Top 10 Compliance Software Vendors and Market Forecast 2023-2028

In 2023, the global Compliance software market surged to nearly $1 billion, growing by 12.3%. The top 10 vendors commanded a significant 54.2% market share, with ADP leading at 10.9%, followed by Workday, Equifax, Oracle, and Paycom.

Our APPS TOP 500 Market Report (Preview) covers hundreds of Compliance software vendors, offering deep insights into market dynamics, vendor strengths, AI investments, customer momentum, and go-to-market strategies providing valuable perspectives on market trends and challenges.

Discover thousands of Compliance Customer Wins with the ARTW Technographics Platform, an essential resource for technology enthusiasts, sales business leaders, and data-driven marketing executives, offering curated insights into the evolving landscape of the software industry, including the latest developments in HR Compliance.

Through our forecast period, the Compliance applications market size is expected to reach $1.3 billion by 2028, compared with $1 billion in 2023 at a compound annual growth rate of 5.4%.

Source: Apps Run The World, June 2024

We ask the simple question: Who’s buying Compliance applications from whom and why? And we provide the answers – supported by decades of research – to our clients around the world. (Sample from our Apps Database)

Top 10 Compliance Software Vendors

These top 10 vendors are ranked by their latest annual product revenues attributable to the Compliance market segment. Check the methodology section below as well as our FAQ section on how we conduct research for these market reports.

Source: Apps Run The World, June 2024

Other Compliance software providers included in the report are ActionHRM, TCP Software, Arcoro, Asure Software, Attendance on Demand, Avue Technologies, Cegedim, ComplyRight, a Taylor Company, Computer Methods International Corp., Cornerstone OnDemand, Deskera, Ellucian, Empxtrack, Saigun Technologies, Goco.io, HealthStream, Hilan, Indeavor, Infor, Interbiz Solutions, IRIS Software, iSolved, MBO Partners, TELUS Health (including LifeWorks ), Netchex, Alight Solutions, OrangeHRM, Paychex, Paycor, Learning Technologies Group, PeopleStrong, Quinyx, SD Worx, Seera, Sentric, Inc., Worksuite (formerly Shortlist), SmartLinx Solutions, Tambla, TEDS, INC., UNIT4, Vault Platform, Vizient, WorkForce Software, Zellis (ex NGA Human Resources UK & Ireland), and others.

Custom data cuts related to the Compliance Applications market are available:

• Top 130+ Compliance Applications Vendors and Market Forecast 2023-2028
• 2023 Compliance Applications Market By Vertical Market (21 Industry)
• 2023 Compliance Applications Market By Country (USA + 45 countries)
• 2023 Compliance Applications Market By Region (Americas, EMEA, APAC)
• 2023 Compliance Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
• 2023 Compliance Applications Market By Customer Size (revenue, employee count, asset)
• 2023 Compliance Applications Market By Channel (Direct vs Direct)
• 2023 Compliance Applications Market By Product

Buyer Intent: Companies Reading this Research Report

ARTW Buyer Intent uncovers actionable customer signals, identifying software buyers actively reading this research report. Gain ongoing access to real-time prospects and uncover hidden opportunities. Companies Actively accessing this research report include:

1. Privatel, a United States based Professional Services organization with 13 Employees
2. Netmaker Communications, a United States based Communications company with 30 Employees
3. Oracle, a United States based Professional Services organization with 159000 Employees

