Asia Pacific Compensation Software Market 2020-2030

Asia Pacific Compensation Software Market 2020-2030

Bonafide Trust 26-07-2022 116 Pages Figures : 47 Tables : 20
Region : Asia-Pacific Category : IT & Telecommunications Internet, E-Commerce & Software

Compensation software deals with the critical part of talent management and employee retention. Compensation management software manages the employees’ salaries in an organization and provides guidelines about how the salary should be given according the job responsibilities and designation of the employee. The compensation management software is accessed by the HR managers of any organization however, the other managers can also manage it based on the authority provided by the organization. Compensation software is also known as Human Capital Management Solutions (HCM) solutions and has automated inbuilt features, which include the HR policies, administration benefits, open enrollment & life events, time, attendance & scheduling, payroll administration, and tax management. Asia Pacific compensation software market will grow by 10.8% annually with a total addressable market cap of $3,725.6 million over 2020-2030 owing to the rising adoption of automated and digital HR technology amongst organizations. End consumers, such corporate businesses, prefer to select a provider in this industry that offers convergent software suites. This is because if a corporation chooses to use a different software suite every time, it may cause software integration problems, which would change the way the business operates. The adoption of compensation software is increasing popularity among all business types since it enables organisations to manage compensation processes effectively and increases transparency and understanding at the time of rewards and based on employee performance. One of the key factors influencing market expansion during the predicted period is the rise in demand for automated compensation management processes. Automation facilitates the simplification of implementation processes and compensation planning (policy, procedures, regulations, and others). It minimises paperwork, improves productivity, streamlines the procedure, and provides a single location to manage all employee compensation-related duties. It also saves the administration money and time while delivering maximum efficiency with a low human error rate. Additionally, one of the current trends and the main factors propelling the expansion of the compensation software market globally is the increased usage of digital HR technology, which includes various equipment for various sorts of HR/management-related processes, such as a biometric attendance machine. Employees of all organisations are increasingly using their mobile devices for work and communication, which has fueled the development and implementation of mobile HR systems like WorkBright, Namely, and Zenefits. This is anticipated to foster a climate that will support market expansion. On-premises deployment segment is estimated to hold the larger market share, owing to better confidential information control and security from external attacks. It provides benefits such as data migration, ease in installation, employee training services, and complete control over critical database of the employees and HR policies. The Compensation software market will grow tremendously during the forecast period, owing to the rapid industrialization and digitization initiatives taken by the different governments in the region. Additionally, presence of several emerging economies, such as China, India, and South Korea is further expected to drive the regional HR management software market growth over the coming years. Few of the other key factor driving growth of the global compensation software market are  advancements in technology, adoption of cloud-based compensation software solutions, which has risen across small-, medium-, and large-scale enterprises. This factor is projected to propel growth of the global compensation software market in the cloud-based deployment type segment over the forecast period. Increased preference by organizations for implementation of the digital HR technology is an emerging trend in the global compensation software market. However, high maintenance costs is a major factor expected to restrain market growth over the forecast period.

Impact of Covid-19 

The COVID-19 pandemic had a positive impact on the market as employees were working remotely due to lockdown restrictions. Compensation management softwares helped to keep track of the employee’s working status and helped the HR department to recruit remotely. The Compensation software market is segmented into cloud and on-premise type based on deployment. During the pandemic the cloud based deployment gained popularity due to their remote control ability. In addition, the market showed several industry verticals such as BFSI, retail, IT & telecommunication, healthcare, hospitality, government, manufacturing, and others (education, transportation, energy & utilities, and media & entertainment) adopt the compensation software.

Highlighted with 32 tables and 47 figures, this 116-page report “Asia Pacific 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 comprehensive research of the entire Asia Pacific 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 Asia Pacific 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 Asia Pacific compensation software market in every aspect of the classification from perspectives of Offering, Deployment Mode, End User, Industry Vertical, and Country. 

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
     • Japan
     • China
     • South Korea
     • Australia
     • India
     • Rest of APAC (further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)

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 Asia Pacific 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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