Benefit Management Platform Market 2021 Industry Size, Share, Growth, Developments, Top Key Players Analysis and Forecast To 2028
The benefit management platform market is projected to reach US$ 2,466.12 million by 2028 from US$ 1,160.50 million in 2020; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.
Benefit management platforms are designed to recognize an employee's behavior and help the employer offer various benefits for efficient business operations. Such solutions are worthwhile to enhance staff morale and reward their employment in the organization. These platforms are frequently used in practically all sizes of businesses due to their technological innovations.
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Employee benefits incorporate medical insurance, individual retirement accounts (IRAs), pension plans, vacation time, maternity leave, and sick leave. Several players operating in the global benefit management platform market are offering software solutions, which help assist benefits administrators. A good benefits administration program generates and maintains an enrolment profile for every employee, keeping track of information such as the date hired, the number of dependents, marital status, total hours worked, and attendance records. The program delivers flexibility and part-time and temporary hires, considering special employee needs and changes in government regulations. The benefits administration program can function in tandem with tax preparation software, ensuring that all allowable deductions are taken care of and maintaining detailed records for reference in case of an audit, thereby augmenting the benefit management platform market growth.
Major key players covered in this Benefit Management Platform Market report:
• Benefitfocus.Com, Inc
• BSwift LLC
• Employee Navigator
• ADP, Inc.
• Paycor, Inc
• Workday, Inc.
• Businessolver.Com, Inc
Greater Demands for Convenience Supported by Technology
The constant increase in organizations' spending toward offering an efficient benefit technology to provide enhanced convenience in terms of enrolment and support is aiding the demand for benefit management platforms. The trend of adopting benefit management platforms for tech-enabled convenience provided by employers in all aspects, such as on-demand services, focus on UI/UX design, and one-day shipping, is on the rise. The usability of these consumer services is a far cry from the capabilities of the legacy human capital management (HCM) systems, which were not built to handle the complex range of offerings of the new benefits ecosystem.
Further, the younger employees are more likely to report difficulty in getting access to or understanding their benefits. In the US, they are also more likely to participate in more complex consumer-driven health plans such as high-deductible health plans (HDHPs). Employers are likely to invest in benefit technology to better support the advanced technology to boost the experience of their employees in the organization.
Deployment-Based Market Insights
Based on deployment, the global benefit management platform market is segmented into cloud and on-premise. Cloud-based benefit management platforms are witnessing high demand compared to their on-premise
counterparts. The cloud segment generates the majority of the demand since it is comparatively less expensive due to the strong network infrastructure in developed countries. In addition, cloud-based benefit management platform vendors are highly focused on developing a high-level security patch to eliminate the risk of cyberattacks. This factor is also creating significant demand from the end users, thereby driving the benefit management platform market in the global scenario.
Benefit Management Platform Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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Major highlights of the report:
• All-inclusive evaluation of the parent market
• Evolution of significant market aspects
• Industry-wide investigation of market segments
• Assessment of market value and volume in past, present, and forecast years
• Evaluation of market share
• Tactical approaches of market leaders
• Lucrative strategies to help companies strengthen their position in the market
Reason to Buy
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Benefit Management Platform market.
• Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
• The key findings and recommendations highlight crucial progressive industry trends in the Benefit Management Platform market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth at a certain extent.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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Table Of Contents
2. Key Takeaways
3. Research Methodology
4. Benefit Management Platform Market Landscape
5. Benefit Management Platform Market - Key Market Dynamics
6. Benefit Management Platform Market - Global Market Analysis
7. Benefit Management Platform Market - Revenue And Forecasts To 2028 - Source
8. Benefit Management Platform Market - Revenue And Forecasts To 2028 - Nature
9. Benefit Management Platform Market - Revenue And Forecasts To 2028 - Format
10. Benefit Management Platform Market - Revenue And Forecasts To 2028 - Packaging
11. Benefit Management Platform Market - Revenue And Forecasts To 2028 - Distribution Channel
12. Benefit Management Platform Market Revenue And Forecasts To 2028 - Geographical Analysis
13. Industry Landscape
14. Benefit Management Platform Market, Key Company Profiles
LIST OF TABLES
LIST OF FIGURES
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Contact Person: Sameer Joshi
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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