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Logo	Company	Industry	Employees	Revenue	Country	Evaluated
	Privatel	Professional Services	13	$1M	United States	2024-12-22
Subscribe	Subscribe	Communications	30	$3M	United States	2024-12-06
Subscribe	Subscribe	Professional Services	159000	$53.0B	United States	2024-12-04
Subscribe	Subscribe	Banking and Financial Services	53749	$21.5B	United States	2024-12-03
Subscribe	Subscribe	Automotive	3000	$1.4B	United States	2024-11-20
Subscribe	Subscribe	Professional Services	500	$100M	India	2024-11-15
Subscribe	Subscribe	Non Profit	14	$2M	Denmark	2024-11-13
Subscribe	Subscribe	Professional Services	103	$50M	United States	2024-11-12
Subscribe	Subscribe	Healthcare	13000	$2.8B	United States	2024-10-21
Subscribe	Subscribe	Insurance	61000	$79.4B	United States	2024-10-03
Subscribe	Subscribe	Professional Services	159000	$53.0B	United States	2024-09-18
Subscribe	Subscribe	Education	3885	$900M	Netherlands	2024-09-13
Subscribe	Subscribe	Banking and Financial Services	100	$426M	United States	2024-08-07
Subscribe	Subscribe	Communications	10221	$1.1B	South Korea	2024-08-03
Subscribe	Subscribe	Retail	50000	$24.1B	Germany	2024-07-18
Subscribe	Subscribe	Utilities	3128	$926M	United Kingdom	2024-07-10
Subscribe	Subscribe	Professional Services	254000	$1.3B	India	2024-07-02
Subscribe	Subscribe	Manufacturing	41505	$30.6B	Netherlands	2024-06-27
Subscribe	Subscribe	Education	7300	$830M	India	2024-06-12
Subscribe	Subscribe	Professional Services	250	$28M	United States	2024-05-31

Through our forecast period, the HCM applications market is expected to reach $70.1 billion by 2028, compared with $52.1 billion in 2023 at a compound annual growth rate of 12.1%.

Through our forecast period, the Core HR and Talent Management applications market, which is comprised of nine subsegments, is expected to reach $42.2 billion by 2028, compared with $31.3 billion in 2023 expanding at a compound annual growth rate of 12.6%. For the Top 10 vendors in each of the nine subsegments, please check their own index page by following the link below.

Through our forecast period, the Talent Acquisition applications market, which is comprised of six subsegments, is expected to reach $17.8 billion by 2028, compared with $13.5 billion in 2023 expanding at a compound annual growth rate of 11.8%. For the Top 10 vendors in each of the six subsegments, please check their own index page by following the link below.

Through our forecast period, the Workforce Management applications market, which is comprised of six subsegments, is expected to reach $10 billion by 2028, compared with $7.3 billion in 2023 expanding at a compound annual growth rate of 10.8%. For the Top 10 vendors in each of the six subsegments, please check their own index page by following the link below.

Our HCM Top 500 research team also tracks Time Clock Hardware vendors separately by zeroing in on their embedded software as well as their extensive use of OEM and distribution partners.

Exhibit 3: Worldwide HCM Software Market 2023-2028 Forecast, $M

Category	Functional Market	2023 Revenue, $M	2028 Revenue, $M	CAGR 2023 – 2028
Core HR	Core HR and Personnel Management	Subscribe	Subscribe	5.8%
	Payroll	Subscribe	Subscribe	5%
	Benefits Administration	Subscribe	Subscribe	6.4%
	Pension Administration	Subscribe	Subscribe	6.3%
	Compliance	Subscribe	Subscribe	5.4%
	Performance and Goal Management	Subscribe	Subscribe	8%
	Learning and Development	Subscribe	Subscribe	7.5%
	Succession and Leadership Planning	Subscribe	Subscribe	6%
	Compensation Management	Subscribe	Subscribe	4.2%
	Core HR Total	Subscribe	Subscribe	6.2%
Talent Acquisitions	Contingent Labor Management	Subscribe	Subscribe	3.2%
	Sourcing	Subscribe	Subscribe	5.8%
	Onboarding	Subscribe	Subscribe	6.1%
	Recruiting	Subscribe	Subscribe	5.1%
	Candidate Relationship Management	Subscribe	Subscribe	5.9%
	Applicant Tracking Systems	Subscribe	Subscribe	7.6%
	Talent Acquisitions Total	Subscribe	Subscribe	5.7%
Workforce Management	Absence and Leave Management	Subscribe	Subscribe	7.5%
	Workforce analytics	Subscribe	Subscribe	9.6%
	Fatigue Management	Subscribe	Subscribe	5.2%
	Workforce Scheduling	Subscribe	Subscribe	4.8%
	Task Management	Subscribe	Subscribe	4.4%
	Time and Attendance	Subscribe	Subscribe	5.3%
	Workforce Total	Subscribe	Subscribe	6.5%
	HCM Total	Subscribe	Subscribe	6.1%

