Compensation Software Market Report, by Deployment Model (On-premises and Cloud-based), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Trends, and Forecast to 2026

  • Published On : Oct 2018 |
  • Pages : 141 Pages |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Global Compensation Software Market

Compensation software deals with the critical part of talent management and employee retention. Compensation management software manages the employees’ salaries in an organization and provides guidelines about how the salary should be given according the job responsibilities and designation of the employee. The compensation management software is accessed by the HR managers of any organization however, the other managers can also manage it based on the authority provided by the organization.

Compensation software is also known as Human Capital Management Solutions (HCM) solutions and has automated inbuilt features, which include the HR policies, administration benefits, open enrollment & life events, time, attendance & scheduling, payroll administration, and tax management.

End users such as corporate companies in this market prefer to choose a vendor who provides converged software suits. This is due to the fact that if a corporate prefers to adopt different software suits every time, it may lead to integration issues of the software and thus, changing the process of the company. The implementation of compensation software is gaining traction between all types of enterprises as it helps to increase transparency and improve understanding at the time of rewards and based on the performance of the employees and enables companies to perform an efficient management process of compensation.

Rising demand for automated compensation processes is expected to aid in growth of the market

Increasing demand for automated compensation management process is one of the major factors affecting growth of the market during the forecast period (2018–2026). Automation aid in simplifying compensation planning and processing of implementations (policy, procedures, regulations and others). It reduces paper work, increases efficiency, simplifies the process and gives a centralized place to manage all the tasks related to employee compensation and saves the administration’s cost and time while providing maximum efficiency with reduced manual errors.

Moreover, rising adoption of digital HR technology (digital HR technologies comprises different equipment for different types of HR/management related operations such as biometric machine for attendance) is one of the recent trends and major drivers for growth of the compensation software market globally. Use of mobile phones for work and communication by employees of any organization is increasing and this has led to growing adoption and implementation of mobile HR technologies such as WorkBright, Namely, and Zenefits. This is expected to create a conducive environment for growth of the market.

On-premises segment accounted for largest share in the global compensation software market in 2017

On-premises deployment segment is estimated to hold the larger market share in 2018, owing to better confidential information control and security from external attacks. It provides benefits such as data migration, ease in installation, employee training services, and complete control over critical database of the employees and HR policies.

Cloud-based segment is expected to exhibit the highest CAGR over the forecast period. This is due deployment being cost-effective and benefit of deployment even in a basic IT infrastructure.

 Figure: Global Compensation Software Market Value (US$ Million) and Share (%) by Deployment Type, 2017 & 2026

Compensation Software  | Coherent Market Insights

SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2018

 Figure: Global Compensation Software Market Value Share (%) by Region, 2017 & 2026

Compensation Software  | Coherent Market Insights

SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2018

 

Key companies

The top five vendors in the global compensation software market includes ADP LLC, Oracle Corporation, SAP Success Factors, Ultimate Software, and Workday Inc.

Other players operating in the global compensation software market are HRsoft, Kinixsys, Kronos, Beqom, Halogen Software, Willis Towers Watson, Greytip Software, SumHR, Talentsoft, BullseyeEngagement, JSM Technologies Decusoft, Peoplefluent, Execupay, PayScale, CWS Software, Cornerstone, Curo, Harvest HCM, Nitso Technologies, and Lumesse.

Compensation management is a process of talent management and employee retention by evaluating factors such as attendance, salary, working time, bonuses, benefits, and on-site amenities of the employee for rewards & compensation process in any organization. This is done to improve productivity of the employees of a company. Compensation software provides benefits of reduced labor cost by use of salary & compensation data (both internal & external) to facilitate better planning and more target incentive programs.

Market Dynamics

Demand for automated compensation management process is increasing as it helps to simplify the management administration process, reduces errors caused by manual work, thus saving time and cost for any organization. This also aids in increasing the overall productivity & efficiency of the administration to retain its employees in the organization. Through automation of compensation process, companies are moving away from manual process which includes use of spreadsheets that may have number of errors and lead to wrong or incorrect compensation process.

One of the key trend and driver for growth of this market is adoption of digital HR technology. Mobile phones are becoming most preferred channel for work for employees which has pushed organizations to adopt digital HR technology to update and communicate for tasks such as to provide information about new rules/ regulations, attendance policies, and for meeting reminders.

