A recent added market research report to the vast portfolio of MarketResearchReports.biz presents a detailed analytical account of the global market for compensation software. The report, titled “Global Compensation Software Market 2017-2021,” states that the market will exhibit a promising 8.77% CAGR from 2017 to 2021. The increased global demand and adoption of automated compensation management processes will remain one of the key factors contributing to the positive growth prospects of the market over the said period.
The increased adoption of digital HR (human resources) solutions will also positively influence the overall growth potential of the global compensation software market over the said period. The rising consumer base of smartphones, making it the most preferred channel for accessing a variety of information by employees has provided organizations the opportunity to adopt mobile HR solutions as well.
Digital HR technology combines cloud, analytical, mobile, and social technologies and offer a single platform for improving the interactions between employees and employers. This trend is also leading to the increased demand for mobile apps for newer disciplines of the HR sector, combining innovative ideas with mobile, social, and video technologies to enrich the employee experience. The market report covers a detailed reports of other growth and constraining factors, trends, policies, and regulation that are expected to have a significant impact on the overall development of the global compensation software market over the report’s forecast period.
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In terms of deployment, the compensation software market has been segmented into cloud-based deployment and on-premise deployment. Of these, the on-premise segment accounted for a dominant share in the global market in 2016. Benefits of on-premise deployment, such as larger control over business critical data, easy data migration, employee training services as a part of the implementation of the software will continue to work in favor of the segment.
From a geographical standpoint, the report analyzes the market for compensation software across regions such as Americas (North America and South America), Asia Pacific (APAC), and Europe, Middle East and Africa (EMEA). Of these, the market in Americas will be the key contributor of revenue to the global market over the forecast period. The presence of several enterprise software companies, the rapid expansion of social media, and the increased demand for cost-efficient compensation planning solutions are expected to drive the North America market for compensation software over the report’s forecast period.
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The report states that the global market for compensation software features an intensely competitive vendor landscape owing to the presence of a large number of companies. Some of leading companies in the market are Oracle, Ultimate Software, ADP, Workday, SAP SuccessFactors, Decusoft, beqom, Cornerstone, BullseyeEngagement, JSM Technologies, Execupay, HRsoft, Curo, Greytip Software, Paycom, Harvest HCM, CWS Software, Willis Towers Watson, Halogen Software, Lumesse, Talentsoft, Peoplefluent, Nitso Technologies, Kinixsys, PayScale, sumHR and Kronos.