The worldwide compensation management software market is projected to attain significant revenue by 2022, finds a report made available by Radiant Insights, Inc. It is expected to expand at a healthy CAGR from 2017 to 2022 (forecast period) due to its impact on employee motivation. Compensation management software is a part of talent management software and it assists companies and organizations in workforce management. The shift towards digitization and influx of various software tools is expected to drive market growth.
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Demand for automated software to assist the human resource management team is expected to gain good revenue for the global market. The transparency it provides towards the employee rewards program in major corporations is anticipated to spur market over the forecast period. The adoption of Social, Mobile, Analytics, Cloud (SMAC) by various industries is likely to impel adoption of compensation management software. The use of agile management to evaluate employee performance on key performance metrics can have a huge impact on talent hiring.
The accessibility of mobile applications to manage tasks such as attendance management, on-demand video learning, and time management is predicted to influence the market. Conglomerates that operate in different countries can utilize such software to comply with regional employee guidelines. The important role of compensation management software to control labor costs can open up new avenues for growth. But maintenance cost of the software continues to pose a challenge to the market.
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The global compensation management software market is segmented by type, application, and region. Types include Personal Computer (PC), Cloud, and others. Major market applications are categorized into Small and Medium Enterprises (SMEs), large organizations, and others.
Regions covered in the compensation management software market include India, China, Japan, Southeast Asia, United States, and the European Union (EU). The United States market is projected tremendous growth over the forecast period due to the emergence of various startups and micro-enterprises. In addition, utilization of Cloud model to reduce expenses is expected to augur good revenue for the market in near future.
The Japan compensation management software market is expected to command a huge demand in the forthcoming years due to its lack of employee retention. The archaic business models can be improved with the help of compensation management software. In addition, the declining population in Japan has led to conglomerates looking for revenue opportunities abroad. These factors are expected to provide a much-needed stimulus to the regional market. The Middle East market is also predicted a steady growth rate due to the influx of various professionals in the countries looking for jobs.
Prominent players in the compensation management software market include Oracle Corporation; Workday, Inc.; Curo Compensation Limited; Ultimate Software Group, Inc.; and PayScale, Inc. Novel product launches is the prime strategy utilized by these players to entice consumers. For instance, Ultimate Software Group offers software solutions for enterprises that provide all types of workforce management including compensation management. Mergers and acquisitions is another strategy used by the key participants to sustain market hold. For example, in 2016, PayScale decided to merge with Market Pay to obtain accurate data regarding compensation management of its employees.
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