Attendance Tracking Software Market: Quantitative Market Analysis, Current and Future Trends

Attendance tracking software is a sort of business software or application that is designed to optimize and track the periods that the workers or employees spend on the job and preserve records of the salaries and wages paid. This is a common type of application used almost in business of all sizes. Attendance tracking software delivers management personnel with varied tools to aid minimize waste and maximize cash flow.

The programs is likely to maintain, generate and archive important tax and payroll information. The records ascertain importance during the event of audit by taxing authorities. A good attendance software suite is likely continue to function correctly as an organization advances. It also aids to regulate labor costs by decreasing over-payments which are mostly triggered by paying employees for period that are not working, and reduces interpretation error, transcription error and intentional error.

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Increasing need for employee efficiency and productivity is one of the primary factors driving the attendance tracking software market during the forecast period. Advanced analytical tools offers employers with enhanced understanding of the behavior of the employees. Such perceptions have impelled organizations to apply content analytics and predictive in improving operational efficiency. Increasing cloud based solution is also another important factor boosting the growth of the attendance tracking software market across the world.

Switching to a cloud based software application helps in reducing money spent on installing, configuring and maintaining a system. It aids in accommodating organization’s growth easily and have the access to the current updates easily. Apart from this benefits, it is easily accessible from anytime and from anywhere. Increasing emphasis on workforce optimization and mobile applications is also bolstering the demand of the global attendance tracking software market.

Workforce optimization is likely to help improving productivity, service and reduces costs and risks. Increasing adoption of automation is also bolstering the demand of attendance tracking software market across the globe. Automation of the system is likely to increase the productivity of the workforce since it carries out the repetitive tasks thereby allowing the workforce to focus on other productive tasks. Furthermore, it also increases accuracy and reduces the cost of operation.

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Despite of numerous driving factors there are certain factors hindering the growth of the attendance tracking software market globally during the forecast period. Since the biometric system captures all the detail of an individuals’ such as fingerprints, that are possibly be compromised or hacked due to various security reasons. However, this factor is likely to have medium impact during the forecast period.

Increasing adoption of attendance tracking software among the small and medium sized organizations is likely to create opportunities in the global market. Moreover, inclination towards human resource analytics is also an important opportunity in the global market.

On the basis of types the global attendance tracking software market is bifurcated into proximity cards and biometrics. The proximity cards is further bifurcated into magnetic strips, connect less smart card and Radio Frequency Identification (RFID).

Moreover, the biometric has been further segmented into fingerprint, facial recognition, hand geometry and iris recognition. Based on deployment type, the attendance tracking software market has been bifurcated into cloud and on premises.

In addition, the market has also been segregated on the basis of end users that encompasses banking and financial sectors, healthcare, logistics and transportation, IT and Telecom, Retail, Government offices and others. The geographic bifurcation of the market comprises North America, Europe, Middle East and Africa, Asia Pacific and Latin America.

Some of the key companies in the attendance tracking software market includes International Business Machines Corporation (U.S.), Kronos, Inc. (U.S.), SAP SE (Germany), Automatic Data Processing LLC. (U.S.), Oracle Corporation (U.S.), Ultimate Software Group, Inc. (U.S.), Workday, Inc. (U.S.), Workforce Software, LLC. (U.S.), Reflexis Systems (U.S.), Inc. and RITEQ Pty Ltd. (Australia).

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