The global time tracking software market is characterized by the presence of several global, regional, and local vendors. The market is highly competitive, with all the players competing to gain market share. Intense competition, rapid advancements in technology, and frequent changes in government policies are key factors that restrict the market growth. The vendors compete based on the quality of services, affordability, and reliability of products. It is crucial for the vendors to provide advanced technology and value-added services to survive and succeed in an intensely competitive market environment. The market share analysis is derived by considering various factors such as financial position, R&D investment, brand value, product portfolio, strategy analysis, and key innovations in the global time tracking software market.
According to Wantstats analysis, Kronos Incorporated, Zoho Corporation, Workfront, Inc., Wrike Inc., and SAP SE are some of the key players of the global time tracking software market as of 2019. These companies continue to retain their strong global hold through expansions, mergers, and acquisitions, and by offering an extensive range of products.
Kronos Incorporated is a prominent player in the global time tracking software market that offers workforce management solutions. Some of the key suites offered by the company include the Workforce Dimensions Suite, Workforce Ready Suite, and Workforce Central Suite. Further, the company has invested heavily in acquiring several products, services, and technologies that are complementary to its existing offerings. It focuses on its R&D activities and aims for strategic acquisitions with leading companies in the market.
Zoho Corporation is a significant player in the global time tracking software market that offers a suite of business, collaboration, and productivity applications. Further, it provides over 30 online applications from CRM to mail, office suite, project management, invoicing, email marketing, social media management, and more. It focuses on its research and development capabilities to provide customers with best-in-class monitoring solutions. The company also plans on expanding and strengthening its core business with targeted acquisitions and through new product development. It has also entered several partnerships and acquisitions to broaden its market reach, and therefore, expand its customer base.
Workfront, Inc. is yet another major player in the market and has a diverse product portfolio. The company offers cloud-based enterprise work management solutions that help marketing teams, creative agencies, and other enterprise teams conquer the chaos of excessive email, redundant status meetings, and disconnected tools. The company is engaged in developing new products and enhancing the use of existing products and services. The company has well-diversified operations that mitigate risks associated with overdependence on a single or a few segments. The diverse business operations allow them to serve a wide range of customers and enhance its financial performance. It focuses on strategic collaborations and agreements to improve its business operations and increase the profitability of the company.
Wrike Inc. is a key player in the global time tracking software market. The company develops social project management and collaboration software that helps distributed teams get things done together in real-time. It offers a broad range of collaborative work management software for simplified project planning and streamlined collaboration. Wrike Inc. continuously invests in product development, with a focus on introducing new, proprietary products. The company’s research and development (R&D) efforts allow it to develop several innovative products, which provides it with a significant competitive advantage in targeted markets.
SAP SE is one of the leading players in the global time tracking software market. The company develops software that enables technology companies to achieve the highest level of profitability while providing services to their clients. The SAP workforce management solution integrates automation, help desk and customer service, sales, marketing, project management, and business analytics that streamlines a company's operations. The company follows both organic and inorganic growth strategies to survive in the competitive market scenario. High investment in research and development, and a continuous focus on expanding the existing product portfolio, help the company grow profitably in the market.
Some of the other active players working in the global time tracking software market are Clarizen, ProActive Software Ltd., Basecamp, Mavenlink, ClickTime, and Time Doctor.
Michael Porter’s Five Forces model is a framework to study the global time tracking software market. Strategic business managers, trying to gain an edge over competing firms in the global time tracking software market, can utilize this model to comprehend better the industry in which the company operates. The components of each of the forces and the degree of impact of each component in the context of the global time tracking software market have been broken down and analyzed.
