Compensation software tools offer employers a framework to identify top performing employees based on their work performance and provide incentives to reward employees for their effort. The integration of compensation software tools encourage employees to perform at their highest level and enhances the reputation of the company during talent acquisition.
Get more market data about compensation software here
The global compensation software market is segmented by type into the cloud-based model and on-premise model. The cloud based solution is one of the prime driver of the market owing to cost savings, reliability, and Manageability of the software. Moreover, the market is segmented by application into small scale enterprises (SMEs), large enterprises, and others. The cloud-based compensation software segment is expected to grow at a robust rate owing to the increased adoption of digital technologies and benefits of storage space offered for an extended period.
The small-scale enterprises are more open to adopting compensation software tools owing to the calculation of incentives provided to employees in line with industry trends and promotion of fair pay structure across all departments.
The market scenario is highly competitive with the presence of global tech companies such as IBM, Oracle Corporation, PayScale, Inc., SAP SE, The Ultimate Software Group, Inc., and Automatic Data Processing, Inc. The companies focus on mergers and acquisitions to expand the business reach and strengthen market position.
For instance, PayScale, Inc. and Mercer, Inc. announced the formation of a strategic collaboration in July 2017 to bring together Mercer's expertise in compensation consulting and information products with PayScale's strength in technology and data science to advance compensation data and software solutions for clients and the future workforce.
The geographical scope of the compensation software market consists of North America, South America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is the leading geographical segment owing to the higher adoption of compensation software tools and enhanced know-how of the technical aspects of the industry. The North America Compensation Market is estimated to be around 390 USD million in 2017.
Asia-Pacific is forecasted to witness the highest growth rate during the forecast period owing to the rising tendency of companies to adopt newer technologies and establishment of organizations which aim to remain technologically relevant in an expanding market environment.
For more information, visit: https://www.datamintelligence.com/research-report/compensation-software-market/