The global Employee Benefits Management market reached a value of about USD 41 billion in 2021. The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027 to reach a value of about USD 57.69 billion by 2027.
The global Employee Benefits Management industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The need for providing practical benefits, technology and services to workers and employees is driving the market growth. North America is the highest category spender by region, driving the demand for the Employee Benefits Management industry.
Benefits management is a subset of HR responsible for selecting and administering the benefits provided to a company's workers. These are extra remuneration or perks provided by an employer in addition to salary, which is likely to benefit employers recruit and retaining employees while also enhancing their reputation. Employees' eligibility for benefits such as health, dental, disability, retirement accounts and 401K, vacations, and paid time off, sick leave, and parental leave is usually determined via benefit administration systems. The Employee Benefits Management industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America).
North America holds the largest share in the industry due to the implementation of the Healthcare Reform Act by the Obama Administration and growing prescription costs. Web-based decision-making analytics tools and the introduction of healthcare exchange supplied by established BAO providers are two growth drivers with a medium influence. Furthermore, owing to several providers in the region, a stronger tendency to embrace new technology in many business verticals, and the presence of many benefits management platform suppliers in the United States and Canada, the market is witnessing growth.
The market is being driven by the growth in companies' investment toward supplying efficient benefit technology to provide further convenience in terms of enrolment and support. The usefulness of these consumer services is in stark contrast to the capabilities of traditional human capital management (HCM) systems, which were not designed to manage the new benefits ecosystem's wide range of offers. Furthermore, SMEs and big businesses' increased use of benefit management platforms increases awareness of corporate benefits, allowing employees to take advantage of underutilised advantages such as employee assistance programmes or retail discounts. This is expected to propel the industry's expansion. More enrolling assistance and organisations investing more in providing practical benefits, technology, and services to workers and other employees are projected to boost demand for the service.
However, the risk of data breaches and the private information leaks of workers is likely to hamper the industry's expansion.
The global Employee Benefits Management industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Employee Benefits Management regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
The process comprises assessing the value of current benefits programmes, communicating with benefits suppliers, selecting competitive benefits, educating employees on what benefits are available, assisting employees in enrolling in benefits programmes, and reviewing and updating employee and benefits information. Employees feel understood and valued when an employer examines their requirements and picks benefits to fulfil those needs, enhancing employee engagement. Finally, as part of the benefits administration process, a company may save money by removing unused services and negotiating for the best plans and prices by assessing current benefits programmes and industry trends.
The growing usage of cloud technology is aiding the industry in various industries by enhancing security, IT, and DevOps solutions, allowing for the development of more inventive and interactive solutions that improve user experience. A cloud-based benefits administration platform is an appealing alternative for businesses because of various advantages: real-time client feedback, frequent data backup, high security, comparably affordable operational expenses, and rapid provisioning features. The penetration of cloud solutions in many business verticals such as BFSI, IT & telecom, retail, and others is fueled by continual improvement in cloud designs, algorithms, and integration of sophisticated features in cloud solutions. Also, gain management platforms are expected to benefit from the integration of technologies such as the internet of things (IoT), machine learning (ML), and artificial intelligence (AI).
The regional markets for the industry can be divided into North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
Major companies have used product introduction and business growth as important developmental tactics in the benefits management platform market to provide better goods and services to clients. Several competitors in the market for benefit management platforms have a significant presence and are seeing tremendous technological advancements.
1. Executive Summary
2. Employee Benefits Management Market Snapshot
2.1. Employee Benefits Management Market Outlook
2.2. Region Overview
2.2.1. North America
2.2.2. Asia Pacific
2.2.4. Latin America
2.2.5. Middle East and Africa
3. Impact of Recent Events
4. Employee Benefits Management Value Chain Analysis
5. Trade Analysis
6. Major Risk Factors in Sourcing
7. Employee Benefits Management Cost Structure
8. Employee Benefits Management Price Analysis
9. Key Demand Indicator Analysis
10. Key Price Indicator Analysis
11. Employee Benefits Management Market Dynamics
11.1. Drivers & Constraints
11.2. Industry Events
11.3. Innovations & Trends
11.4. Swot Analysis
11.5. Porter’s Five Forces
11.5.1. Buyer Power
11.5.2. Supplier Power
11.5.3. Threat of New Entrants
11.5.4. Threat of Substitutes
11.5.5. Industry Rivalry
12. Industry Best Practices
12.1. Sourcing Strategy
12.2. Procurement Model
12.3. Contract Structure
12.4. Negotiation Levers
12.5. Pricing Model
12.6. Key Factors Influencing the Quotation
13. Key Supplier Analysis
13.1. Alight Solutions, LLC
13.2. FMR LLC
13.3. Mercer LLC
13.4. Automatic Data Processing, Inc.
13.5. Conduent, Inc.
The global Employee Benefits Management market size was valued at USD 41 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 5%.
The significant demand for effective solutions for workers is one of the essential drivers of the Employee Benefits Management market growth.
Alight Solutions, LLC, FMR LLC, Mercer LLC, Automatic Data Processing, Inc., and Conduent, Inc. are some of the major companies in the market.
The North American region of the Employee Benefits Management industry holds a significant share in the market.
The global Employee Benefits Management market attained a value of USD 41 billion in 2021, driven by the growth in companies' investment toward efficient benefit technology to provide further convenience in terms of enrolment and support. Aided by the growing usage of cloud technology in the industry like cloud solutions, internet of things (IoT), machine learning (ML), and artificial intelligence (AI), the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5%. The market is projected to reach USD 57.69 billion by 2027. Some of the leading players in the industry are Alight Solutions, LLC, FMR LLC, Mercer LLC, Automatic Data Processing, Inc., and Conduent, Inc.
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