Compensation software market
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
- Oct 2018
- CMI2220
- 141 Pages
- Excel & Pdf
- Information and Communication Technology
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
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2018
Figure: Global Compensation Software Market Value Share (%) by Region, 2017 & 2026
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.
Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Deployment Type
- Market Snippet, By Region
- Coherent Opportunity Map (COM)
- 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
- 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)
- 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
- 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
- Section
- References
- Research Methodology
- About us and Sales Contact
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