Middle East and Africa Benefit Management Platform Market Deals, Price, Revenue, Gross Margin and Market Share 2021-2028 | ADP, Inc., Paycom, PlanSource, Workday, Inc.

The benefit management platform market in MEA is expected to grow from US$ 100.52 million in 2021 to US$ 153.28 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028.

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The "MEA benefit management platform market" has been segmented based on deployment, application, and country. On the basis of deployment, the MEA benefit management platform market is segmented into on-premise and cloud-based. The cloud-based segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on application, the market is segmented into small & medium enterprises and large enterprises. The large enterprises segment dominated the market in 2020 and small & medium enterprises segment is expected to be the fastest growing during the forecast period.

The rising uptake of cloud technology is transforming the working pattern across diverse industry verticals by augmenting security, IT, and DevOps solutions and, thus, boosting the development of innovative and interactive solutions for improved user experience. Due to the potential benefits of cloud technology, the adoption of cloud-based solutions among enterprises has increased drastically since past few years. Cloud-based solutions enable enterprises to have easy scalability and operational flexibility along with reduced costs and operational risks. The constant development in the cloud architectures, algorithms, and integration of advanced features in cloud solutions are fueling the uptake of these solutions in diverse industry verticals, such as BFSI, IT & telecom, retail, and several others. A cloud-based benefit management platform is an attractive option for companies due to several benefits, such as extracting real time feedbacks from the customers, regular data backup, high security, comparatively low operations costs, and instant provisioning features provided by these solutions.

Major Key Players Covered in this Report:
• ADP, Inc.
• Paycom
• PlanSource
• Workday, Inc.

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The MEA benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the MEA benefit management platform market is segmented into on-premise and cloud-based. The cloud-based segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on application, the market is segmented into small & medium enterprises and large enterprises. The large enterprises segment dominated the market in 2020 and small & medium enterprises segment is expected to be the fastest growing during the forecast period. Based on country, the benefit management platform market is classified into Saudi Arabia, UAE, South Africa, and Rest of MEA.

Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the leading countries that faced the economic effects of COVID-19 in the MEA region in 2020. It is becoming apparent with the COVID-19 pandemic spreading through the countries mentioned above that few can avoid its effects, posing significant challenges for all sectors, including food & beverage, retail, and medical systems. Further, many small and medium-sized enterprises (SMEs) in many Middle East states face challenges in running the business. The adoption of advanced technologies such as IoT and cloud is also quite high especially in countries such as the UAE. The demand for digitalization is growing at an impressive pace in this region and thus it is expected to offer ample growth opportunities for benefit management platform Market in the coming years. Further, the software industry is not affected as other industries since businesses allowed their employees to work from home. Due to work from home facility, have resulted in the rise of quantity and variety of business data, the rise in need for business agility and data accessibility, and increasing demand for business analytics, contributing to the positive growth of the benefit management platform market in the region.

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The Middle East & Africa (MEA) benefit management platform market includes the markets in South Africa, Saudi Arabia, the UAE, and the rest of MEA. The MEA region is expected to witness a rapid rise in marketing and industrialization in the coming years. The Gulf countries are economically advanced. However, African countries are yet to match their pace in terms of economic development. Currently, the Gulf countries are on the verge of taking up transformative digital technologies in various verticals in a bid to improve their socio-economic conditions. The ever-changing consumer preference is another factor that is supporting the rising usage of digital technologies. The key drivers fostering market expansion are the expanding digital transformation among industries and the increasing consumer demand to manage diversity and talent in organizations. Benefits strategies focus on using analytics to understand employee behavior and needs as firms move toward digital transformation.

Next-generation benefits management platform will be cloud-enabled and require a cloud platform to demonstrate their digital business skills. According to the Willis Towers Watson 2019 Middle East Benefit Trends Survey, 88% of highly effective organizations utilize analytics to identify the needs and requirements of their employees. The administrative and operational aspects of benefits can also be streamlined by integrating data with HR information systems. Employees can utilize technology to engage with them and make it easier to access, understand, and manage their benefit programs. As per the survey, over the next three years, the majority of companies expect to offer additional technology and support tools to explain employee perks. The digital revolution is gaining substantial momentum in the MEA, driving the countries in this region toward becoming prominent digital economies, mainly through the necessary consumer enthusiasm for digital innovation. Blooming digitalization would influence the demand for benefits management platforms market in the MEA during the forecast period. Rising application across SMEs is the major factor driving the growth of the MEA benefit management platform market.

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The research on the Middle East and Africa Benefit Management Platform market focuses on mining out valuable data on investment pockets, growth opportunities, and major market vendors to help clients understand their competitor's methodologies. The research also segments the Middle East and Africa Benefit Management Platform market on the basis of end user, product type, application, and demography for the forecast period 2021-2028. Comprehensive analysis of critical aspects such as impacting factors and competitive landscape are showcased with the help of vital resources, such as charts, tables, and infographics.

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