Press release
Navigating the Benefits Navigation Platform Market: Exploring Market Size, Share, and Demand Dynamics for Enhanced Accessibility
Benefits Navigation Platform Market
The Business Research Company offers in-depth market insights through Benefits Navigation Platform Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The benefits navigation platform market size has grown strongly in recent years. It will grow from $10.82 billion in 2023 to $11.79 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to increasing employee benefit complexity, diverse workforce needs, healthcare cost transparency, rising healthcare costs, employee engagement initiatives, enhanced user experience.
The benefits navigation platform market size is expected to see strong growth in the next few years. It will grow to $16.41 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to workforce well-being programs, digital transformation in hr, remote work considerations, global workforce management, personalized well-being journeys, financial wellness integration. Major trends in the forecast period include machine learning integration, real-time analytics, blockchain for data security, artificial intelligence in benefits communications.
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Market Segmentation:
The benefits navigation platform market covered in this report is segmented -
1) By Type: For Employers, For Employees
2) By Solution: Software, Services
3) By Application: Large Enterprises, Small And Medium-Sized Enterprises (SMEs)
4) By Industry Vertical: Retail, Healthcare, Financial Services, Manufacturing, IT And Telecom, Public Sector, Other Industry Verticals
Major Driver - Cloud-Based Solutions Transforming Benefits Navigation Platforms Market Growth
The rising growth of cloud-based solutions is expected to propel the growth of the benefits navigation platform market going forward. A cloud-based solution refers to the programs, storage spaces, on-demand services, computer networks, and other services accessible through another provider's shared cloud computing framework using an internet connection. Benefit navigation platforms, such as employee benefits software, are a class of cloud-based human resource solutions that assist businesses in managing and executing their employee benefits strategies. For instance, in June 2023, according to the Australian Bureau of Statistics, an Australia-based government agency for statistics, 85% of firms in Australia are using information and communication technologies (ICTs) in 2022, which is an increase from 69% of enterprises in 2020 Out of which, 59% were using cloud-based solutions. Therefore, the rising growth of cloud-based solutions is driving the growth of the navigation platform market.
Competitive Landscape:
Major companies operating in the benefits navigation platform market report are Optum Inc., Aon, Gallagher, Alight Solutions LLC, LifeWorks Inc., Sharecare Inc., Quantum Health, Accolade Inc., HealthEquity, Discovery Benefits, Empyrean Benefit Solutions, HealthJoy LLC, Benefitfocus Inc., Limeade Inc., ConnectYourCare, PayFlex, Castlight Health Inc., Benefit Resource Inc., Evive Health LLC, Maestro Health, Fidelity Investments, ThrivePass, Rightway Healthcare Inc., HealthWell Solutions LLC, Navigation Benefits LLC, Health Advocate Inc.
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Top Trend - Innovative Technologies Drive Advancements In Benefits Navigation Platforms
Technological advancements are a key trend gaining popularity in the benefits navigation platform market. Major companies operating in the benefits navigation platform market are adopting new technologies to sustain their position in the market. For instance, in June 2023, Benefitfocus, a US-based cloud-based benefits administration technology company, launched a new cares navigation service using industry-leading data science to identify physicians with better health outcomes. It is integrated into its benefits administration platform, uses a self-service doctor search engine, and has access to one of the most comprehensive and up-to-date databases on physician performance. The platform uses more than 500 indicators to objectively examine the medical records of over 310 million patients to determine which providers are more likely to have positive patient outcomes.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Benefits Navigation Platform Market Characteristics
3. Benefits Navigation Platform Market Trends And Strategies
4. Benefits Navigation Platform Market - Macro Economic Scenario
5. Benefits Navigation Platform Market Size And Growth
…..
27. Benefits Navigation Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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