Europe Time Tracking Solution Market Forecast to 2030

Europe Time Tracking Solution Market Forecast to 2030

Europe 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)

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Description

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; it is estimated to record a CAGR of 25.1% from 2022 to 2030.

Introduction of AI-Based Time Tracking Solution Drives Europe Time Tracking Solution Market

Time-tracking technologies with AI capabilities can examine historical data to forecast future work habits, project completion times, and potential bottlenecks. As a result, proactive planning and resource management are made possible, improving project results. Businesses can overcome compliance concerns, underreported or lost time, and other timekeeping issues with the aid of AI time tracking and billing software.

By realizing the power of integration of AI with time-tracking solutions, several companies are launching AI-based time-tracking solutions. For instance, in October 2022, Replicon launched the ZeroTime time-tracking solution. ZeroTime enables businesses to use AI/ML to upgrade their time-tracking process. By automatically collecting work and time data across more than 100 work applications, it frees employees from manually filling out time sheets and increases staff productivity and customer engagement. In June 2023, Tempo Software announced the integration of artificial intelligence into its time-tracking app, Timesheets. AI-based tracking solutions have several advantages over the traditional time-tracking solutions. Thus, AI-based time tracking is expected to be a prominent trend in the Europe time-tracking solution market.

Europe Time Tracking Solution Market Overview

The shift toward remote work and the increasing mobility of the workforce has created a strong demand for time-tracking solutions in Europe. During the COVID-19 crisis, a large proportion of employed people faced changing work patterns, including working from home. In 2019, approximately 1 in 20 (5.5%) employees aged 20-64 in Europe usually worked from home. The impact of the pandemic was evident as this share more than doubled in 2020 to 12.3% (+6.8%). There was a further increase in the percentage of employees usually working from home in 2021, reaching 13.5% (+1.2%).

Further, according to the data of Eurostat, the Netherlands is the European country with the highest proportion of employees working remotely. The report showed that across the Europe on average, 30% of workers regularly worked from home in 2022 (either fully remote or in a hybrid model), compared to just over 15% in the UK. Businesses need tools to monitor employee hours, tasks, and productivity, even when employees work from various locations or have flexible work arrangements. Time tracking software allows companies to maintain accountability and ensure accurate time recording, regardless of where employees work.

Furthermore, several companies in Europe are launching new time-tracking software. For instance, in Jan 2022, Portugal-based fleet technology company Frotcom launched Real-time tracking of GPS tracking software can also looking to the future with Real-time Tracking. It is used to send an alert or track the time when an employee enters or leaves a job site. GPS-based systems are developed to track employee attendance for scheduled shifts. Also, they can alert managers when employees pass the area and enter the work area or when they leave for the day. These types of systems automatically start and stop tracking time based on location. Hence, the demand for time-tracking software is increasing with increasing remote work in Europe, thereby boosting market growth.

Europe Time Tracking Solution Market Revenue and Forecast to 2030 (US$ Million)

Europe Time Tracking Solution Market Segmentation

The Europe time tracking solution market is segmented based on deployment, organization size, application, and country.

Based on deployment, the Europe time tracking solution market is bifurcated into on-premise and cloud. The on-premise segment held a larger share in 2022.

In terms of organization size, the Europe time tracking solution market is bifurcated into small & medium enterprises and large enterprises. The large enterprises segment held a larger share in 2022.

By application, the Europe time tracking solution market is segmented into tracking and reporting, payroll, and project management. The tracking and reporting segment held the largest share in 2022.

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 dominated the Europe time tracking solution market in 2022.

Replicon Inc, ConnectWise LLC, UKG Inc, Kantata Inc, SAP SE, Time Doctor LLC, Wrike Inc, Zoho Corporation PVT Ltd, and Planview Inc are some of the leading companies operating in the Europe time tracking solution market.

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At 25.1% CAGR, Europe Time Tracking Solution Market is Speculated to be Worth US$ 5,281.41 Million by 2030, Says the Research Team

