Why Consider a Time Tracking Software: Learn the Global Statistics

In the digital age, time tracking software has become an essential tool for businesses worldwide. Let's dive into some key statistics that highlight the importance and growth of this technology.

1. The Growing Market

  • The global time tracking software market is forecasted to expand at a Compound Annual Growth Rate (CAGR) of 20.40% from 2021 to 2028 (Data Bridge Market Research, 2021].

2. Time Tracking Challenges
  • Despite the benefits, only 17% of people are actively tracking their time (TechJury, 2021).
  • Time theft is a significant problem, affecting 75% of businesses (Connecteam, 2020). 
  • 50% of professionals who do not have automated time tracking software systems say manual data input and data adjustments are the most time-consuming parts of the process (Deloitte). 
  • A staggering 80% of those surveyed who use paper systems or timesheets reported that they needed to correct 80% of the timesheets that they receive (WorkPuls, 2019). 



This indicates a huge potential for growth in the adoption of time tracking software. Time tracking system can help mitigate this issue by providing accurate and transparent records of work hours. Time tracking software can automate these tasks, saving valuable time. This underscores the inefficiencies of manual systems and the need for digital solutions.

3. Benefits of Timesheet Management Software

Companies that utilize timesheet management software and payroll features were 44% less likely to commit errors (ASAP Payroll Service, 2021). 


In conclusion, the global statistics suggest that time tracking system offers numerous benefits, including increased efficiency, reduced errors, and valuable insights. As the market continues to grow, we can expect to see more businesses harnessing the power of this technology. 

Overall, timesheet management software of Digital HRMS offers every one of the elements and capabilities expected by endeavours today for simple employee performance tracking with time and keeping a record for reference. You can upgrade your current time tracking process by using the proper Time Tracking software. Utilizing an automated tool for employee task tracking has a number of advantages, one of which is the elimination of timesheet issues like buddy punching. It constantly settles a great deal of the attendance related issues while raising generally employee efficiency. You can email to marketing@digitalhrms.com and discuss how the time tracking system from Digital HRMS could help increase your business productivity.
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