Compensation Software Market, Size, Share, Opportunities and Forecast,  2020-2027

SKU: DMIC624 | Last Updated On: Feb 08 2021 | No. of Pages: 180 | Available Formats

> Global Compensation Software Market Expected to reach a high CAGR of 9% By 2027: DataM Intelligence.

Global Compensation Software Market is segmented By Type (On-Premise Compensation Software, Cloud-Based Compensation Software), By End-User (SMEs, Large Enterprises, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2020-2027

 

Market Overview

The Global Compensation Software Market is expected to grow at a CAGR of 9% during the forecasting period (2019-2026). 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 are expected to fuel growth in the market.

Compensation Software Market.png

Compensation software involves the use of digital technology to calculate and offer financial and non-monetary benefits to employees and recruits by salaries, with the purpose of enhancement of employee engagement and optimization of company dollars. 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.

The report covers all the major trends and drivers playing a vital role in the growth of the Compensation Software market. The global Compensation Software market has been segmented based on geography, type, and end-user.

Global Compensation Software Market Value (USD Mn), 2018-2026.png

Market Dynamics

With the increasing demand for automated compensation management process which simplifies administration processes by reducing errors caused by manual work coupled with saving organizations’ money and time while improving efficiency and productivity is expected to drive the global compensation software market over the forecast period.

In addition, adopting compensation software ensures that the incentives provided to employees are in line with the recent market trends, which helps organizations in maintaining low attrition rates. Moreover, employers can also identify top-performing employees by their work management, thus rewarding such employees for their effort. Also, it improves the workplace environment of the company, which plays a significant role in the performance and productivity of an employee. Thus, more companies are looking to adopt compensation software tools into their 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 to lower costs and improve patient’s safety.

However, the tedious process, coupled with the inability of companies to match with the best compensation practices of the industry, might hamper the market growth.

Market Segment Analysis

By Type, the global Compensation Software Market is segmented into cloud-based and on-premise compensation software. In 2018, on-premises compensation software accounted for the significant share in the global compensation software market. Benefits such as complete control over the critical data and the availability of installation, data migration, and employee training services as part of the software implementation, will contribute to the growth of this segment over the forecast period.

However, cloud-based compensation software is expected to witness the significant growth of over 12%, during the forecast period (2019-2026). Cloud computing is the act of using an interconnected network of Internet-hosted remote servers to manage, store, and process data. In cloud computing, data is accessed over the Internet rather than through a computer’s hard drive. Therefore, it is over 40 times more cost-effective for SMEs. Moreover, as part of ‘cloud-first’ policy, 48% of the U.S. Government agencies are using the cloud services.

By End-user industry, the global Compensation Software Market is segmented Small an Medium Enterprises (SMEs), Large Enterprises, and Others (Educational and Government Institutions). In 2018, Largen enterprises segment dominated the compensation software market and expected to retain its dominance over the forecast period (2019-2026).

However, shifting preference towards automated compensation processes instead of manual processes coupled with the rising number of start-ups adopting automated workflow solutions is expected to impact SMEs segment positively, therefore, resulting in higher growth rate than Large enterprise segment during the forecast period.

Global Compensation Software Market, By Type, 2018.png

Regional Analysis

By geography, the global Compensation Software Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

In 2018, North America accounted for the majority share in the global Compensation Software market. With the presence of key market players in the area along with higher local adoption rate of compensation software, the region is expected to maintain steady growth rate during the forecast period.  In addition, technological advancements and new user-friendly software launches by market players expected to support the growth of the global market in this region. For example, in December 2018, Zenefits launched First Compensation Management App for small- to mid-sized businesses.

Global Compensation Software, by Region, 2018 (% share).png

However, Asia Pacific compensation software market is expected to witness the highest CAGR over the forecast period, owing to increasing awareness, rapid industrialization, and innovative product launches across various countries in this region. As an increasing number of startups and government support for SMEs in developing countries like China, India, and Indonesia, have positively affected the market. The adoption of compensation software in the aforementioned countries in the region is highest due to the growth of startups and micro-enterprises and the shift towards the adoption of automated workflows.

Competitive Analysis

Global Compensation Software Market is moderately concentrated with the top 10 market participants accounting for the majority share in the market. Creating consumer awareness by aggressive marketing strategies and greater visibility of products across various industries are other steps taken by market participants to generate demand.

Some major players in the market are Oracle Corporation, PayScale, Inc., SAP SE, The Ultimate Software Group, Inc., and IBM. Other prominent players in the market include Automatic Data Processing, Inc., beqom SA, BullseyeEngagement LLC, PeopleFluent, Inc., and Workday, Inc.

The companies are focused on the formation of strategic partnerships and collaborations to expand the 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.

