Several Government Initiative to Provide Growth Opportunities for Benefit Management Platform Market During 2021–2028
According to our latest market study on “Benefit Management Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment and Application,” the market was valued at US$ 1,663.06 million in 2021 and is projected to reach US$ 2,466.12 million by 2028; it is expected to grow at a CAGR of 10.3% from 2021 to 2028.
Several government initiatives across the US and Canada have been implemented to uptake benefit management platforms by employers. Some of the initiatives are the Consolidated Omnibus Budget Reconciliation Act (COBRA), Affordable Care Act (ACA), and Health Insurance Portability and Accountability Act (HIPAA). Employers use these platforms to provide benefits to their employees, such as hospital care, prescription drug coverage, pregnancy and childbirth, and health benefits. All these benefits enhance the confidence of employees. These initiatives are expected to boost the requirement of benefit management platforms across different industries in the US and Canada. Further, the increasing health treatment cost is creating huge opportunities for the market players to design efficient benefit management platforms across both economies.
The benefit management platform industry has been segmented based on deployment, application, and geography. Based on deployment, the benefit management platform market is segmented into cloud and on-premises deployment. In 2020, the cloud-based deployment segment accounted for a higher share in the market. In terms of application, the market is segmented into SMEs and large enterprises. In 2020, the large enterprise segment accounted for a larger share in the market. Geographically, the benefit management platform market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America). In 2020, North America accounted for the highest market share.
Impact of COVID-19 Pandemic on Benefit Management Platform Market
The COVID-19 pandemic has been affecting most of businesses globally. The continuous growth in the number of virus-infected patients compelled governments to put a bar on the transportation of humans and goods due to travel bans, mass lockdowns, and business shutdowns. The lockdown imposition has resulted in the lesser production of commodities, goods, and services. Manufacturing, automotive, semiconductor & electronics, oil & gas, mining, aviation, and other industries have witnessed a decline in their operations due to the temporary shutdown of activities. The COVID-19 pandemic has forced businesses to find new alternatives for speedy recovery and attention to the urgent need to access enough data in crisis times.
Further, banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. Grocery stores have shifted to online ordering and delivery as their primary business. Schools in many locales have adopted online learning and digital classrooms. These approaches have resulted in the rise of quantity and variety of business data, the surge in need for business agility and data accessibility, and the increase in demand for real-time streaming analytics, contributing to the growth of the benefit management platform market.
The key players operating in the global benefit management platform market report include Benefitfocus.Com, Inc; BSwift LLC; Empyrean; Employee Navigator; Ease; ADP, Inc; Paycom; Paycor, Inc; Workday, Inc.; and Businessolver.Com, Inc. 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.
Benefit Management Platform Market – by Geography, 2020 and 2028 (%)
Benefit Management Platform Market 2021 Scope, Trends & Size Analysis
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Benefit Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud-Based) and Application (SMEs and Large Business)
Benefit Management Platform Market 2021 Scope, Trends & Size Analysis
Download Free SampleBenefit Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Deployment (On-Premise and Cloud-Based) and Application (SMEs and Large Business)
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