Source: Apps Run The World, June 2024

Exhibit 4 shows our projections for the HCM enterprise applications market by HCM sub-segment, based on the buying preferences and the customer propensity to invest in new software within those industries as they continue to upgrade and replace many legacy industry-specific applications that have been identified and tracked in our Buyer Insight Database.

Core HR Market Definitions and Forecast Assumptions

Human capital management includes such functions as eRecruiting (applicant tracking), Onboarding (employee profile), Performance Management (assessment, goal management, succession planning), Core HR (personnel administration, benefits, compensation management, payroll), Workforce Management (absence management, activity tracking, scheduling, time and attendance), and eLearning (learning management system). For a complete definition, please see below or visit our Taxonomy page.

Drivers behind the growth of Core HR applications market include

1. As sexual harassment becomes a focal point of social-media conversations, companies may have to step up their internal control measures by investing in new Big Data and social-media monitoring tools in order to respond to such complaints in real time.
2. HR policies may have to be revamped in order to be better aligned with corporate social responsibilities, putting the interests of shareholders and public opinions ahead of any star performer.
3. eLearning could be given a boost in 2020 as part of US government tax reform, resulting in more companies like Apple, Disney and others to invest more in education programs for employees.
4. Succession planning becomes more important than ever to ensure smooth transitioning from one corporate reporting structure to the next.
5. Companies, especially those that operate in multiple countries, are searching for a system of record to minimize attrition, groom talented employees, while addressing complicated compliance requirements.
6. Digital transformation in response to new user demands, market forces.
7. Restructuring of HR processes to accelerate for next decade.
8. Heavily modified Core HR systems entail rising costs
9. Employers are reevaluating the performance management process by giving workers continuous feedback with consistent and transparent metrics

Inhibitors include the following trends that cut across multiple Core HR segments:

• The rise of robotic process automation, artificial intelligence and machine learning pose challenges for HR executives as hiring and firing decisions may include unintended biases when screening and selecting job applicants or redundancies because of flawed metrics, algorithms and even job descriptions.
• Potential changes to Affordable Care Act and other key legislations could undermine HCM’s near-term growth. Shifting regulatory and compliance demands prompt stopgap measures.
• For eLearning vendors, expanding a content library is a challenge. The same applies to fending off the ubiquity of Youtube and Lynda from LinkedIn. The issue is whether users are better off with courseware or do-it-yourself microlearning development tools.
• Eroding trust in the workplace, lack of employee engagement; Bring Your Own Device trend engenders Core HR system distrust as well.
• The move toward continuous, ad-hoc and spontaneous feedback process will entail micro services that assimilate project management and team collaboration, requiring HR performance management apps vendors to combine personalized evaluation and unstructured communication. The challenge is to deliver tangible benefits for small work groups, while still using the same metrics to drive process improvement for the entire organization.
• The push to have continuous feedback and performance management could redefine corporate hierarchy as line managers and team members alike are calling for greater transparency, collaboration and better metrics to evaluate and improve one’s career path, while achieving work-life balance that adapts to the changing demographics.
• The bottom line is that individual performance will have to be measured as much as that of the team.  Similar to any successful software development, small teams are more effective than large and matrix-reporting hierarchies.

In other words, companies may be better off investing in tools that put more emphasis on team performance than what an individual can bring to the table. With the advent of telecommuting, much of the work is handled by small teams that spread around the world.

