Report : North America Time Tracking Solution Market Forecast to 2030 - Regional Analysis - by Deployment (On-Premise and Cloud), Organization Size (Small & Medium Enterprises and Large Enterprises), and Application (Tracking and Reporting, Payroll, and Project Management)
At 24.7% CAGR, North America Time Tracking Solution Market is Projected to be Worth US$ 5,944.05 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the North America time tracking solution market was valued at US$ 1,019.28 million in 2022 and is expected to reach US$ 5,944.05 million by 2030, registering a CAGR of 24.7% from 2022 to 2030. Adoption of GPS tracking solution and rise in concerns of time theft by employees are among the critical factors attributed to the North America time tracking solution market expansion.
The adoption of GPS tracking solutions guarantees responsibility, security, productivity, efficiency at work, and mileage tracking, among other things. GPS tracking data automates the creation of timecards for each employee. That means employers will not have to deal with incomplete or incorrect timecards. In several sectors, such as construction, real estate, healthcare, and cleaning services, GPS time tracking solutions help employers track the location of assets and work hours by employees, among other things. By understanding the needs of these sectors, several companies are providing GPS time clock apps to track the data of each employee to automate the creation of timecards.
The effectiveness with which construction firms and contractors distribute trucks, tools, and workers depends significantly on each task. Since job sites can be hundreds or even thousands of miles apart, good fleet management is necessary to ensure that proper management of employees at optimal locations for an extended period and reduce costs. Several construction companies globally are adopting GPS time-tracking solutions to increase their business profitability.
On the contrary, lack of training and support hampers the growth of North America time tracking solution market.
Based on deployment, the North America time tracking solution market is bifurcated into on-premise and cloud. The on-premise segment held 52.9% share of the North America time tracking solution market in 2022, amassing US$ 539.17 million. It is projected to garner US$ 3,339.00 million by 2030 to expand at 25.6% CAGR during 2022-2030.
In terms of organization size, the North America time tracking solution market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment held 61.6% share of the North America time tracking solution market in 2022, amassing US$ 627.75 million. It is projected to garner US$ 3,586.47 million by 2030 to expand at 24.3% CAGR during 2022-2030.
By application, the North America time tracking solution market is segmented into tracking and reporting, payroll, and project management. The tracking and reporting segment held 55.2% share of the North America time tracking solution market in 2022, amassing US$ 562.23 million. It is projected to garner US$ 3,437.70 million by 2030 to expand at 25.4% CAGR during 2022-2030.
Based on country, the North America time tracking solution market is segmented into the US, Canada, and Mexico. The US held 81.3% share of North America time tracking solution market in 2022, amassing US$ 828.88 million. It is projected to garner US$ 4,967.11 million by 2030 to expand at 25.1% CAGR during 2022-2030.
Key players operating in the North America time tracking solution market are 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, among others.
2023: UKG completed the acquisition of Immedis. The combination of UKG and Immedis creates a synergy that will deliver an innovative one-stop shop for employee timekeeping and payroll solutions.
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