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.
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.
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
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
Global Benefit Management Platform Market, by Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Global Benefit Management Platform Market, by Industry
- IT and Telecommunication
- Medical Services
Global Benefit Management Platform Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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