Overview:

Compensation software is also known as human capital management solutions (HCM), it deals with talent management and employee retention. The software is focused on managing employees and is incorporated with various features such as HR policies, administration benefits, time, attendance & scheduling, payroll administration, and tax management. The HR manager is the authorized person to access the software as it engages in employee salary with the guidelines about how the salary should be credited.

Market Dynamics:

Increasing demand for compensation software from various enterprises in order to automate and simplify employee management process is a major factor expected to drive growth of the global compensation software market. In addition, large enterprises are focused on automating and streamlining their HR process in order to enhance productivity and retention strategies, this is another factor expected to augment the growth of target market.

Favorable business policies in developing countries, increasing number of small and mid-size enterprises is resulting in higher demand for compensation software as it aids in improving the efficiency, reducing paper work, and simplifying process this is important factor expected to augment the growth of global market. In addition, increasing adoption of cloud based solutions with technical progress is likely support the revenue growth of compensation software market.

Key Trends:

Increasing strategic merger and acquisition activities by major players is the key trend observed in the target market. In 2017 Saba Software Inc. acquired Halogen Software Inc. a company focused on providing cloud-based talent management solutions to customers. This acquisition is expected to help the company to enhance the product portfolio and increase the customer base.

Regional Analysis:

For detailed understanding of market dynamics, the global compensation software market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America accounted for the major revenue share in 2018, rising automation approach among various organization. In addition, presence of large number of players operating in the country, increasing enterprise strength is resulting in demand for compensation software in order to simplifying compensation planning and processing of implementations these are among other factors expected to support the growth of regional market.

Scope of the Report:

Detailed Segmentation:

Global Compensation Software Market, By Deployment Type:

• On-Premises
• Cloud Based

Global Compensation Software Market, By Enterprise Size:

• Large Enterprise
• SME’s

Key Players Covered:

Key players operating in the compensation software market includes, Willis Towers Watson, Greytip Software, SumHR, Talentsoft, BullseyeEngagement, CWS Software, Cornerstone, Curo, HRsoft, Kinixsys, Kronos, Beqom, Halogen Software, Harvest HCM, Nitso Technologies, and Lumesse.

Key features of the study:

Foresight Market Research provides detailed analysis on global market in our report- Global Compensation Software Market by deployment type, enterprise size, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2019 – 2029, considering 2018 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global compensation software market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, ongoing trends, market expansion, and marketing tactics used overall the globe.