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Employee Wellness Software Market - Introduction

  • Employee wellness software is a holistic approach to encourage employees to focus on their fitness, which results in maintaining a balanced corporate culture. The software helps companies to motivate their employees to maintain a healthy lifestyle. The solutions include employee participation, confidential health assessments, incentives and rewards, health education, and progress tracking, among others. The rising adoption of fitness solutions in various industrial verticals is the key factor that is expected to drive demand for employee wellness software in the near future.
  • Employee wellness software supports machine learning, AI, and other technologies which results in providing personalized fitness programs to every employee. The software also provides personalized diet charts, tracks and monitors footsteps, and provides motorized cholesterol and blood pressure as well as personalized health coaches. All these factors are likely to fuel the growth of the employee wellness software market during the forecast period.
employee wellness software market size and forecast

Key Drivers of the Employee Wellness Software Market

  • Rising awareness among employees is the major factor that drives the demand for employee wellness software. The software enables employees to detect different diseases on their own. Health screening software are performed on a regular basis to monitor health, encourage preventive care, and lower medical costs. Employee wellness software includes plans that focuses on conditions that help to minimize disease risk and the total cost of healthcare premiums charged by the employer to the insurance company.
  • Rising adoption of smartphones in developed economies provides growth opportunity to employee wellness software. For instance, according to the Mobile Economy Survey 2018, smartphone penetration will rise to 87% by 2025, up from 57% in 2017. Employees are motivated to live a healthy lifestyle, which helps businesses increase efficiency and cut costs by improving employee wellness. In the coming years, the cumulative cost of lost production due to illness-related absenteeism is estimated to reach USD 300 Bn in 2020. Increased insurance premiums are a result of the increasing number of obese and overweight people.
  • However, lack of awareness in developing economies is expected to hamper the growth of the employee wellness software market

Impact of COVID-19 on the Global Employee Wellness Software Market

The COVID-19 pandemic adversely affects all industries. Businesses have found ways to physically secure and prioritize their employees by offering new leave policies. Priorities of employers have changed to preventive and positive management, which includes assisting employees in adapting to new requirements. For instance, according to a WHO survey in 2020, the number of regular active users of fitness apps in their smartphones increased by 60%. Furthermore, fitness classes, yoga sessions, and gyms shifted their classes to the online mode. Many people are buying exercise equipment for their homes. For example, Peloton, a fitness equipment company headquartered in the United States, is expected to generate US $2 Bn in revenue this year.

North America Accounts for Dominant Share of the Global Employee Wellness Software Market

  •  North America holds the largest market share in the global employee wellness software market. The rising fitness awareness in employees is the major factor that drives the demand for employee wellness software. For instance, the RAND workplace survey reported that nearly 70% of employers in the U.S. provide health services to their workers. Larger employers offer more nuanced health programs. For instance, in December 2020, Apple, Inc. released a special employee fitness+ app for Apple employees. This app includes yoga training, cycling, rowing, treadmill, and many other options.
  • The employee wellness software market in Asia Pacific is driven by key factors such as rising health awareness, increasing smartphone penetration, and an increase in the penetration of fitness apps. Furthermore, during the COVID-19 pandemic, the region saw a large spike in fitness app downloads. According to a study released by WHO, the number of people using health and wellness apps has risen by 78% in 2020. Furthermore, the rising working population in developing economies results in increasing demand for employee wellness software in this region.
employee wellness software market size by competition landscape

Key Players Operating in the Global Employee Wellness Software Market

Companies active in providing employee wellness software are increasingly spending on research and development, which in turn is expected to increase the demand for employee wellness software in the next few years. The market is diversified with the presence of numerous manufacturers across the globe. Key players operating in the global employee wellness software market include:

  • BSDI
  • Infinite Wellness Solutions
  • Sprout, Burner Fitness
  • Ceridian Lifeworks
  • Wellness Layers
  • Corporate Health Partners
  • CoreHealth Technologies
  • MediKeeper
  • Alyfe Wellbeing Strategies
  • Virgin Pulse
  • Rival Health
  • Protocol Driven Healthcare, Inc.
  • Atlas Marketing

Global Employee Wellness Software Market: Research Scope

Global Employee Wellness Software Market, by Deployment Mode

  • Cloud
  • On-premise

Global Employee Wellness Software Market, by Organization Size

  • Large Organizations
  • Small & Medium Organizations

Global Employee Wellness Software Market, by Type

  • Mobile App
  • Web-based

Global Employee Wellness Software Market Segmentation, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Malaysia
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa (MEA)
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

Alternative Keywords

  • Service Software Management
  • Software Management

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Employee Wellness Software Market