Benefit Management Platform - Introduction

  • Benefit management platform is an engagement & communication system used by all the employees of an organization to avail the pensions, life assurance, health cash plan, and medical insurance benefits offer by the company in one place.
  • Rise in adoption of benefit management platforms in various types of organizations helps to automate the traditional employee benefits selection and management process through which employees can understand the core benefits the company offers, such as pensions, life assurance, health cash plans, and medical insurance by eliminating the endless paperwork method.
  • Benefit management system (BMS) is an affordable platform and can be adopted by small start-ups and businesses for the benefit of employees.

benefit management platform market size and forecast

Global Benefit Management Platform Market: Dynamics

Global Benefit Management Platform Market: Key Drivers

  • Growing adoption of cloud-based benefit management platforms in different industry sectors helps to terminate the risk of cyber-attacks by focusing on high level security of an organization. This is projected to boost the benefit management platform market.
  • Increase in adoption of benefit management platforms by SMEs and large enterprises gives visibility to company benefits, which helps to avail the benefits underused by employees which include employee assistance programs or retail discounts. This is a key factor that is estimated to boost the benefit management platform market.
  • Providing greater support in terms of enrolment and increase in companies spending on supplying efficient benefits technology and services to employees and other staff is expected to drive the demand for benefit management platforms during the forecast period.
  • High risk of leakage of confidential data of employees from the benefit management platform due to easy access to all working individuals in various enterprises hampers the market.
  • New product launches and adoption of advanced technology in different industry verticals is estimated to create significant opportunities for the market.

benefit management platform market dynamics

Impact of COVID-19 on the Global Benefit Management Platform Market

  • The COVID-19 pandemic has had a huge impact on various industries across the globe, which has resulted in economic slowdown in most countries. The pandemic has created disruptions in the benefit management platform market.
  • During the COVID-19 situation, employers from various industries provided work from home facility to employees keeping in mind the safety angle. Similarly, they have provided medical facility for physical wellness and mental health and some more critical areas where employees needed greater support during this period.
  • Therefore, demand for benefit management software is expected to increase during the COVID-19 situation

North America to Hold Major Share of the Global Benefit Management Platform Market

  • In terms of region, the global benefit management platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America is a prominent region of the global market due to the high rate of adoption of new technologies in different industry verticals and presence of large number of benefit management platform vendors in the U.S. and Canada, which in turn is estimated to fuel the adoption of benefit management platforms in the region
  • Increase in number of SMEs results in increase in number of users of benefit management platforms in Asia Pacific. This is projected to propel the demand for benefit management platforms in the region.
  • Increase in adoption of artificial intelligence (AI) technologies in benefit management platforms in different industry verticals in Europe is estimated to fuel the demand for the platform during the forecast period

benefit management platform market outlook by region

Global Benefit Management Platform Market: Competition Landscape

  • Several players operating in the benefit management platform market have strong presence and are witnessing rapid technological development
  • For instance, in June 2021, Benefitfocus, Inc., a key player in the benefit management platform market, expanded its benefit offering catalogue to offer a full suite of benefits to employees of Standard Insurance Company, a leading insurance company which offers financial services to employees

Key Players Operating in the Global Benefit Management Platform Market Include:

  • ADP, Inc.
  • Bswift LLC
  • Benefitfocus, Inc.
  • Benefitmall Inc.
  • Bamboo HR LLC.
  • Businessolver.com, Inc.
  • Ceridian HCM, Inc.
  • Paycor, Inc.
  • Paycom Software, Inc.
  • Selerix Systems, Inc.
  • UZIO Technology, Inc.
  • Ultimate Software Group, Inc.
  • Workday, Inc.
  • WEX Inc.
  • ZenPayroll, Inc. (Gusto)

Global Benefit Management Platform Market: Research Scope

Global Benefit Management Platform Market, by Deployment

  • On-premise
  • Cloud-based

Global Benefit Management Platform Market, by Enterprise Size

  • Large Enterprise
  • Small & Medium Enterprise

Global Benefit Management Platform Market, by Industry

  • IT and Telecommunication
  • BFSI
  • Medical Services
  • Healthcare
  • Manufacturing
  • Retail
  • Other

Global Benefit Management Platform Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

  • Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
  • Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
  • Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
  • Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.

The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

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Benefit Management Platform Market