According to the Research Team’ 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.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe time tracking solutions market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Europe time tracking solutions market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the time tracking solutions market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Time Tracking Solution Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain
5. Europe Time Tracking Solution Market – Key Industry Dynamics
5.1 Europe Time Tracking Solution Market – Key Industry Dynamics
5.2 Market Drivers
5.2.1 Increasing in Remote Working and BYOD
5.2.2 Rise in Concerns of Time Theft by Employees
5.2.3 Adoption of GPS Tracking Solution
5.3 Market Restraints
5.3.1 Privacy and Data Security Issues from Employee Side
5.3.2 Lack of Training and Support
5.4 Market Opportunities
5.4.1 Rise in Adoption of Cloud-Based Time Tracking Solution
5.4.2 Strategic Initiatives by Market Players
5.5 Future Trends
5.5.1 Introduction of AI-Based Time Tracking Solution
5.6 Impact of Drivers and Restraints:
6. Time Tracking Solution Market – Europe Market Analysis
6.1 Europe Time Tracking Solution Market Revenue (US$ Million), 2022 – 2030
6.2 Europe Time Tracking Solution Market Forecast and Analysis
7. Europe Time Tracking Solution Market Analysis – Deployment
7.1 On-Premise
7.1.1 Overview
7.1.2 On-Premise Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Cloud
7.2.1 Overview
7.2.2 Cloud Market, Revenue and Forecast to 2030 (US$ Million)
8. Europe Time Tracking Solution Market Analysis – Organization Size
8.1 Large Enterprises
8.1.1 Overview
8.1.2 Large Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
8.2 Small and Medium Enterprises
8.2.1 Overview
8.2.2 Small and Medium Enterprises Market, Revenue and Forecast to 2030 (US$ Million)
9. Europe Time Tracking Solution Market Analysis – Application
9.1 Tracking and Reporting
9.1.1 Overview
9.1.2 Tracking and Reporting Market Revenue, and Forecast to 2030 (US$ Million)
9.2 Project Management
9.2.1 Overview
9.2.2 Project Management Market Revenue, and Forecast to 2030 (US$ Million)
9.3 Payroll
9.3.1 Overview
9.3.2 Payroll Market Revenue, and Forecast to 2030 (US$ Million)
10. Europe Time Tracking Solution Market – Country Analysis
10.1 Europe Time Tracking Solution Market Overview
10.1.1 Europe Time Tracking Solution Market Breakdown by Key Country, 2022 and 2030 (%)
10.1.1.1 Europe Time Tracking Solution Market Revenue and Forecasts and Analysis – By Country
10.1.1.2 UK Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.2.1 UK Time Tracking Solution Market Breakdown by Deployment
10.1.1.2.2 UK Time Tracking Solution Market Breakdown by Organization Size
10.1.1.2.3 UK Time Tracking Solution Market Breakdown by Application
10.1.1.3 Germany Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.3.1 Germany Time Tracking Solution Market Breakdown by Deployment
10.1.1.3.2 Germany Time Tracking Solution Market Breakdown by Organization Size
10.1.1.3.3 Germany Time Tracking Solution Market Breakdown by Application
10.1.1.4 France Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.4.1 France Time Tracking Solution Market Breakdown by Deployment
10.1.1.4.2 France Time Tracking Solution Market Breakdown by Organization Size
10.1.1.4.3 France Time Tracking Solution Market Breakdown by Application
10.1.1.5 Italy Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.5.1 Italy Time Tracking Solution Market Breakdown by Deployment
10.1.1.5.2 Italy Time Tracking Solution Market Breakdown by Organization Size
10.1.1.5.3 Italy Time Tracking Solution Market Breakdown by Application
10.1.1.6 Russia Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.6.1 Russia Time Tracking Solution Market Breakdown by Deployment
10.1.1.6.2 Russia Time Tracking Solution Market Breakdown by Organization Size
10.1.1.6.3 Russia Time Tracking Solution Market Breakdown by Application
10.1.1.7 Rest of Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.7.1 Rest of Europe Time Tracking Solution Market Breakdown by Deployment
10.1.1.7.2 Rest of Europe Time Tracking Solution Market Breakdown by Organization Size
10.1.1.7.3 Rest of Europe Time Tracking Solution Market Breakdown by Application
11. Competitive Landscape
11.1 Heat Map Analysis by Key Players
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 Replicon Inc
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 ConnectWise LLC
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 UKG Inc
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Kantata Inc
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 SAP SE
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 TIME DOCTOR LLC
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Wrike Inc
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Zoho Corporation Pvt Ltd
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Planview Inc
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About the Research Team
14.2 Word Index

LIST OF TABLES

Table 1. Europe Time Tracking Solution Market Segmentation
Table 2. Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 4. Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Million) -Organization Size
Table 5. Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 6. Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 7. UK Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment
Table 8. UK Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Organization Size
Table 9. UK Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 10. Germany Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment
Table 11. Germany Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Organization Size
Table 12. Germany Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 13. France Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment
Table 14. France Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Organization Size
Table 15. France Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 16. Italy Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment
Table 17. Italy Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Organization Size
Table 18. Italy Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 19. Russia Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment
Table 20. Russia Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Organization Size
Table 21. Russia Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 22. Rest of Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Deployment
Table 23. Rest of Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Organization Size
Table 24. Rest of Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 25. Heat Map Analysis by Key Players
Table 26. List of Abbreviation
 

LIST OF FIGURES

Figure 1. Europe Time Tracking Solution Market Segmentation, By Country
Figure 2. Ecosystem: Europe Time Tracking Solution Market
Figure 3. Impact Analysis of Drivers and Restraints
Figure 4. Europe Time Tracking Solution Market Revenue (US$ Million), 2022 – 2030
Figure 5. Europe Time Tracking Solution Market Share (%) – Deployment, 2022 and 2030
Figure 6. On-Premise Market Revenue and Forecasts to 2030 (US$ Million)
Figure 7. Cloud Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Europe Time Tracking Solution Market Share (%) – Organization Size, 2022 and 2030
Figure 9. Large Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Small and Medium Enterprises Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Europe Time Tracking Solution Market Share (%) – Application, 2022 and 2030
Figure 12. Tracking and Reporting Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Project Management Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Payroll Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. Europe Time Tracking Solution Market, by Key Country – Revenue (2022) (US$ Mn)
Figure 16. Europe Time Tracking Solution Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 17. UK Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 18. Germany Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 19. France Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 20. Italy Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 21. Russia Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 22. Rest of Europe Time Tracking Solution Market Revenue and Forecasts to 2030 (US$ Mn)

The List of Companies – Europe Time Tracking Solution Market

1. Replicon Inc
2. ConnectWise LLC
3. UKG Inc – Global.
4. Kantata Inc
5. SAP SE
6. Time Doctor LLC
7. Wrike Inc
8. Zoho Corporation PVT Ltd
9. Planview Inc

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