Technavio has announced the top five leading vendors in their recentglobal compensation software marketreport. This research report also lists 22 other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global compensation software market from 2017-2021. (Graphic: Business Wire)
The global compensation software market is expected at a CAGR of almost 9% during the forecast period. One of the major reasons for this growth is the need to streamline data management and compensation workflows in enterprises, enabling decision makers to make informed reward decisions. Compensation software consolidates compensation and performance-related data securely in one place and utilizes advanced analytical tools to drive and report employee reward strategies.
Competitive vendor landscape
This report provides an exhaustive list of all the global vendors that provide the compensation software. Vendors are identified based on the revenue and market dominance in terms of their geographical presence, product portfolio, and R&D. The vendor matrix included in the report gives a detailed comparison of the features, deployment model, training and support, customer size, and geographical presence of each major vendor.
"The global compensation software market is witnessing intense competition because of the presence of many vendors. The major vendors are constantly competing for a leadership position in the market. The major vendors such as ADP, Oracle, SAP SuccessFactors, Ultimate Software, and Workday in the global compensation software market are identified based on the market visibility, market penetration, and market momentum," says Amrita Choudhury, an industry expert in enterprise application research from Technavio
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Top five compensation software market vendors
ADP offers cloud-based HCM solutions that integrate payroll, talent management, HR, time management, and tax and benefits administration. The company offers HCM solutions for both SMEs and large enterprises.
Oracle provides hardware systems (includes Oracle engineered systems, storage, servers, networking), database and middleware software, application software, cloud infrastructure software, along with support and related services.
SAP acquired SuccessFactors a provider of cloud-based human capital management software for talent management, core HR, and HR analytics in 2012. After the acquisition, the company functions as an independent entity and was renamed SAP SuccessFactors. This acquisition has helped the company to establish its presence in cloud services and analytics.
UltiPro, the cloud-based solution from Ultimate Software, simplifies and improves work experiences for all employees. The solution helps the organizations to manage global people, data, and process easily.
Workday provides enterprise cloud applications for finance and HCM. The company provides software solutions for financial management, HCM, and analytics. In addition, the company also provides professional services, training and support, and customer services.
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