At 21.3% CAGR, South & Central America Time Tracking Solution Market is Projected to be Worth US$ 594.31 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the South & Central America time tracking solution market was valued at US$ 126.97 million in 2022 and is expected to reach US$ 594.31 million by 2030, registering a CAGR of 21.3% from 2022 to 2030. Adoption of GPS tracking solution and strategic initiatives by market players are among the critical factors attributed to the South & Central 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 South & Central America time tracking solution market.

Based on deployment, the South & Central America time tracking solution market is bifurcated into on-premise and cloud. The on-premise segment held 61.4% share of the South & Central America time tracking solution market in 2022, amassing US$ 78.00 million. It is projected to garner US$ 380.99 million by 2030 to expand at 21.9% CAGR during 2022–2030.

In terms of organization size, the South & Central America time tracking solution market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment held 69.8% share of the South & Central America time tracking solution market in 2022, amassing US$ 88.58 million. It is projected to garner US$ 408.75 million by 2030 to expand at 21.1% CAGR during 2022–2030.

By application, the South & Central America time tracking solution market is segmented into tracking and reporting, payroll, and project management. The tracking and reporting segment held 60.0% share of the South & Central America time tracking solution market in 2022, amassing US$ 76.12 million. It is projected to garner US$ 370.46 million by 2030 to expand at 21.9% CAGR during 2022–2030.

Based on country, the South & Central America time tracking solution market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 58.4% share of South & Central America time tracking solution market in 2022, amassing US$ 74.15 million. It is projected to garner US$ 367.11 million by 2030 to expand at 22.1% CAGR during 2022–2030.

Key players operating in the South & Central America time tracking solution market are Replicon Inc, UKG Inc, SAP SE, Time Doctor LLC, Wrike Inc, Zoho Corporation PVT Ltd, and Planview Inc, among others.

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