The stakes are much higher to sustain a team’s performance by leveraging tools that ensure smooth handoff of project milestones and deliverables from one person to another and even from one day to the next. Communication is the key, so is accountability and trust in the system. All these would require team members to share the workload as well as the reward, recognition and team-wide compensation.

Learning may well be the glue that binds together performance, compensation and competency management, delivering short tutorials and training videos on general topics and industry-specific subjects as in ViDesktop for legal and Arcoro for construction.

For many learning apps vendors, expanding a content library is a challenge. The same applies to fending off the ubiquity of Youtube and Lynda from LinkedIn.

All major HCM vendors including SAP, Infor and Workday have set their sight on Learning as one of their key areas of growth for 2020. The issue is whether users are better off with courseware, do-it-yourself microlearning development tools, or something perhaps more structured and extensible from HCM suite vendors. Another issue is whether the current crop of learning vendors are able to meet training requirements for new jobs like biofuels energy traders or drone operators that barely existed a few years ago.

Talent Acquisition Market Definitions and Forecast Assumptions

Human capital management includes such functions as eRecruiting (applicant tracking), Onboarding (employee profile), Performance Management (assessment, goal management, succession planning), Core HR (personnel administration, benefits, compensation management, payroll), Workforce Management (absence management, activity tracking, scheduling, time and attendance), and eLearning (learning management system). For complete definition, please see below or visit our Taxonomy page.

Drivers behind the growth of Talent Acquisition applications market include

1. The onslaught of Google Hire for recruiting, Workplace by Facebook for org-charting and team collaboration, and the addition of LinkedIn to Microsoft’s evolving talent acquisition strategy is a mixed blessing for HCM vendors, resulting in heightened competition as well as partnerships(LinkedIn investing in Cornerstone On Demand). It raises the specter of whether the tech giants will redefine talent acquisition by leveraging their ability to influence billions of users thus expanding the market, or simply using their branding and pricing power to squeeze smaller players.
2. The prevalence of contingent labor management, which has extended from hourly, seasonal and low-skill contract workers to experienced contractors, could retreat as HR executives grapple with issues such as job insecurity, sluggish wage growth and globalization backlash.
3. By releasing more detailed reports on use of contingent labor management, companies could benefit from greater transparency.
4. Contingent labor management vendors will be well served to document successful transfers of statuses from contingent labor to full-time employment. Similarly, any increased demand in the use of contractors should be a harbinger of a more robust economy, resulting in a more balanced and productive workforce.
5. Aging population, coupled with increased emphasis on work-life balance, will continue to pose challenges for employers and recruiters.
6. Social recruiting, video interviews and innovative ways to brand a workplace have resonated with a new generation of employees as well as recruiters aiming to take their high-volume recruitment efforts to the mobile generation.
7. Digital transformation in response to new user demands, market forces.
8. Restructuring of HR processes to accelerate for next decade.
9. Heavily modified recruiting systems entail rising costs.

Inhibitors include the following trends that cut across multiple Talent Acquisition segments:

• The rise of robotic process automation, artificial intelligence and machine learning pose challenges for HR executives as hiring and firing decisions may include unintended biases when screening and selecting job applicants or redundancies because of flawed metrics, algorithms and even job descriptions.
• Employer branding may fall short of expectations on the parts of recruiters and candidates.
• Scaling out marketing offerings to enable employers to communicate with salaried and hourly workers across multiple platforms – text, video, chat, email – will be key to long-term success.
• Expansion by Recruit Holdings and CareerBuilder, which own some of the biggest job boards, could render some Talent Acquisition vendors less relevant.
• Any change to LinkedIn by its new owner Microsoft to rope off more resume content could have considerable ramifications for the Talent Acquisition market.