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Table of Contents

  1. Compensation Software Market Methodology and Scope

    1. Research Methodology
    2. Research Objective and Scope of the Report
  2.  Compensation Software Market – Market Definition and Overview

  3.  Compensation Software Market – Executive Summary

    1. Market Snippet by Type
    2. Markey Snippet by End-User
    3. Market Snippet by Region
  4.  Compensation Software Market Dynamics

    1. Market Impacting Factors
    2. Drivers
      1. Rising adoption of digital HR technology
    3. Restraints
      1. High implementation and initial investment
  5.  Compensation Software Market – Industry Analysis

    1. Porter's Five Forces Analysis
    2. Impact Analysis
  6.  Compensation Software Market – By Type

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      2. Market Attractiveness Index, By Type
    2. On-Premise Compensation Software*
      1.  Introduction
      2. Market Size Analysis, and Y-o-Y Growth Analysis (%)
    3. Cloud-Based Compensation Software
  7.  Compensation Software Market – By End-User

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      2. Market Attractiveness Index, By End-User
    2. SMEs*
      1.  Introduction
      2. Market Size Analysis, and Y-o-Y Growth Analysis (%)
    3. Large Enterprises
    4. Others
  8.  Compensation Software Market – By Region

    1. Introduction
      1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region
      2. Market Attractiveness Index, By Region
    2. North America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. The U.S.
        2. Canada
        3. Mexico
    3. Europe
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Germany
        2. The U.K.
        3. France
        4. Rest of Europe
    4. South America
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. Brazil
        2. Argentina
        3. Rest of South America
    5. Asia Pacific
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
      5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
        1. China
        2. India
        3. Japan
        4. South Korea
        5. Rest of Asia Pacific
    6. The Middle East and Africa
      1. Introduction
      2. Key Region-Specific Dynamics
      3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Type
      4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
  9.  Compensation Software Market – Competitive Landscape

    1. Competitive Scenario
    2. Market Positioning/Share Analysis
    3. Mergers and Acquisitions Analysis
  10. Company Profiles

    1. Oracle Corporation*
      1. Company Overview
      2. Product Portfolio and Description
      3. Key Highlights
      4. Financial Overview
    2. PayScale, Inc.
    3. SAP SE
    4. The Ultimate Software Group, Inc.
    5. IBM
    6. Automatic Data Processing, Inc.
    7. beqom SA
    8. BullseyeEngagement LLC
    9. PeopleFluent, Inc.
    10. Workday, Inc.
  11. Compensation Software Market – Premium Insights

  12. Compensation Software Market – DataM

    1. Appendix
    2. About Us and Services
    3. Contact Us

List of Tables & Figures

List of Tables

Table 01 Global Compensation Software Market Value, By Type, 2018,2022 & 2026 ($ Million)

Table 02 Global Compensation Software Market Value, By End-User, 2018,2022 & 2026 ($ Million)

Table 03 Global Compensation Software Market Value, By Type, 2018,2022 & 2026 ($ Million)

Table 04 Global Compensation Software Market Value, By Type, 2017-2026 ($ Million)

Table 05 Global Compensation Software Market Value, By End-User, 2018,2022 & 2026 ($ Million)

Table 06 Global Compensation Software Market Value, By End-User, 2017-2026 ($ Million)

Table 07 Global Compensation Software Market Value, By Region, 2018,2022 & 2026 ($ Million)

Table 08 Global Compensation Software Market Value, By Region, 2017-2026 ($ Million)

Table 09 North America Compensation Software Market Value, By Type, 2017-2026 ($ Million)

Table 10 North America Compensation Software Market Value, By End-User, 2017-2026 ($ Million)

Table 11 North America Compensation Software Market Value, By Country, 2017-2026 ($ Million)

Table 12 South America Compensation Software Market Value, By Type, 2017-2026 ($ Million)

Table 13 South America Compensation Software Market Value, By End-User, 2017-2026 ($ Million)

Table 14 South America Compensation Software Market Value, By Country, 2017-2026 ($ Million)

Table 15 Europe Compensation Software Market Value, By Type, 2017-2026 ($ Million)

Table 16 Europe Compensation Software Market Value, By End-User, 2017-2026 ($ Million)

Table 17 Europe Compensation Software Market Value, By Country, 2017-2026 ($ Million)

Table 18 Asia-Pacific Compensation Software Market Value, By Type, 2017-2026 ($ Million)

Table 19 Asia-Pacific Compensation Software Market Value, By End-User, 2017-2026 ($ Million)

Table 20 Asia-Pacific Compensation Software Market Value, By Country, 2017-2026 ($ Million)

Table 21 Middle East & Africa Compensation Software Market Value, By Type, 2017-2026 ($ Million)

Table 22 Middle East & Africa Compensation Software Market Value, By End-User, 2017-2026 ($ Million)

