At 26.3% CAGR, Asia Pacific Time Tracking Solution Market is Projected to be Worth US$ 4,639.35 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific time tracking solution market was valued at US$ 717.59 million in 2022 and is expected to reach US$ 4,639.35 million by 2030, registering a CAGR of 26.3% from 2022 to 2030. Adoption of GPS tracking solution and rise in adoption of cloud-based time tracking solution are among the critical factors attributed to the Asia Pacific 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. For instance, according to CW Construction World, in September 2020, K &D Construction Service used GPS time tracking to schedule which jobs need which pieces of equipment to ensure that everyone gets required equipment's, and the real-time location gets updated every ten seconds on the company's system. Thus, the adoption of GPS tracking solutions drives the time tracking solution market.

On the contrary, lack of training and support hampers the growth of Asia Pacific time tracking solution market.

Based on deployment, the Asia Pacific time tracking solution market is bifurcated into on-premise and cloud. The on-premise segment held 55.4% share of the Asia Pacific time tracking solution market in 2022, amassing US$ 397.42 million. It is projected to garner US$ 2,712.72 million by 2030 to expand at 27.1% CAGR during 2022-2030.

In terms of organization size, the Asia Pacific time tracking solution market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment held 65.6% share of the Asia Pacific time tracking solution market in 2022, amassing US$ 470.44 million. It is projected to garner US$ 2,988.63 million by 2030 to expand at 26.0% CAGR during 2022-2030.

By application, the Asia Pacific time tracking solution market is segmented into tracking and reporting, payroll, and project management. The tracking and reporting segment held 57.0% share of the Asia Pacific time tracking solution market in 2022, amassing US$ 408.98 million. It is projected to garner US$ 2,759.52 million by 2030 to expand at 27.0% CAGR during 2022-2030.

Based on country, the Asia Pacific time tracking solution market is segmented into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. China held 27.0% share of Asia Pacific time tracking solution market in 2022, amassing US$ 193.82 million. It is projected to garner US$ 1,428.51 million by 2030 to expand at 28.4% CAGR during 2022-2030.

Key players operating in the Asia Pacific time tracking solution market are Replicon Inc, ConnectWise LLC, UKG Inc, Kantata Inc, SAP SE, Time Doctor LLC, Wrike Inc, Zoho Corporation PVT Ltd, and Planview Inc, among others.

2020: SAP launched a cloud-based time-tracking solution to simplify HR processes to enhance employee experience. The launched SAP SuccessFactors Time Tracking solution helps ensure people are paid accurately, on time and in accordance with local regulations.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com