Procurement Resource Thumbnail Book Image

Global Employee Benefits Management Industry Report: Country Overview; Recent Events; Value Chain Analysis; Trade Analysis; Cost Structure; Market Dynamics: Drivers & Constraints, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Key Factors Influencing the Quotation; Key Supplier Analysis, 2022-2027

Employee Benefits Management Industry Report by Regional Category Spend, Price Analysis, Key Demand and Price Indicators, and Best Buying Practices


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.

Industry Definition and Segmentation

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).

The North American Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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.

Growing Integration of Technology, Further Driving the Employee Benefits Management Market

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.

Key Industry Players Mentioned in the Employee Benefits Management Industry Report

  • Alight Solutions, LLC
  • FMR LLC
  • Mercer LLC
  • ADP-Automatic Data Processing, Inc.
  • Conduent, Inc.

Market Landscape

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.

Key Initiatives by Companies

  • BenefitMall, the premier supplier of next-generation broker services, announced the introduction of an integrated marketplace with Ease in June 2021, giving brokers and employers a fully digital, secure benefits purchase and enrollment experience.
  • Benefitfocus, Inc., a significant participant in the benefits management platform industry, expanded its benefit offering catalogue in June 2021 to offer a comprehensive suite of benefits to workers of Standard Insurance Business. This leading insurance company provides financial services to employees.

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
        2.2.3.    Europe
        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.

Request Sample
Key Questions Answered in the Report

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.

Analyst Review

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.

Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses a combination of cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate and actionable and help them remain ahead of their competition.

Compare test & Choose the Right Report Version for You

Why Procurement Resource?

RIGHT PEOPLE

At Procurement Resource our analysts are selected after they are assessed thoroughly on having required qualities so that they can work effectively and productively and are able to execute projects based on the expectations shared by our clients. Our team is hence, technically exceptional, strategic, pragmatic, well experienced and competent.

RIGHT METHODOLOGY

We understand the cruciality of high-quality assessments that are important for our clients to take timely decisions and plan strategically. We have been continuously upgrading our tools and resources over the past years to become useful partners for our clientele. Our research methods are supported by most recent technology, our trusted and verified databases that are modified as per the needs help us serve our clients effectively every time and puts them ahead of their competitors.

RIGHT PRICE

Our team provides a detailed, high quality and deeply researched evaluations in competitive prices, that are unmatchable, and demonstrates our understanding of our client’s resource composition. These reports support our clientele make important procurement and supply chains choices that further helps them to place themselves ahead of their counterparts. We also offer attractive discounts or rebates on our forth coming reports.

RIGHT SUPPORT

Our vision is to enable our clients with superior quality market assessment and actionable evaluations to assist them with taking timely and right decisions. We are always ready to deliver our clients with maximum results by delivering them with customised suggestions to meet their exact needs within the specified timeline and help them understand the market dynamics in a better way.

Similar Reports
Global Artificial Intelligence Industry Report: Analysis and Forecast 2022-2027

Email Delivery   Price: $ 999.00

The global Artificial Intelligence market reached a value of about USD 192 Billion in 2021. The industry is projected to grow at a CAGR of around 23% in the forecast period of 2022-2027 to reach a value of about USD 664.86 Billion by 2027.

Read More
Global Nutmeg Industry Report: Analysis and Forecast 2022-2027

Email Delivery   Price: $ 999.00

The global nutmeg market reached a value of about 130 thousand tonnes in 2021. The industry is further expected to grow at a CAGR of about 6% in the forecast period of 2022-2027 to reach a value of around 180 thousand tonnes by 2027.

Read More
Global HEOR Service Industry Report: Analysis and Forecast 2022-2027

Email Delivery   Price: $ 999.00

The global HEOR market reached a value of about USD 1364.3 million in 2021. The industry is further expected to grow at a CAGR of about 12.81% in the forecast period of 2022-2027 to reach a value of around USD 2779.2 million by 2027.

Read More

NEWSLETTER

Get latest News About Procurement Resource
Subscribe for news