South America Benefit Management Platform Market Analysis, Size, and Share by 2028

The benefit management platform market in SAM is expected to grow from US$ 52.29 million in 2021 to US$ 72.46 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028.

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.

Brazil has the most significant number of cases with COVID-19, followed by Ecuador, Chile, Peru, and Argentina, amongst others. In 2020, the covid-19 pandemic led to the closure of all economic activities across the region to combat the spread of the virus. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. The sharp decline in the business profits in the region due to lockdown measures is expected to directly impact the adoption of the benefit management platform market in this region. The sharp decline in business earnings and limited potential to adopt new technology are expected to directly affect the growth rate of the benefit management platform market in this region for the next few months. However, the countries in the region are significantly seeking for FDI to implement advanced technologies, which in turn lead to increased demand for solutions that easy the management operations. The increase in benefit programs further provide opportunities for the benefit management platform market players who operate globally to gain the advantage of growing demand for volunteer platform solutions in this region. As a result, the market for benefit management platform is anticipated to grow in the coming years.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the benefit management platform market. The SAM benefit management platform is expected to grow at a good CAGR during the forecast period.

 SAM Benefit Management Platform Market Revenue and Forecast to 2028 (US$ Million)

SAM Benefit Management Platform Market Segmentation

SAM Benefit Management Platform Market – By Deployment

• On-premise
• Cloud-based

SAM Benefit Management Platform Market – By Application

• Small and Medium Enterprises
• Large Enterprises

SAM Benefit Management Platform Market- By Country

• Brazil
• Argentina
• Rest of SAM

SAM Benefit Management Platform Market-Companies Mentioned

• ADP, Inc.
• BENEFITFOCUS.COM, INC
• Paycom
• PlanSource

South America Benefit Management Platform Report Scope