Table 23 Oracle Corporation: Overview

Table 24 Oracle Corporation: Product Portfolio

Table 25 Oracle Corporation: Key Developments

Table 26 PayScale, Inc.: Overview

Table 27 PayScale, Inc.: Product Portfolio

Table 28 PayScale, Inc.: Key Developments

Table 29 SAP SE: Overview

Table 30 SAP SE: Product Portfolio

Table 31 SAP SE: Key Developments

Table 32 The Ultimate Software Group, Inc.: Overview

Table 33 The Ultimate Software Group, Inc.: Product Portfolio

Table 34 The Ultimate Software Group, Inc.: Key Developments

Table 35 IBM: Overview

Table 36 IBM: Product Portfolio

Table 37 IBM: Key Developments

Table 38 Automatic Data Processing, Inc.: Overview

Table 39 Automatic Data Processing, Inc.: Product Portfolio

Table 40 Automatic Data Processing, Inc.: Key Developments

Table 41 beqom SA: Overview

Table 42 beqom SA: Product Portfolio

Table 43 beqom SA: Key Developments

Table 44 BullseyeEngagement LLC: Overview

Table 45 BullseyeEngagement LLC: Product Portfolio

Table 46 BullseyeEngagement LLC: Key Developments

Table 47 PeopleFluent, Inc.: Overview

Table 48 PeopleFluent, Inc.: Product Portfolio

Table 49 PeopleFluent, Inc.: Key Developments

Table 50 Workday, Inc.: Overview

Table 51 Workday, Inc.: Product Portfolio

Table 52 Workday, Inc.: Key Developments

List of Figures

Figure 01 Global Compensation Software Market Share, By Type, 2018 & 2026 (%)

Figure 02 Global Compensation Software Market Share, By End-User, 2018 & 2026 (%)

Figure 03 Global Compensation Software Market Share, By Region, 2018 & 2026 (%)

Figure 04 Global Compensation Software Market Value, 2017-2026 ($ Million)

Figure 05 Global Compensation Software Market Y-o-Y Growth, By Type, 2018-2026 (%)

Figure 06 On-Premise: Global Compensation Software Market Value, 2017-2026 ($ Million)

Figure 07 Cloud-Based: Global Compensation Software Market Value, 2017-2026 ($ Million)

Figure 08 Global Compensation Software Market Y-o-Y Growth, By End-User, 2018-2026 (%)

Figure 09 SMEs: Global Compensation Software Market Value, 2017-2026 ($ Million)

Figure 10 Large Enterprises: Global Compensation Software Market Value, 2017-2026 ($ Million)

Figure 11 Others: Global Compensation Software Market Value, 2017-2026 ($ Million)

Figure 12 Global Compensation Software Market Y-o-Y Growth, By Region, 2018-2026 (%)

Figure 13 North America Compensation Software Market Value, 2017-2026 ($ Million)

Figure 14 North America Compensation Software Market Share, By Type, 2018 & 2026 (%)

Figure 15 North America Compensation Software Market Share, By End-User, 2018 & 2026 (%)

Figure 16 North America Compensation Software Market Share, By Country, 2018 & 2026 (%)

Figure 17 South America Compensation Software Market Value, 2017-2026 ($ Million)

Figure 18 South America Compensation Software Market Share, By Type, 2018 & 2026 (%)

Figure 19 South America Compensation Software Market Share, By End-User, 2018 & 2026 (%)

Figure 20 South America Compensation Software Market Share, By Country, 2018 & 2026 (%)

Figure 21 Europe Compensation Software Market Value, 2017-2026 ($ Million)

Figure 22 Europe Compensation Software Market Share, By Type, 2018 & 2026 (%)

Figure 23 Europe Compensation Software Market Share, By End-User, 2018 & 2026 (%)

Figure 24 Europe Compensation Software Market Share, By Country, 2018 & 2026 (%)

Figure 25 Asia-Pacific Compensation Software Market Value, 2017-2026 ($ Million)

Figure 26 Asia-Pacific Compensation Software Market Share, By Type, 2018 & 2026 (%)

Figure 27 Asia-Pacific Compensation Software Market Share, By End-User, 2018 & 2026 (%)

Figure 28 Asia-Pacific Compensation Software Market Share, By Country, 2018 & 2026 (%)

Figure 29 Middle East & Africa Compensation Software Market Value, 2017-2026 ($ Million)

Figure 30 Middle East & Africa Compensation Software Market Share, By Type, 2018 & 2026 (%)

Figure 31 Middle East & Africa Compensation Software Market Share, By End-User, 2018 & 2026 (%)

Figure 32 Oracle Corporation: Financials

Figure 33 PayScale, Inc.: Financials

Figure 34 SAP SE: Financials

Figure 35 The Ultimate Software Group, Inc.: Financials

Figure 36 IBM: Financials

Figure 37 Automatic Data Processing, Inc.: Financials

Figure 38 beqom SA: Financials

Figure 39 BullseyeEngagement LLC: Financials

Figure 40 PeopleFluent, Inc.: Financials

Figure 41 Workday, Inc.: Financials

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