Workforce Management Market Definitions and Forecast Assumptions

Human capital management includes such functions as eRecruiting (applicant tracking), Onboarding (employee profile), Performance Management (assessment, goal management, succession planning), Core HR (personnel administration, benefits, compensation management, payroll), Workforce Management (absence management, activity tracking, scheduling, time and attendance), and eLearning (learning management system). For complete definition, please see below or visit our Taxonomy page.

Drivers behind the growth of the Workforce Management applications market include

1. Artificial intelligence and machine learning to improve scheduling forecasting and workforce analytics
2. Digital transformation in response to new user demands, market forces
3. Restructuring of HR processes to accelerate for next decade
4. Anticipate, execute WFM measures to address human capital risks
5. Heavily modified WFM systems entail rising costs.
6. Unbundling of work, requiring better measurement of tasks, risks as well as scheduling and time and attendance.

Inhibitors include the following trends that cut across multiple Workforce Management segments:

• Online retailing is having considerable impact on brick and mortar operations, which have been one of the biggest spenders of workforce management applications.
• Growing influence of Amazon and its Cloud infrastructure division AWS is driving a wedge between users that run AWS and those that do not, a move that could benefit AWS competitors.
• The structural changes to the retail marketplace is likely to redefine task management and other WFM functions as some firms are becoming fulfillment houses, rather than full-service retailers.
• Time clock hardware not in sync with software release cycles
• Easy to use reporting tools remain elusive to line of business and HR managers
• Shifting regulatory and compliance demands prompt stopgap measures
• Eroding trust in the workplace, lack of employee engagement; Bring Your Own Device trend engenders WFM system distrust as well

HCM Win/Loss Analysis As Part Of Enterprise Applications Buyer Insight Customer Database

On the buyer side, customers are investing in Compliance Systems based on new features and capabilities that are expected to replace their existing legacy systems. In many cases, competitive upgrades and replacements that could have a profound impact on future market-share changes will become more widespread.

Since 2010, our global team of researchers have been studying the patterns of the latest HCM software purchases by customers around the world, aggregating massive amounts of data points that form the basis of our forecast assumptions and perhaps the rise and fall of certain vendors and their products on a quarterly basis.

What follows is a sample of our latest findings, which are being updated continuously. Each year our research team identifies tens of thousands of these HCM customer wins and losses from public and proprietary sources.

The research results are being incorporated into regular updates in our Enterprise Applications Buyer Insight Customer Database. You can access the Quarterly Win/Loss Analysis Scoreboard and our Enterprise Applications Buyer Insight Customer Database by becoming a subscriber.

Source: Apps Run The World, June 2024

Methodology

Similar to any of the hundreds of reports that we have published since 2010, HCM Top 500 is a labor of love. Since 2013, our team of researchers have been conducting rigorous research on thousands of HCM vendors, surveying them quarterly, reviewing their products at even shorter intervals because of the compressed Cloud release cycle, and discussing HR vision with their customers to better understand user needs as well as different paths to upgrade and replace their existing systems.

Each year we also attend many industry-wide and vendor-specific user conferences – HR Tech, Dreamforce, SAPPHIRENOW, Oracle Open World, just to name a few, to gauge what customers are looking for.

Throughout this process comes a rich database of more than 2,000 HCM vendors as well as over 50,000 HCM customers that have been touched one form or another through regular surveys, phone and in-person interviews, email exchanges, and social media interactions, etc.

On a proactively basis, we contact the vendors directly to tabulate their latest quarterly and annual revenues by HCM segment, vertical market, revenue type, region, country and customer size.

We supplement their written responses with our own primary research to determine quarterly and yearly growth rates in each of the 22 segments and 21 verticals, in addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.

Another dimension of our quantitative research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.

The database provides customer insight and contextual information on what types of HCM, enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall HCM and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.

The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the HCM marketplace for years to come.

HCM Market Taxonomy

Definition of Human Capital Management (HCM) Applications

Core HR and Performance Management

Talent Acquisition 

Workforce Management

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