Market Overview:
The global compensation software market is expected to grow at a CAGR of 10.8% from 2018 to 2030. The growth of the market can be attributed to the increasing adoption of cloud-based compensation software and on-premises compensation software. Cloud-based compensation software is expected to grow at a higher CAGR than on-premises compensation software during the forecast period. The growing demand for cloud-based solutions among small and medium enterprises (SMEs) is driving the growth of this segment. North America accounted for the largest share of the global market in 2017, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa.
Product Definition:
Compensation software is a type of HR software that helps businesses manage employee compensation data and processes. It can automate salary planning, budgeting, and review cycles; help track employee stock options, bonuses, and commissions; and compile pay stubs. Compensation software is important for businesses because it can help them save time and money on payroll processing tasks.
Cloud-Based Compensation Software:
Cloud-based compensation software is a web-based application that helps organizations manage their employee benefits more efficiently. The Compensation Software provides various features such as time & attendance management, leave management, payroll processing and other benefit administration functionalities to the organization. It also helps in maintaining regulatory compliance of the company by facilitating data security and privacy protection.
The global cloud based compensation software market size was valued at USD 2,542 million in 2015.
On-Premises Compensation Software:
On-premises compensation software is used to compensate an employee for his work from home (WFH) policy. The employee is not required to be present at the office for performing the work. In order to implement on-premises compensation software, there are certain hardware and software requirements such as a computer with internet access, a printer connected to the computer and lastly, on-premises compensation software.
Application Insights:
The enterprise segment accounted for the largest market share in 2017 and is anticipated to maintain its dominance over the forecast period. The growth of this segment can be attributed to factors such as growing need for human capital within organizations, increasing use of financial incentives, and a growing number of mergers & acquisitions activities.
Compensation software has become an integral part of organizations as it helps them manage employee relations efficiently. It also helps in automating tedious tasks so that managers can focus on strategic decisions related to business operations without being distracted by data entry or other administrative work associated with compensation management. This factor is expected to drive demand from enterprises over the forecast period.
Regional Analysis:
North America dominated the global market in 2017. The region is expected to maintain its position during the forecast period. This growth can be attributed to various factors such as increasing adoption of compensation software by enterprises, growing awareness about employee engagement and retention, and favorable government initiatives for implementation of advanced human resource management solutions.
Asia Pacific is anticipated to witness significant growth over the forecast period owing to increasing number of small & medium enterprises (SMEs) in this region that lack resources required for effective management of employees' compensation schemes resulting into increased reliance on automated systems. Moreover, rapid technological advancements coupled with rising disposable income levels are also contributing toward regional market growth.
Growth Factors:
- Increasing demand for automation in payroll and HR processes to manage growing workforce complexities.
- Rising need to control and reduce costs associated with employee compensation and benefits administration.
- Growing emphasis on compliance with regulatory requirements governing employee pay and benefits practices.
- The increasing use of big data analytics to identify trends in workforce compensation and benefits spending patterns 5
Scope Of The Report
Report Attributes
Report Details
Report Title
Compensation Software Market Research Report
By Type
Cloud-Based Compensation Software, On-Premises Compensation Software
By Application
Enterprise, School, Municipal, Other
By Companies
Oracle, SAP SuccessFactors, ADP, Ultimate Software, Workday, Beqom, BullseyeEngagement, Cornerstone, Curo, CWS Software, Decusoft, Greytip Software, Halogen Software, Nitso Technologies, Willis Towers Watson
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
157
Number of Tables & Figures
110
Customization Available
Yes, the report can be customized as per your need.
Global Compensation Software Market Report Segments:
The global Compensation Software market is segmented on the basis of:
Types
Cloud-Based Compensation Software, On-Premises Compensation Software
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Enterprise, School, Municipal, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Oracle
- SAP SuccessFactors
- ADP
- Ultimate Software
- Workday
- Beqom
- BullseyeEngagement
- Cornerstone
- Curo
- CWS Software
- Decusoft
- Greytip Software
- Halogen Software
- Nitso Technologies
- Willis Towers Watson
Highlights of The Compensation Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Cloud-Based Compensation Software
- On-Premises Compensation Software
- By Application:
- Enterprise
- School
- Municipal
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Compensation Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
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- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Compensation software is a computer program that helps employers calculate and pay employee salaries, bonuses, and other forms of compensation.
Some of the major players in the compensation software market are Oracle, SAP SuccessFactors, ADP, Ultimate Software, Workday, Beqom, BullseyeEngagement, Cornerstone, Curo, CWS Software, Decusoft, Greytip Software, Halogen Software, Nitso Technologies, Willis Towers Watson.
The compensation software market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Compensation Software Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Compensation Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Compensation Software Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Compensation Software Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Compensation Software Market Size & Forecast, 2020-2028
4.5.1 Compensation Software Market Size and Y-o-Y Growth
4.5.2 Compensation Software Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Cloud-Based Compensation Software
5.2.2 On-Premises Compensation Software
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Enterprise
6.2.2 School
6.2.3 Municipal
6.2.4 Other
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Compensation Software Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Compensation Software Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Cloud-Based Compensation Software
9.6.2 On-Premises Compensation Software
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Enterprise
9.10.2 School
9.10.3 Municipal
9.10.4 Other
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Cloud-Based Compensation Software
10.6.2 On-Premises Compensation Software
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Enterprise
10.10.2 School
10.10.3 Municipal
10.10.4 Other
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Cloud-Based Compensation Software
11.6.2 On-Premises Compensation Software
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Enterprise
11.10.2 School
11.10.3 Municipal
11.10.4 Other
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Cloud-Based Compensation Software
12.6.2 On-Premises Compensation Software
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Enterprise
12.10.2 School
12.10.3 Municipal
12.10.4 Other
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Cloud-Based Compensation Software
13.6.2 On-Premises Compensation Software
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Enterprise
13.10.2 School
13.10.3 Municipal
13.10.4 Other
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Compensation Software Market: Competitive Dashboard
14.2 Global Compensation Software Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Oracle
14.3.2 SAP SuccessFactors
14.3.3 ADP
14.3.4 Ultimate Software
14.3.5 Workday
14.3.6 Beqom
14.3.7 BullseyeEngagement
14.3.8 Cornerstone
14.3.9 Curo
14.3.10 CWS Software
14.3.11 Decusoft
14.3.12 Greytip Software
14.3.13 Halogen Software
14.3.14 Nitso Technologies
14.3.15 Willis Towers Watson
