Industry Background:
Compensation Management Software enables organizations to plan and administer their employees’ compensation packages. These softwares are developed with an aim to manage salaries through an administrative dashboard, develop merit matrices, and report on company compensation data. It is a tool used by managers to find solutions based on reliable and actionable information. It facilitates an easier, more manageable system for strategizing competitive employee wages and compensation. These softwares are often integrated with performance management, core HR, and payroll software. The growing use of compensation management software by HR and payroll departments in various end-user businesses has boosted the demand for compensation management software.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Workday, Inc. (United States), Paycom Software, Inc. (United States), Ultimate Software Group, Inc. (United States), Payfactors (United States), PayScale (United States), Salary.com(United States), Oracle Corporation (United States), SAP SE (Germany), BullseyeEngagement LLC (United States), Greytip Software Pvt. Ltd. (India), Saba Software Inc. (United States), Ascentis Technopreneur Pvt Ltd (India), CompView, Inc. (United States), Certent, Inc. (United States), PeopleFluent, Inc. (United States) and beqom SA (Switzerland) |
This growth is primarily driven by Enable To Publish Internal Compensation Policies and Facilitate Diverse Bonus Structures, Simple and Easy To Use, With Configurable Roles, Access, And Employee Self-Service and Rising Adoption of Digital HR Technology.
Globally, a noticeable market trend is evident Trend for Shifting Towards Automated Compensation Processes The Application Software 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 Workday, Inc. (United States), Paycom Software, Inc. (United States), Ultimate Software Group, Inc. (United States), Payfactors (United States), PayScale (United States), Salary.com(United States), Oracle Corporation (United States), SAP SE (Germany), BullseyeEngagement LLC (United States), Greytip Software Pvt. Ltd. (India), Saba Software Inc. (United States), Ascentis Technopreneur Pvt Ltd (India), CompView, Inc. (United States), Certent, Inc. (United States), PeopleFluent, Inc. (United States) and beqom SA (Switzerland), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The providers of the compensation management software market continue to focus on innovation and technological advancements in their software. Such developments coupled with competitive pricing are likely to assist in increasing market share over the forecast period. During the coming years, a number of companies will also form partnerships with end-user industries to sustain in this competitive market
Key Developments in the Market:
In August 2021, Diligent Corporation, launched Diligent ESG – on its governance, risk, and compliance (GRC) platform. Diligent ESG is powered in part by the newly announced acquisition of Accuvio and builds on the company’s recent acquisitions of Galvanize and Steele Compliance. This launch helped company to expand its presence in compensation management software market
In September 2019, PeopleStrategy, Inc., a full-service brokerage and provider of comprehensive, cloud-based human capital management (HCM) solutions partnered with Payfactors, a provider of cloud-based compensation data management tools to offer small and mid-sized businesses access to the data they need to make smart decisions about compensation.
Influencing Trend:
Trend for Shifting Towards Automated Compensation Processes
Market Growth Drivers:
Enable To Publish Internal Compensation Policies and Facilitate Diverse Bonus Structures, Simple and Easy To Use, With Configurable Roles, Access, And Employee Self-Service and Rising Adoption of Digital HR Technology
Challenges:
Data Privacy Concerns
Restraints:
High Implementation and Initial Investment
Opportunities:
Growing Adoption of Compensation Management Software by Small & Medium Businesses and Increasing Demand for Cloud-based Compensation Management Software
AMA Research follows 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 showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze 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 includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Compensation Management Software Market
- Analysis about New Entrants in Compensation Management Software Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Compensation Management Software Study Sheds Light on
The Compensation Management Software Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Compensation Management Software industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Compensation Management Software industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, 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 the value they currently claim or capture the new addressable opportunity.