Time Tracking Solution Market Status: TSheets is One of the Major Players with a Share of 9.26% in 2023

Global Time Tracking SolutionMarket Overview

According to Global Market Monitor, the global time tracking solution market size is $1178.05 million in 2024 with a CAGR of 9.25% from 2024 to 2029.

Internet Industry

In recent years, the obvious development trend of the Internet industry is the industrial Internet. With the implementation of the 5G standard, the pace of the development of the industrial Internet is gradually accelerating. Industrial Internet will drive the development of a series of industrial chains, including the Internet of things, big data, cloud computing, artificial intelligence, and other fields. With the development of the industrial Internet, these technical fields will gradually fall into traditional industries, which will release a lot of market space and create more jobs. The development of the Internet industry has made it a trend for workers to work online. Online working is a great opportunity for the development of time-tracking solutions.

Market Challenges and Impact

There are many benefits to a time-tracking solution, but only some percentage of companies seem to be taking advantage of it. Because of the lack of support from C-level executives and the different priorities of the company. After all, some companies consider time-tracking tools to be less urgent than other operational software such as marketing, sales, and ERP platforms. More than 1/3 of the time tracking system is outdated. For example, in the United States, some people still use paper schedules and punch cards. In Canada, this percentage is even higher. Only some percentage of companies use time-tracking applications to monitor productivity and billing time. Some people still use manual processes to track time.

The problem with the new time-tracking technology is that it is becoming more popular in companies because GPS simplifies the monitoring of remote workers. However, applying this technology to your operations can be a challenge. This is because some employees still believe that this technology violates their privacy. One possible reason for this is that some employers abuse GPS tracking to monitor the whereabouts of their employees. It would be more appropriate to set limits on how to use it for productivity management. In this way, employee engagement can be assured without making employees feel under the microscope.

One of the major constraints that global time tracking addresses in the market is the complexity of the operational process. Time tracking software is a tool used by managers and employees to keep track of the time spent on billing, payroll, or operations. Typically, they capture the time spent on assigned tasks and are used to automate payroll or customer invoices. Such a complex operation process will reduce customer satisfaction.

Company Name	TSheets
Website	www.tsheets.co
Established Time	2006
Plants Distribution	Eagle, Idaho
Sales Region	Mainly in USA