Global Absence & Leave Management Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Absence & Leave Management Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Absence and leave management software are software that helps companies to record employee activities. It helps companies to organize, plan, manage and track employee absence and leave records including various holidays, sick leave, personal leave, etc. Companies use absence and leave management software to record absences and leaves and to manage the related request and approval operations. These solutions often include local regulations, laws, and policies to help companies stay compliant and reduce costs.

Market Overview:

The latest research study on the global Absence & Leave Management Software market finds that the global Absence & Leave Management Software market reached a value of USD 939.72 million in 2022. It’s expected that the market will achieve USD 1621.84 million by 2028, exhibiting a CAGR of 9.52% during the forecast period.
Influence of COVID-19 Outbreak on Absence & Leave Management Software Industry Development
From the industry background, a sudden epidemic has affected the lives of people around the world and disrupted the development plans of various industries. At the current stage of social and economic development, people still play an important role in production activities, and the restrictions on the movement of people have limited the normal flow of various factors of production, which greatly affects the normal development of various industries. From the absence management software industry, although the impact of the epidemic is more obvious, but the absence management software companies give full play to their technical advantages, on the one hand, the use of telecommuting to ensure uninterrupted online business, on the other hand, in cooperation with the local government, after doing a good job in the office to prevent epidemic measures, some positions have been planned to achieve partial induction. Compared with other industries, the absence and leave management software industry can be said to be recovering relatively quickly.

Governments and companies are more aware of the importance of leave policies. For example, in May 2020, the U.S. signed into law the Family First Coronavirus Response, which provides up to 2 weeks of emergency paid sick leave and up to 10 weeks of paid extended family and medical leave for some COVID-19 patients. It applies to public sector employees and private employees with fewer than 500 employees. This policy has indirectly stimulated the demand for absence and leave management software, and employers need efficient software to help them handle their employees' leave situations and act accordingly. To some extent, COVID-19 has contributed to the growth of the absence and leave management software industry.

Market Restraints Analysis

After years of development, the Absence & Leave Management Software industry has now entered a period of high growth. The expanded market size means that more industry players will be attracted to the industry, but it also means that potential market competition will increase. The low barriers to entry and over-reliance on manpower in the Absence & Leave Management Software industry have led to a large number of small and medium-sized service providers clustering in the industry.

There are many well-known big players in the Absence & Leave Management Software industry and many companies prefer to go with the larger service providers they are familiar with. Combined with the changing needs of companies and increased labor costs, small and medium-sized service providers will be under increasing pressure to survive.

Technological innovation is the promotion factor of Absence & Leave Management Software. Therefore, technological innovation and industrial innovation will greatly affect the development of the industry. With the acceleration of information technology commercialization, the market puts higher requirements for Absence & Leave Management Software. High quality, refinement, personalized Absence & Leave Management Software is increasingly favored by the demand side, which brings new tests for service providers, refined management capabilities and process control capabilities. Breakthroughs in technology and technology will become one of the factors that hinder Absence & Leave Management Software development.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

Ultimate Kronos Group is one of the major players operating in the Absence & Leave Management Software market, holding a share of 20.95% in 2021.
Ultimate Kronos Group designs, develops, and markets software solutions, The Company provides businesses with cloud-based functionality to manage the employment life cycle.
Workday provides enterprise cloud-based applications. The Company offers human capital spend, and financlal management, as welas payrol nitiatives and higher education solutitons.

Segmentation Overview:

Among different product types, Cloud-Based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Large Enterprises segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Absence & Leave Management Software market covered in Chapter 3:

Advance Systems
Workday
Oracle
Sage HR
Mitrefinch
AbsenceSoft
Zoho People
OrangeHRM
Bindle
TimeClock Plus
E-days
SAP
Breathe
Ultimate Kronos Group
WorkForce Software, LLC
Deputy
Presagia

In Chapter 4 and Chapter 14.2, on the basis of types, the Absence & Leave Management Software market from 2018 to 2029 is primarily split into:

Cloud-Based
On-Premises

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Absence & Leave Management Software market from 2018 to 2029 covers:

Large Enterprises
Medium-Sized Enterprise
Small Enterprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)