Benefit Management Platform Market Emerging Trends and Will Generate New Growth Opportunities Status

According to our latest market study on "Benefit Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Deployment and Application," the market was valued at US$ 1,663.06 million in 2021 and is projected to reach US$ 2,466.12 million by 2028; it is expected to grow at a CAGR of 10.3% from 2021 to 2028. Several Government Initiative to Provide Growth Opportunities for Benefit Management Platform Market During 2021-2028

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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

Several government initiatives across the US and Canada have been implemented to uptake benefit management platforms by employers. Some of the initiatives are the Consolidated Omnibus Budget Reconciliation Act (COBRA), Affordable Care Act (ACA), and Health Insurance Portability and Accountability Act (HIPAA). Employers use these platforms to provide benefits to their employees, such as hospital care, prescription drug coverage, pregnancy and childbirth, and health benefits. All these benefits enhance the confidence of employees. These initiatives are expected to boost the requirement of benefit management platforms across different industries in the US and Canada. Further, the increasing health treatment cost is creating huge opportunities for the market players to design efficient benefit management platforms across both economies.

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.

Market Insights
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.

Benefit Management Platform Market Segmentation:
By Deployment
On-Premise
Cloud-Based

By Application
SME
Large Enterprise

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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, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.

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