The global compensation software market was valued at US$ 829.3 million in 2017, and is expected to reach US$ 1,892.4 million by 2026, registering a CAGR of 9.6% over the forecast period from 2018 to 2026, according to Global 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) published by Coherent Market Insights.
The aim of adoption of compensation software is to reduce manual errors by automating the compensation management process. Compensation software is responsible for executing right set of evaluation parameters along with reduction of paper work, thus simplifying the overall process and saving time and cost for an organization. The compensation software provides advantages such as reduced labor costs, aids in talent retention, and increases employee engagement thus enhancing overall productivity and efficiency of the organization.
Increasing demand for automated compensation process, shift from manual working to automation by small/medium/large enterprises for better performance and output from their workforce, and rising adoption of digital HR technologies propelled by increasing usage of mobile phones by the employees for their work related targets are some of the major drivers for growth of the global compensation software market. Digital HR technology helps in providing automated access and aids in evaluating performance and other parameters of the workforce. These software can be linked to integrated applications on the mobile phones of the employees on which they can get the time & attendance, appointment & meeting reminders, on-demand learning for new projects, stress monitors, and others.
To know the latest trends and insights prevalent in this market, click the link below:
Key Trends and Analysis of the Global Compensation Software Market:
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
Coherent Market Insights
1001 4th Ave,
Seattle, WA 98154
Email: [email protected]
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Coherent Market Insights
1001 4th Ave, #3200 Seattle, WA 98154
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.