Benefit Management Platform Market worth US$ 2,466.12 million, globally, by 2027 at 10.3% CAGR - Exclusive Report by the Insight Partners

The Insight Partners Published latest research study on "Benefit Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud-Based) and Application (SMEs and Large Business) 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.

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.

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Impact of COVID-19 Pandemic on Benefit Management Platform Market
The COVID-19 pandemic has severely affected North American countries, especially the US. The adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the region's economic growth negatively. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak.

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.

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Benefit Management Platforms Market
Product development is the commonly adopted strategy by companies to expand their product portfolio. ADP, INC.; WORKDAY, INC.; Bswift LLC; PAYCOM SOFTWARE, INC.; and Paycor are among the key players that are implementing this strategy to enlarge their customer base and gain significant share in the global benefit management platform market, which, in turn, allows them to maintain their brand name globally. A few of the recent key developments in the market are as follows:

In 2021,

Benefitfocus, Inc. (NASDAQ: BNFT) an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans, and brokers expanded its Benefit Catalog to include a full suite of benefits offerings from Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals.
In 2020, Selerix Systems a leading cloud-based employee benefits and engagement software supplier announced the availability of real-time API connectivity with Paycor, a provider of human capital management solutions

Benefit Management Platform Market-Company Profiles
• Benefitfocus.Com, Inc
• BSwift LLC
• Empyrean
• Employee Navigator
• Ease
• ADP, Inc.
• Paycom
• Paycor, Inc
• Workday, Inc.
• Businessolver.Com, Inc

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