advantages such as reduced labor costs, aids in talent retention, and increases employee
engagement thus enhancing overall productivity and efficiency of the organization.
Increasing demand for automated compensation process, shift from manual working to
automation by small/medium/large enterprises for better performance and output from their
workforce, and rising adoption of digital HR technologies propelled by increasing usage of
mobile phones by the employees for their work related targets are some of the major drivers
for growth of the global compensation software market. Digital HR technology helps in providing
automated access and aids in evaluating performance and other parameters of the workforce.
These software can be linked to integrated applications on the mobile phones of the employees
on which they can get the time & attendance, appointment & meeting reminders, on-demand
learning for new projects, stress monitors, and others.
Compensation software market in Asia Pacific is expected to exhibit the highest CAGR over the
forecast period (2018 - 2026). The growth in this region is attributed to increasing development
in IT infrastructure and growing number of new small/medium/large enterprises in emerging
economies such as India and China; For instance, according to Coherent Market Insights, the
number of SMEs in China in 2015 was 20.5 million which grew to 29.4 million in 2017.
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https://www.coherentmarketinsights.com/market-insight/compensation-software-market-2220
Increasing usage of internet and usage of mobile phones for company’s work are pushing
companies to adopt digital HR technology to manage the compensation process correctly. It can
be processed through company’s specific mobile apps to communicate, validate, and evaluate
the compensation process.
North America is expected to be the largest region in the global compensation software market
and accounted for 51.7% of the total market share in 2017 and is expected to be the most
dominant region during the forecast period as well. This is owing to high presence of number of
small, medium, and large enterprises adopting automated compensation management process
to compete in their related market. High presence of enterprise software providers such as
NetSuite ERP and SYSPRO, increasing penetration of social media, and need for cost-effective
compensation planning process are factors expected to drive growth of the market for
compensation software in North America.