Rising demand for automated compensation processes is expected to aid in growth of the
market
Increasing demand for automated compensation management process is one of the major factors
affecting growth of the market during the forecast period (2018–2026). Automation aid in simplifying
compensation planning and processing of implementations (policy, procedures, regulations and
others). It reduces paper work, increases efficiency, simplifies the process and gives a centralized place
to manage all the tasks related to employee compensation and saves the administration’s cost and
time while providing maximum efficiency with reduced manual errors.
Moreover, rising adoption of digital HR technology (digital HR technologies comprises different
equipment for different types of HR/management related operations such as biometric machine for
attendance) is one of the recent trends and major drivers for growth of the compensation software
market globally. Use of mobile phones for work and communication by employees of any organization
is increasing and this has led to growing adoption and implementation of mobile HR technologies such
as WorkBright, Namely, and Zenefits. This is expected to create a conducive environment for growth
of the market.
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On-premises segment accounted for largest share in the global compensation software market
in 2017
On-premises deployment segment is estimated to hold the larger market share in 2018, 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.
Cloud-based segment is expected to exhibit the highest CAGR over the forecast period. This is due
deployment being cost-effective and benefit of deployment even in a basic IT infrastructure.
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Key companies
The top five vendors in the global compensation software market includes ADP LLC, Oracle
Corporation, SAP Success Factors, Ultimate Software, and Workday Inc.
Other players operating in the global compensation software market are HRsoft, Kinixsys, Kronos,
Beqom, Halogen Software, Willis Towers Watson, Greytip Software, SumHR, Talentsoft,
BullseyeEngagement, JSM Technologies Decusoft, Peoplefluent, Execupay, PayScale, CWS
Software, Cornerstone, Curo, Harvest HCM, Nitso Technologies, and Lumesse.
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