At 25.1% CAGR, Europe Time Tracking Solution Market is Projected to be Worth US$ 5,281.41 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Europe time tracking solution market was valued at US$ 880.99 million in 2022 and is expected to reach US$ 5,281.41 million by 2030, registering a CAGR of 25.1% from 2022 to 2030. Rise in concerns of time theft by employees and introduction of AI-based time tracking solution are among the critical factors attributed to the Europe time tracking solution market expansion.

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 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 Europe time-tracking solution market.

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

Based on deployment, the Europe time tracking solution market is bifurcated into on-premise and cloud. The on-premise segment held 53.4% share of the Europe time tracking solution market in 2022, amassing US$ 470.55 million. It is projected to garner US$ 2,992.00 million by 2030 to expand at 26.0% CAGR during 2022-2030.

In terms of organization size, the Europe time tracking solution market is bifurcated into small and medium enterprises and large enterprises. The large enterprises segment held 64.9% share of the Europe time tracking solution market in 2022, amassing US$ 571.74 million. It is projected to garner US$ 3,366.04 million by 2030 to expand at 24.8% CAGR during 2022-2030.

By application, the Europe time tracking solution market is segmented into tracking and reporting, payroll, and project management. The tracking and reporting segment held 53.1% share of the Europe time tracking solution market in 2022, amassing US$ 468.09 million. It is projected to garner US$ 2,951.79 million by 2030 to expand at 25.9% CAGR during 2022-2030.

Based on country, the Europe time tracking solution market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK held 32.1% share of Europe time tracking solution market in 2022, amassing US$ 282.53 million. It is projected to garner US$ 1,822.18 million by 2030 to expand at 26.2% CAGR during 2022-2030.

Key players operating in the Europe 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.



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