Key features of the study:

  • This report provides in-depth analysis of compensation software market size (US$ Million) and Compound Annual Growth Rate (CAGR %) for the forecast period (2018– 2026), considering 2017 as the base year
  • It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global compensation software market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, compensation software market capital, key developments, strategies, and future plans
  • Companies covered as part of this study include HRsoft, Kinixsys, Kronos, Beqom, Halogen Software, Willis Towers Watson, Greytip Software, SumHR, Ultimate Software, Talentsoft, BullseyeEngagement, JSM Technologies, Decusoft, Peoplefluent, Execupay, ADP LLC, PayScale, CWS Software, SAP Success Factors, Cornerstone, Curo, Oracle Corporation, Harvest HCM, Workday Inc., Nitso Technologies, and Lumesse.
  • Insights from this report would allow marketers and the management authorities of companies to make informed decision regarding their future product launches, product upgrades, market expansion, and marketing tactics
  • The global compensation software market report caters to various stakeholders in this industry including investors, software developers, service providers, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global compensation software market

Detailed Segmentation:

  • Global Compensation Software Market, By Deployment Type:
    • On-premises
    • Cloud-based
  • Global Compensation Software Market, By Geography:
    • North America
      • By Deployment Type
      • By Country:
        • U.S.
        • Canada
    • Europe
      • By Deployment Type
      • By Country:
        • Germany
        • UK
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Deployment Type
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Latin America
      • By Deployment Type
      • By Country:
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East
      • By Deployment Type
      • By Country:
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Deployment Type
      • By Country:
        • Northern Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • HR Soft*
      • Company Overview
      • Product Portfolio
      • Financial Performance
      • Key Strategies
      • Recent Developments/ Updates
    • Kinixsys
    • Kronos
    • Beqom
    • Halogen Software
    • Willis Towers Watson
    • Greytip Software
    • SumHR
    • Ultimate Software
    • Talentsoft
    • BullseyeEngagement
    • JSM Technologies
    • Decusoft
    • Peoplefluent
    • Execupay
    • ADP LLC
    • PayScale
    • CWS Software
    • SAP Success Factors
    • Cornerstone
    • Curo
    • Oracle Corporation
    • Harvest HCM
    • Workday Inc.
    • Nitso Technologies
    • Lumesse.

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objective and Assumption
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Deployment Type
      • Market Snippet, By Region
    • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Regulatory Scenario
      • Industry Trend
      • Mergers and Acquisitions
      • New Product Launches/Approvals
      • Value Chain Analysis
      • Porter’s Analysis
      • PEST Analysis
  4. Global Compensation Software Market, By Deployment Type, 2018-2026  (US$ Million)
    • Introduction
      • Market Share Analysis, 2017 and 2026 (%)
      • Segment Trends
    • On-premise
      • Introduction
      • Market Size and Forecast, 2018–2026, (US$ Million)
    • Cloud-based
      • Introduction
      • Market Size and Forecast, 2018–2026, (US$ Million)
  5. Global Compensation Software Market, By Region, 2018-2026 (US$ Million)
    • Introduction
      • Market Share Analysis, By Region, 2017 and 2026 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2018–2026 (US$ Million)
      • Market Share Analysis, By Country, 2017–2026 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2018–2026 (US$ Million)
      • Market Share Analysis, By Country, 2017 and 2026 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2018–2026 (US$ Million)
      • Market Share Analysis, By Country, 2017 and 2026 (%)
        • China
        • India
        • Japan
        • ASEAN
        • Australia
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2018–2026 (US$ Million)
      • Market Share Analysis, By Country, 2017 and 2026 (%)
        • Brazil
        • Argentina
        • Mexico
        • Rest of Latin America
    • The Middle East
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2018–2026 (US$ Million)
      • Market Share Analysis, By Country, 2017 and 2026 (%)
        • Israel
        • GCC Countries
        • Rest of the Middle East
    • Africa
      • Regional Trends
      • Market Size and Forecast, By Deployment Type, 2018–2026 (US$ Million)
      • Market Share Analysis, By Country, 2017 and 2026
        • Northern Africa
        • Central Africa
        • South Africa
  6. Competitive Landscape
    • Company Profiles
      • Beqom
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Halogen Software
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • HRsoft
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kinixsys
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Kronos
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Willis Towers Watson
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Greytip Software
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SumHR
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
        •  
      • Ultimate Software
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Talentsoft
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • BullseyeEngagement
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • JSM Technologies
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Decusoft
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Peoplefluent
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Execupay
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ADP, LLC
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • PayScale
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • CWS Software
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • SAP Success Factors
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Cornerstone
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Curo
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Oracle Corporation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Harvest HCM
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Workday Inc.
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Nitso Technologies
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Lumesse
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
    • Analyst Views
  7. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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