The benefit management platform market is projected to reach US$ 2,466.12 million by 2028 from US$ 1,160.50 million in 2020; it is estimated to grow at a CAGR of 10.3% from 2021 to 2028.
Benefit management platforms are designed to recognize an employee's behavior and help the employer offer various benefits for efficient business operations. Such solutions are worthwhile to enhance staff morale and reward their employment in the organization. These platforms are frequently used in practically all sizes of businesses due to their technological innovations.
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, thereby augmenting the benefit management platform market growth.
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Benefit Management Platform Market: Strategic Insights
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
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Benefit Management Platform Market: Strategic Insights
| 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 |
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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.
Impact of COVID-19 Pandemic on Benefit Management Platform Market
The COVID-19 pandemic has severely affected North American countries, especially the US. The adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the region's economic growth negatively. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak.
The US is a prominent market for benefit management platforms in companies. The huge increase in the number of confirmed cases and the rise in reported deaths in the country have positively affected software providers due to the increase in demand for their software. The business shutdowns and high health treatment costs across the US and Canada are positively impacting the adoption of the benefit management platform market. North America is home to many technology companies, and the impact of the COVID-19 outbreak was high in 2020 and the first quarter of 2021. The impact of COVID-19 is short-term, and the benefit management platforms market is expected to grow in the coming years.
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Market Insights
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 handle 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.
Deployment-Based Market Insights
Based on deployment, the global benefit management platform market is segmented into cloud and on-premise. Cloud-based benefit management platforms are witnessing high demand compared to their on-premise counterparts. The cloud segment generates the majority of the demand since it is comparatively less expensive due to the strong network infrastructure in developed countries. In addition, cloud-based benefit management platform vendors are highly focused on developing a high-level security patch to eliminate the risk of cyberattacks. This factor is also creating significant demand from the end users, thereby driving the benefit management platform market in the global scenario.
Benefit Management Platform Market, by Deployment – 2020 and 2028
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Application-Based Market Insights
Based on application, the market is segmented into SMEs and large enterprises. There is an increase in the adoption of benefit management platforms across large enterprises, owing to the growing demand for different benefits by the employees. Similarly, employers are searching for cost-effective health benefits, insurance, and many more.
Benefit Management Platforms Market
Product development is the commonly adopted strategy by companies to expand their product portfolio. ADP, INC.; WORKDAY, INC.; Bswift LLC; PAYCOM SOFTWARE, INC.; and Paycor are among the key players that are implementing this strategy to enlarge their customer base and gain significant share in the global benefit management platform market, which, in turn, allows them to maintain their brand name globally. A few of the recent key developments in the market are as follows:
In 2021,- Benefitfocus, Inc. (NASDAQ: BNFT) 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 2020, Selerix Systems a leading cloud-based employee benefits and engagement software supplier announced the availability of real-time API connectivity with Paycor, a provider of human capital management solutions
Benefit Management Platform Market Segmentation:
- On-Premise
- Cloud-Based
- SME
- Large Enterprise
Benefit Management Platform Market Company Profiles
- Benefitfocus.Com, Inc
- BSwift LLC
- Empyrean
- Employee Navigator
- Ease
- ADP, Inc.
- Paycom
- Paycor, Inc
- Workday, Inc.
- Businessolver.Com, Inc
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Deployment, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The rising uptake of cloud technology is transforming the working pattern across diverse industry verticals by augmenting security, IT, and DevOps solutions and, thus, 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 since past few years.
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 key advantages that are expected to boost the uptake of cloud-based benefit management platform among enterprises in the coming years.
Several government initiatives across the regions have been implemented for the uptake of 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). These platforms are taken up by employers to provide several 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. Further, the increasing health treatment cost is also creating huge opportunities for the market players to design efficient benefit management platform across the both the economies.
The global benefit management platform market was dominated by the cloud-based segment with market share of 68.4% in 2020. In recent times, the technology sector has been increasingly witnessing a significant rise in cloud-based software. This is because cloud-based software simplifies the deployment time and significantly reduces the cost of deployment. This benefit has attracted a significant percentage of end users. With the rising demand for cloud-based software, the majority of market players in these countries are offering cloud-based products. Additionally, the Internet infrastructure has matured and flourishing in the developed as well as developing countries. This is allowing end users in both the developed countries and other developing economies to access cloud-based benefit management solutions. This factor is driving the benefit management platform market significantly.
In 2020, North America led the market with a substantial revenue share, followed by Europe and APAC. North America is the most technologically advanced region, with the US and Canada as the key economies. Technological advancements have resulted in a highly competitive market in this region since these developments are attracting people at large. The region is considered a mature market for benefit management platforms due to the massive presence of diverse industries with organizations of all sizes. The prime drivers that are fostering market expansion are the expanding digital transformation among industries and increasing consumer demand to manage diversity and talent in the company. Asia Pacific is a prospective market for benefit management platform market players.
The major companies in benefit management platform includes ADP, INC., WORKDAY, INC., Bswift LLC, PAYCOM SOFTWARE, INC., and Paycor.
The major application in benefit management platform includes SMEs and large enterprises. The large enterprises segment led the benefit management platform in 2020. The adoption of benefit management platform is witnessed to be high across large enterprises, owing to growing demand of different benefits by the employees from its employers. Similarly, the employers are searching for cost-effective health benefits, insurance, and many more.
The List of Companies - Benefit Management Platform Market
- Benefitfocus.Com, Inc
- BSwift LLC
- Empyrean
- Employee Navigator
- Ease
- ADP, Inc.
- Paycom
- Paycor, Inc
- Workday, Inc
- Businessolver.Com, Inc
- PlanSource
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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