Market Research Future (MRFR) asserts that the global time tracking software market is expected to create an exponential value growing at 20.69% CAGR during the forecast period (2019–2025). Additionally, the rising demand to effectively manage payroll and other enterprise operations boosts market growth. The increasing demand for solutions to manage and track project time & expense increase the time tracking software market size.
Furthermore, the emergence of cloud-based time tracking software and prevailing work from home policies & remote operations create substantial market demand. Rising usages of mobile phones for official purposes drives the growth of the market. The cost-benefit that time tracking software and the added advantage of cloud-based services increases market sales, enabling shared infrastructure.
Conversely, the availability of free and open-source time tracking software obstructs market growth. Also, data privacy and security concerns restrict the development of the market. However, the increasing trend of ‘bring your own device’ (BYOD) policies and connected devices would support market growth throughout the review period. Additionally, the growing demand for cloud-based time tracking software influences the growth of the market.
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Time Tracking Software Market — Competitive Analysis
Time tracking software market appears highly competitive and fragmented owing to the presence of several notable players. Collaboration, mergers & acquisitions, expansion, and technology launch are common trends of industry players to retain their market position. Market players invest substantially to drive R & D activities and to expand the global footprints.
Players active in the time tracking software market are Kronos Incorporated (US), Wrike, Inc. (US), SAP SE (Germany), Zoho Corporation (US), ProActive Software Ltd. (The Netherlands), Clarizen (US), Mavenlink (US), ClickTime (US), Basecamp (US), Workfront, Inc. (US), Time Doctor (US), and ConnectWise, LLC (US), among others.
September 28, 2020 —- Locus (the UK), leading global logistics planning and optimization software provider, announced a partnership with a global software SaaS company -Vinculum, to enable its customers to develop omnichannel commerce and supply chain. Locus’ B2B SaaS platform automates human decisions in the supply chain, providing efficiency, transparency, and consistency in logistics operations. Brands & Retailers can now have access to best-in-class routing, omnichannel commerce solutions, and supply chain management under one roof
The Locus platform uses deep machine learning and proprietary algorithms, offering smart logistics solutions like route optimization, real-time tracking, insights & analytics, beat optimization, efficient warehouse management, and vehicle allocation & utilization. This helps companies optimize their end-to-end supply chain network with its strategic consulting offering.
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