$2,466.12Mn by 2028 Benefit Management Platform Market Size Led by Cloud-Based Deployment (10.3% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com

The benefit management platform market size to reach $2,466.12 million by 2028 from $1,663.06 million in 2021 to grow at a CAGR of 10.3% from 2021 to 2028; while the global market dominated by the cloud-based segment with share of 68.4% in 2020.

New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Benefit Management Platform Market: Key Insights
According to our latest market study on Benefit Management Platform Market Size, Share, Revenue, Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud-Based) and Application (SMEs and Large Business).

Report Coverage Details
Market Size Value in US$ 1,160.50 million in 2020
Market Size Value by US$ 2,466.12 million by 2028
Growth Rate CAGR of 10.3% from 2021 to 2028
Forecast Period 2021-2028
Base Year 2020
No. of Pages 134
No. Tables 56
No. of Charts & Figures 71
Historical Data Available Yes
Segments Covered Deployment, and Application
Regional Scope North America; Europe; Asia Pacific; Latin America; MEA
Country Scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Benefit Management Platform Market: Competitive Landscape and Key Developments
Benefitfocus.Com, Inc; BSwift LLC; Empyrean; Employee Navigator; Ease; ADP, Inc; Paycom; Paycor, Inc; Workday, Inc.; and Businessolver.Com, Inc. are among the key players operating in the market. Major players in the market have adopted product launch and business expansion as their key developmental strategies to offer better products and services to customers in the benefit management platform market. A few of the latest developments in the benefit management platform market are as follows:

In June 2021, Benefitfocus, Inc. 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 June 2021, BenefitMall—the leading provider of next-generation broker services—announced the launch of an integrated marketplace with Ease, which allows brokers and employers to manage the modern workforce with a fully digital, secure benefits purchasing and enrollment experience.

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.

The rising uptake of cloud technology in the US and Canada is transforming the working pattern across diverse industry verticals by augmenting security, IT, and DevOps solutions, thereby boosting the development of innovative and interactive solutions for improved user experience. Due to the potential benefits of cloud technology, the adoption of cloud-based solutions among enterprises has increased drastically over the past few years.

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Cloud-based solutions enable enterprises to have easy scalability and operational flexibility along with reduced costs and operational risks. The constant development in the cloud architectures, algorithms, and integration of advanced features in cloud solutions are fueling the uptake of these solutions in diverse industry verticals such as BFSI, IT & telecom, retail, and several others.

A cloud-based benefit management platform is an attractive option for companies due to several benefits such as extracting real-time feedbacks from the customers, regular data backup, high security, comparatively low operations costs, and instant provisioning features provided by these solutions. Therefore, scalability, high level of security, operational flexibility, easy deployment, and affordability are some of the key advantages expected to boost the uptake of cloud-based benefit management platforms among enterprises in the coming years.  

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 manage 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. All these factors indicate that the demand for benefit management platforms across various industries boosts the market growth.

Benefit Management Platform Market: Application Overview
Based on application, the market is segmented into SMEs and large enterprises.

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Key Questions to Request for Benefit Management Platform Market:

  • What are key driving factors behind benefit management platform market growth?
  • What are key market opportunities for benefit management platform market?
  • Which deployment is expected to dominate the market in the forecast period?
  • Which region has dominated the benefit management platform market in 2020?
  • Which are the major companies operating in the benefit management platform market?
  • Which application has dominated the benefit management platform market in 2020?

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