Benefit Management Platform Market - By Supply Demand Scenario, Application, By Region, Pricing Analysis, Opportunities and Forecast 2028

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. Benefit Management Platform Market Research Report 2022 may be a comprehensive business study on this state of business that analyses innovative ways for business growth and describes necessary factors like prime manufacturers, production worth, key regions, rate of growth. Benefit Management Platform market report comprises of data that can be pretty indispensable when it is about dominating the market or making a mark in the market as a latest emergent. It also includes strategic profiling of top players in the market, wide-ranging analysis of their core competencies, and their strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions which are applicable for the businesses. The Benefit Management Platform report also provides CAGR value fluctuation during the forecast period of 2022-2028 for the market. Market research report is truly a backbone for every business with which they can not only grow sales but also prosper in the market.

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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.

The Key Players In The Global Benefit Management Platform Market Are:

•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.

The benefit management platform industry has been segmented based on deployment, application, and geography. Based on deployment, the benefit management platform market is segmented into cloud and on-premises deployment. In 2020, the cloud-based deployment segment accounted for a higher share in the market. In terms of application, the market is segmented into SMEs and large enterprises. In 2020, the large enterprise segment accounted for a larger share in the market. Geographically, the benefit management platform market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America). In 2020, North America accounted for the highest market share.

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The Segments and Sub-Section of Benefit Management Platform Market are shown below:

By Deployment (On-Premise and Cloud-Based)

By Application (SMEs and Large Business)

Impact of COVID-19 Pandemic on Benefit Management Platform Market

The COVID-19 pandemic has been affecting most of businesses globally. The continuous growth in the number of virus-infected patients compelled governments to put a bar on the transportation of humans and goods due to travel bans, mass lockdowns, and business shutdowns. The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The COVID-19 pandemic has forced businesses to find new alternatives for speedy recovery and attention to the urgent need to access enough data in crisis times.

Further, banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. Grocery stores have shifted to online ordering and delivery as their primary business. Schools in many locales have adopted online learning and digital classrooms. These approaches have resulted in the rise of quantity and variety of business data, the surge in need for business agility and data accessibility, and the increase in demand for real-time streaming analytics, contributing to the growth of the benefit management platform market.
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.

According to the Regional Segmentation the Events Market provides the Information covers following regions:

•North America
•South America
•Asia & Pacific
•Europe
•MEA (Middle East and Africa)

Answers that the report acknowledges:

•Market size and growth rate during forecast period.
•Key factors driving the Benefit Management Platform Market.
•Key market trends cracking up the growth of the Benefit Management Platform Market.
•Challenges to market growth.
•Key vendors of Benefit Management Platform Market.
•Detailed SWOT analysis.
•Opportunities and threats faces by the existing vendors in Global Benefit Management Platform Market.
•Trending factors influencing the market in the geographical regions.
•Strategic initiatives focusing the leading vendors.
•PEST analysis of the market in the five major regions.

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