The global compensation software market was valued at US$ 829.3 million in 2017, and is expected to reach US$ 1,892.4 million by 2026, registering a CAGR of 9.6% over the forecast period from 2018 to 2026 as per industry expert.
Some of the most popular compensation software are ADP Workforce Now, SAP SuccessFactors, PoepleFluent, Laserbeam Compensation, TalentComp, and CuroEnterprise. Major players operating in the global compensation software market include HRsoft, Kinixsys, Kronos, Beqom, Halogen Software, Willis Towers Watson, Greytip Software, SumHR, Ultimate Software, Talentsoft, BullseyeEngagement, JSM Technologies, Decusoft, Peoplefluent, Execupay, ADP LLC, PayScale, CWS Software, SAP Success Factors, Cornerstone, Curo, Oracle Corporation, Harvest HCM, Workday Inc., Nitso Technologies, and Lumesse.
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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.
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.
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