Global Compensation Software Market 2020-2030

Global Compensation Software Market 2020-2030

Bonafide Trust 26-07-2022 173 Pages Figures : 80 Tables : 38
Region : Global Category : IT & Telecommunications Internet, E-Commerce & Software

Shift toward data-driven decision making, increasing need for efficient compensation policies and talent retention models, and growing focus on automating pay-scale management processes are some of the key factors supporting the growth of the compensation software market across the world. Compensation software solutions centralize data from all talent management processes and allow organizations to plan and execute a compensation strategy for its employees. Organizations are increasingly deploying these solutions to view and alter related policies, if required, and efficiently plan rewards, bonuses, and promotions for their employees. Global compensation software market will reach $1,599.8 billion by 2030, growing by 8.5% annually over 2020-2030 driven by rising adoption of automated and digital HR technology, increasing popularity of compensation software amongst organizations. Reps are motivated by knowing their future earnings because they may see their potential commissions based on existing deals. Many companies are using spreadsheets to keep track of their commission records. The limited efficiency of excel is leading to problems like data repeating, unclear commission agreements, and overpayments which demotivate sales reps and affect the sales of the enterprises. As a result, many enterprises are considering implementing sale compensation software as they can solve all the limitations of spreadsheets and eliminate errors leading to price erosion, and make enterprises to deliver efficient sales compensation, which will drive the market in the coming years. Due to the presence of a large number of market players, the global compensation software market is highly competitive in nature. In recent years, players in the market have taken several strategic measures, including mergers and acquisitions, partnerships, and product launches, to strengthen their foothold. Based on the kind of deployment, the market has been separated into on-premises and cloud models. Between the two, the cloud category is anticipated to experience faster market expansion during the anticipated timeframe (2020–2030). Increased scalability and speed, as well as 24x7 services and improved management capabilities, are all features of cloud deployment. Additionally, because cloud deployment doesn't need any hardware, it lowers operational costs for businesses. The market has been divided into on-premises and cloud models on the basis of deployment type. Of the two, the cloud category is expected to witness faster growth in the market during the forecast period (2020–2030). Cloud deployment offers higher scalability and speed, in addition to facilitating 24X7 services and enhanced management capabilities. Moreover, as cloud deployment does not require any hardware investment, it helps reduce the operational expenditure of companies. Regulations pertaining to data and hosting, as well as a lack of privacy and data security in cloud-based software, are predicted to impede industry expansion. The majority of cloud-based services involve a third party, who may disclose the user's information to others. This security risk is a problem with cloud-based software that is also impeding the expansion of the market for sales compensation software. Growing focus on automating pay-scale management processes is one of the key factors supporting the growth of the compensation software market worldwide. Compensation planning is an essential element of any successful business. Organizations may boost productivity, workforce engagement, employee retention, and the hiring of new talent by making strategic pay-scale decisions. Employee pay grades are manually calculated and tracked, which takes a lot of time and increases the chance of error. As a result, businesses are rapidly implementing compensation management software to automate and streamline their compensation processes with a low risk of error. The market has been divided into banking, financial services and insurance (BFSI), manufacturing, information technology (IT) & telecom, healthcare, education, energy & utilities, government, retail, and others, which include automotive, hospitality, oil & gas, entertainment, and logistics, in accordance with vertical. In 2019, BFSI had the greatest market share for compensation software of all of them. The demand for compensation management solutions among financial businesses is growing as they place more emphasis on talent scouting and employee engagement for improved performance. This is because incentive plans that are in line with their strategy must be developed. These solutions aid these businesses in retaining staff and boosting output.

Impact of COVID-19 
The pandemic adversely affected the Compensation software market of the world. This phenomena created both positive and negative effects on the market, the positive effect was the rapid surge in digitalisation of different organisational practices like the compensation management in this case led to the growth of the market. this was further fuelled by the ability of the software to monitor the performance of the employees remotely, which turned out to be specifically helpful for the work from home situation. On the other spectrum the market also was obstructed due to the inconsistent economic condition and declining sales of the consumer companies. This factor steered the consumers to cut down on expenses which are not crucial for functioning. Along with this the cost of maintenance factored in created an even obstruction for the Compensation software market. 

Highlighted with 85 tables and 80 figures, this 173-page report “Global Compensation Software Market 2020-2030 by Offering (Service, Solution), Deployment Mode (Cloud, On Premises), End User, Industry Vertical, and Region: Trend Forecast and Growth Opportunity” is based on comprehensive research of the entire global compensation software market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. 

In-depth qualitative analyses include identification and investigation of the following aspects:
   • Market Structure 
   • Growth Drivers 
   • Restraints and Challenges
   • Emerging Product Trends & Market Opportunities
   • Porter’s Fiver Forces

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global compensation software market in every aspect of the classification from perspectives of Offering, Deployment Mode, End User, Industry Vertical, and Region. 

By Offering 
     • Service
          • Managed Services
          • Professional Services (further segmented into Design and Implementation, Consulting, Training and Education, Support and Maintenance)
     • Solution 

By Deployment Mode 
     • Cloud Based Product
     • On Premises Product

By End User
     • Large Enterprises
     • SMEs
     • Educational Organizations
     • Government Institutions

By Industry Vertical
     • Government
     • BFSI
     • Manufacturing Industry
     • IT and Telecom
     • Retail Industry
     • Energy and Utilities
     • Healthcare Industry
     • Education
     • Other Verticals

By Geography
     • APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
     • Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
     • North America (U.S., Canada, and Mexico)
     • South America (Brazil, Chile, Argentina, Rest of South America)
     • RoW (Israel, UAE, South Africa)

For each aforementioned region and country, detailed analysis and data for annual revenue are available for 2020-2030. The breakdown of all regional markets by country and split of key national markets by Offering, Deployment Mode, and Industry Vertical over the forecast years are also included.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.
Specifically, potential risks associated with investing in global compensation software market are assayed quantitatively and qualitatively through GMD’s Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.

Key Players (this may not be a complete list and extra companies can be added upon request): 
ADP, Beqom, Bullseye Engagement LLC, Cornerstone, CuroComp, CWS Software, Decusoft, Greytip Software, Halogen Software, HRToolbench, IBM., Nitso Technologies, Oracle Corporation, PayScale, Inc., PeopleTicker, Saba Software Inc., SAP Success Factors, SecureSheet, The Ultimate Software Group, Inc., Willis Towers Watson, Workday, 

(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

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