Market Overview:
The global benefit administration software market is expected to grow at a CAGR of 10.8% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for cloud-based solutions, rising adoption of BYOD policies, and growing need for compliance and governance. The market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into standard level, professional level, cloud-based solution, and other types. Cloud-based solutions are expected to grow at a higher CAGR during the forecast period as they offer several benefits such as scalability, flexibility in terms of deployment options (private or public), reduced total cost of ownership (TCO), and easy upgradation options.
Product Definition:
Benefit Administration Software is a computer application used to manage employee benefits. It can include features such as enrollment, eligibility verification, claims management, and billing. Benefit Administration Software is important because it helps companies manage their employee benefits program efficiently and effectively.
Standard Level:
The standard level is a tool that helps in classifying the type of medical benefit claim. It is used by insurance companies, providers, and government agencies to process claims efficiently. The growth factor for this market includes factors such as increasing awareness about health among people and rising healthcare costs which are expected to increase the demand for efficient systems in managing benefits administration over the forecast period.
Professional Level:
Professional level is a special designation in the field of benefit management software that refers to the most sophisticated and highly-customized features offered by vendors. It includes customized screens, reports, dashboards and scorecards for monitoring employee benefits. The term “professional” as used in this context does not refer to any particular level within an organization; it refers to the type of software provided & functionality enabled by vendor offerings.
Application Insights:
The other application segment includes the healthcare sector, education sector, and public infrastructure. The other applications are expected to witness a CAGR of XX% from 2018 to 2030. The growing number of organizations that are opting for online benefit administration software is driving the market growth in this segment.
The private enterprise application segment accounted for a major market share in 2017 and is expected to continue its dominance over the forecast period owing to various factors such as increasing demand for flexible work schedules, part-time employment opportunities, home office options among others which drive employee benefits management within an organization. These factors also facilitate easy implementation of online benefit administration solutions within companies since they require little or no IT knowledge on end-user side.
Furthermore, government institutions play an important role in shaping economic development through investments in physical and human capital formation as well as through provisioning public goods such as roads.
Regional Analysis:
The Asia Pacific region accounted for the largest revenue share in 2017 and is expected to continue its dominance over the forecast period. The growth can be attributed to increasing government initiatives, such as e-KTP electronic ID program launched by the government of Indonesia, which has mandated that all citizens must have an electronic ID (e-KTP) system implemented by 2020. This initiative is anticipated to propel digital services across various sectors in Indonesia and create new opportunities for software vendors over the next eight years.
The Middle East & Africa (MEA) region also contributed significantly towards market growth owing to increasing adoption of BFSI software solutions in countries such as Saudi Arabia and UAE. These solutions help financial institutions offer banking facilities through mobile phones, thus making banking convenient for customers who travel frequently or reside outstation at a time when banks are focusing on cost cutting measures within their organizations.
Growth Factors:
- Increasing demand for cloud-based software solutions: The market for Benefit Administration Software is expected to grow at a fast pace in the coming years owing to the increasing demand for cloud-based software solutions. This is because of the advantages offered by these solutions such as easy accessibility, low cost, and scalability.
- Rising adoption of mobile devices: The market for Benefit Administration Software is also expected to grow rapidly due to the rising adoption of mobile devices across different industries. This is because mobile devices offer several advantages such as portability, convenience, and ease of use.
- Proliferation of social media: Social media has emerged as one of the most powerful channels for marketing and communication in recent times. As a result, there has been a significant increase in its adoption by businesses across different industries including healthcare and insurance sectors..This is likely to drive growth in the market for Benefit Administration Software over the next few years .
Scope Of The Report
Report Attributes
Report Details
Report Title
Benefit Administration Software Market Research Report
By Type
Standard Level, Professional Level, Cloud, Other
By Application
Private Enterprise, Public Enterprise, Government, Other
By Companies
BambooHR, Gusto, Namely, Zenefits, Paycom, EmpowerHR/Pay, PlanSource, Zane Benefits, Paycor, Ceridian, TimeForge Scheduling, Bswift, Benefitfocus, BreatheHR, TRI-AD, Oracle, Workday, WEX Health, Businessolver, Castlight Health, Ultimate Software, WageWorks
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
231
Number of Tables & Figures
162
Customization Available
Yes, the report can be customized as per your need.
