Industry Background:
Increasing demand for automated compensation management process will lead to boost global Compensation Software. Compensation software is also called as Human Capital Management Solutions (HCM) solutions. Compensation management is a critical part of talent management as well as employee retention. Confirming that salaries are competitive is a major advantage of compensation management systems. Compensation data that's in tune with the market gives the hiring manager’s critical data they required when making a proposal to a candidate. It uses financial as well as nonmonetary welfares to reduce turnover, spur performance, attract recruits, and increase employee engagement. The integrated apps offer HRM features including appointment and meeting reminders, on-demand video learning for participants for new projects, time and attendance management, messaging, and stress monitors.According to AMA, the market for Compensation Software is expected to register a CAGR of 8.4% during the forecast period to 2026. This growth is primarily driven by Increasing Demand for Automated Compensation Management Process and Rising Demand Due to Provide Training Services to the Employees.
Globally, a noticeable market trend is evident Growing Adoption of Digital HR Technology
. The Internet Software & Services sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Oracle (United States), SAP SuccessFactors (United States), ADP (United States), Ultimate Software (United States), Workday (United States), Beqom (Switzerland), Curo (United States), CWS Software (New York), Decusoft (United States) and Greytip Software (India) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 4th February 2019, Ultimate Software, a leading global provider of human capital management (HCM) solutions in the cloud has announced that it has entered into a definitive merger agreement to be acquired by an investor group led by Hellman & Friedman. The deal is established for a value of approximately 11 billion dollars.
On 5th December 2018, Curo Compensation Limited (Curo), an industry leader in total compensation management technology and PageUp, a leading provider of cloud-based, enterprise talent management software collaborated for a new product launch, which includes a Performance module and Everyday Performance app.
Market Drivers
- Increasing Demand for Automated Compensation Management Process
- Rising Demand Due to Provide Training Services to the Employees
Market Trend
- Growing Adoption of Digital HR Technology
- Upsurging Demand of Cloud-Based Software
Restraints
- Huge Implementation and Expensive Costs
Opportunities
Huge Demand for Mobile HR Technology and High Demand Due to Security Purpose In Emerging Organizations
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Compensation Software Study Sheds Light on
The Compensation Software Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Compensation Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Compensation Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.