Global Compensation Software Market Growth (Status and Outlook) 2020-2026
Pune, India -- (SBWIRE) -- 01/16/2020 -- Introduction
Compensation Software Market
Compensation software involves the use of digital technology to calculate and offer financial and non-monetary benefits to employees and recruits on the basis of salaries, with the purpose of enhancement of employee engagement and optimization of company dollars.
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Key Players of Global Compensation Software Market =>
The Compensation Software market is highly competitive owing to the presence of major technology companies and a greater need for innovation to remain technologically relevant in the market. The key market players include IBM, Oracle Corporation, PayScale, Inc., SAP SE, The Ultimate Software Group, Inc., and Automatic Data Processing, Inc. The companies are focused on the formation of strategic partnerships and collaborations in order to expand geographical reach and increase company revenue. For instance, in November 2018, HRsoft announced that it had joined Ultimate Software's UltiPro® Developer Network. The new partnership gives HRsoft and Ultimate the ability to integrate their solutions to make it easier for mutual clients to exchange data between the UltiPro HCM solution and HRsoft's compensation management software solution, COMPview.
Global Compensation Software Market – Market Dynamics
The benefits offered by compensation software, which includes optimized utilization of company revenue, enhancing positive reinforcement, boosting of employee performance, and improving company reputation during talent acquisition. The adoption of the software ensures that the incentives provided to employees is in line with the recent market trends, which ensures that the company retains the service of its employees. The employers can also identify top performing employees on the basis of their work management, thus rewarding such employees for their effort. The work environment of the company is also improved, which in turn allows the organization to grow by leaps and bounds. Thus, more companies are looking to adopt compensation software tools into its organizational activities. For instance, in November 2018, Express Scripts Holding Company announced the launch of myDataSense, a new analytic tool to improve worker compensation for pharmacy services in order to lower costs and improve patient's safety.
The tediousness of the process results in declining consumer interest, coupled with costly spreadsheet errors might hamper the market growth. The inability of companies to match with the best compensation practices of the industry might also act as deterrents to the end-product demands, as enterprises might suffer the loss in employee workforce.
The rise in adoption of digital HR technology which brings together smartphones, smart analytics, and cloud services together would present new expansion opportunities to key market players.
Global Compensation Software Market – Segment Analysis
By type, the global compensation software market is segmented into cloud-based model and on-premise model. The cloud-based compensation software segment is expected to witness rapid market growth owing to the rise in the adoption of digital technologies and the ease of data storage facilities over an extended period. The companies are also looking to adopt the cloud-based services in order to remain technologically relevant in the market. For instance, in July 2017, Mercer, Inc. and PayScale, Inc. announced the formation of a strategic collaboration between the two enterprises, combining Mercer's expertise in compensation consulting and PayScale's strength in technology and data science to advance compensation data and software solutions.
The market is segmented by application into small scale enterprises (SMEs), large enterprises, and others. The large enterprises employ the use of compensation software solutions in order to track the performance of employees across all departments and adopt a uniform framework for the awarding of compensation. The SMEs segment is witnessed to grow at a rapid rate, which uses compensation software in maintaining records, track employee performance, and improve vigilance over the working of all departments in an efficient manner. The key market players thus acquire new businesses to strengthen growth in the small enterprise's segment. For instance, in November 2018, Cornerstone OnDemand announced the acquisition of Grovo Learning, Inc., along with an expansion of its Content Anytime subscription offerings.
Global Compensation Software Market – Geographical Analysis
The global compensation software market is segmented geographically by region into North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW).
North America is the leading geographical region in the market, with the presence of key market players in the region along with higher regional adoption rate of compensation software. The companies form mergers and collaborations in order to expand the regional market reach. For instance, in October 2018, Ultimate Software announced that it had formed a strategic alliance with Deloitte Canada in order to optimize UltiPro through Deloitte's business transformation and technology services and capabilities.
- The cloud-based compensation segment is expected to grow at a rapid rate owing to the rise in the adoption of digital technologies and ease of data storage facilities over an extended period.
- North America is the leading segment by geography owing to the presence of key market players in the region along with higher regional adoption rate of compensation software.
- The competitive scenario of the market is highly competitive, with continued investments and funding further boosting the expansion of operations. For instance, in July 2018, Bellwether Financial Group announced the completion of a Series B Preferred Stock round it led on behalf of HRsoft, a leader in cloud-based SaaS solutions for compensation and rewards planning.
The scope of the Report
The report covers the factors impacting the market, Porter 5 Forces, Competitive Scenario, Product Benchmarking, and company profiles. Compensation Software Market is segmented by type into cloud-based and on-premise. By end-user, the global Compensation Software market is segmented into small scale enterprises (SMEs), large Enterprises, and others. Geographically, the market is segmented into North America, South America, Europe, Asia Pacific and Rest of the World.
Why Purchase the Report?
- Visualize the composition of the Compensation Software market across each indication, regarding type and treatment options, highlighting the vital commercial assets and players.
- Identify commercial opportunities in Compensation Software market by analyzing trends and co-development deals.
- Excel data sheet with thousands of data points of the Compensation Software market - level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the principal products of all major market players
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