Sales compensation software automates the accounting and administration of commissions and incentive plans based on several customizable rules such as employee role, tenure, or sale type. The software also provides salespeople a detailed look into past earnings and forecasted revenue. Europe compensation software market accounted for $135.2 million in 2019 and will grow by 6.4% annually over 2020-2030 owing to the rising adoption of automated and digital HR technology amongst organizations. Compensation software is used to track the data so gathered, which is then used to calculate salary compensation of the employees. The Compensation software is superior to on-premises software, and offers benefits such as cost-effectiveness. The Compensation software market is driven due to features such as secured cloud backup of data, ease of system enhancements & updates, and advantages over on-premise solutions. Nevertheless, regulatory compliances and synchronizing domestic HR processes with global HR standards are the factors that hinder the market growth significantly. The Compensation software market is a competitive environment, as there are many large players within the business landscape. The Compensation software market growth would be moderate due to the number of SMEs that have initiated deployment of Compensation solutions. Based on Organization Sizes, the market report segments the market into Small & Medium Enterprises and Large Enterprises. Based on Verticals, the Europe Compensation Software market segments the market into Retail, BFSI, Healthcare, Manufacturing, Telecom & IT, and Others. The expansion of the European compensation software business is being driven by vendors' pricing tactics. In order to survive in a cutthroat market environment, software vendors are implementing customer-centric pricing strategies that are made possible by technological advancements. Customers focus on certain economic and market variables while adopting the software, such as ROI, the option to choose free models, and the constrained IT expenditures. Vendors must consider the diverse budgets and pricing preferences of their customers. Vendors have been forced to review their software pricing and delivery practises due to the high cost of the software and constrained IT budgets. Following the global trend, the development of the European compensation software business is also being hampered by the high implementation and maintenance expenses. The cost of the compensation software covers the cost of system design, customisation, software licencing, implementation, training, and maintenance. SMEs and new businesses should spend money on employee training and proper software deployment. The software needs to be updated frequently to stay current with consumer trends. All of these elements raise the overall cost of implementing compensation software, which has a negative impact on SMEs and start-ups' willingness to embrace it. This could thus have an impact on market growth during the projection period. An emerging trend in the Europe compensation software market is growing preference of organizations toward utilization of digital HR technology. Smartphones have emerged as preferable channel of work for employees for the purpose of adoption of HR technologies that require communication and updating for tasks like attendance policies, reminders for meetings, communication of information about new regulations in the organization, and so on. It is expected that this trend will continue in times to come and will boost the global compensation software market. The rise in growth of IT sectors, rise in demand for compensation management software owing to its wide range of features for instance salary and commission tracking, forecasting &approval workflow, executive compensation, salary review and policy among others along with vendors focusing and providing compensation management software intelligence to guide compensation decisioning and others are driving the growth of the market.
The pandemic affected the compensation software market in both a positive and a negative manner. Positively because the social distance restriction, along with, lockdowns which insisted the businesses to enforce work from home also provided for the growth through digitisation of the compensation market. This adoption was majorly seen in the region of Europe with larges companies who could spare finances. While, on the other hand some of the businesses were trying to cut down any non-essential cost to sustain in these times of economic distress and so were resistant to adopt the high cost of maintenance and time for training the employees.
Highlighted with 35 tables and 48 figures, this 118-page report “Europe Compensation Software Market 2020-2030 by Offering (Service, Solution), Deployment Mode (Cloud, On Premises), End User, Industry Vertical, and Country: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire Europe 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 Europe 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 Europe compensation software market in every aspect of the classification from perspectives of Offering, Deployment Mode, End User, Industry Vertical, and Country.
• Managed Services
• Professional Services (further segmented into Design and Implementation, Consulting, Training and Education, Support and Maintenance)
By Deployment Mode
• Cloud Based Product
• On Premises Product
By End User
• Large Enterprises
• Educational Organizations
• Government Institutions
By Industry Vertical
• Manufacturing Industry
• IT and Telecom
• Retail Industry
• Energy and Utilities
• Healthcare Industry
• Other Verticals
• Rest of Europe (further segmented into Belgium, Denmark, Austria, Norway, Sweden, The Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
For each country, detailed analysis and data for annual revenue are available for 2019-2030. The breakdown 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 Europe 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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