Trends 5.6 Impact of Drivers and Restraints 6. Time Tracking Solution Market - North America Market Analysis 6.1 North America Time Tracking Solution Market Revenue (US$ Million), 2022-2030 6.2 North America Time Tracking Solution Market Forecast and Analysis 7. North America Time Tracking Solution Market Analysis - Deployment 7.1 On-Premise