Global Benefit Administration Software Market Report Segments:
The global Benefit Administration Software market is segmented on the basis of:
Types
Standard Level, Professional Level, Cloud, Other
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Private Enterprise, Public Enterprise, Government, Other
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- BambooHR
- Gusto
- Namely
- Zenefits
- Paycom
- EmpowerHR/Pay
- PlanSource
- Zane Benefits
- Paycor
- Ceridian
- TimeForge Scheduling
- Bswift
- Benefitfocus
- BreatheHR
- TRI-AD
- Oracle
- Workday
- WEX Health
- Businessolver
- Castlight Health
- Ultimate Software
- WageWorks
Highlights of The Benefit Administration Software Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Standard Level
- Professional Level
- Cloud
- Other
- By Application:
- Private Enterprise
- Public Enterprise
- Government
- Other
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Benefit Administration Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Benefit administration software is a type of software that helps organizations manage their benefits programs. This includes everything from creating and managing benefit plans to processing claims. Benefit administration software can also help organizations track employee eligibility and participation in their benefits programs, as well as monitor costs associated with those programs.
Some of the major players in the benefit administration software market are BambooHR, Gusto, Namely, Zenefits, Paycom, EmpowerHR/Pay, PlanSource, Zane Benefits, Paycor, Ceridian, TimeForge Scheduling, Bswift, Benefitfocus, BreatheHR, TRI-AD, Oracle, Workday, WEX Health, Businessolver, Castlight Health, Ultimate Software, WageWorks.
The benefit administration software market is expected to grow at a compound annual growth rate of 10.8%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Benefit Administration Software Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Benefit Administration Software Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Benefit Administration Software Market - Supply Chain
4.5. Global Benefit Administration Software Market Forecast
4.5.1. Benefit Administration Software Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Benefit Administration Software Market Size (000 Units) and Y-o-Y Growth
4.5.3. Benefit Administration Software Market Absolute $ Opportunity
5. Global Benefit Administration Software Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Benefit Administration Software Market Size and Volume Forecast by Type
5.3.1. Standard Level
5.3.2. Professional Level
5.3.3. Cloud
5.3.4. Other
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Benefit Administration Software Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Benefit Administration Software Market Size and Volume Forecast by Application
6.3.1. Private Enterprise
6.3.2. Public Enterprise
6.3.3. Government
6.3.4. Other
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Benefit Administration Software Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Benefit Administration Software Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Benefit Administration Software Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Benefit Administration Software Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Benefit Administration Software Demand Share Forecast, 2019-2026
9. North America Benefit Administration Software Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Benefit Administration Software Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Benefit Administration Software Market Size and Volume Forecast by Application
9.4.1. Private Enterprise
9.4.2. Public Enterprise
9.4.3. Government
9.4.4. Other
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Benefit Administration Software Market Size and Volume Forecast by Type
9.7.1. Standard Level
9.7.2. Professional Level
9.7.3. Cloud
9.7.4. Other
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Benefit Administration Software Demand Share Forecast, 2019-2026
10. Latin America Benefit Administration Software Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Benefit Administration Software Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Benefit Administration Software Market Size and Volume Forecast by Application
10.4.1. Private Enterprise
10.4.2. Public Enterprise
10.4.3. Government
10.4.4. Other
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Benefit Administration Software Market Size and Volume Forecast by Type
10.7.1. Standard Level
10.7.2. Professional Level
10.7.3. Cloud
10.7.4. Other
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Benefit Administration Software Demand Share Forecast, 2019-2026
11. Europe Benefit Administration Software Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Benefit Administration Software Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Benefit Administration Software Market Size and Volume Forecast by Application
11.4.1. Private Enterprise
11.4.2. Public Enterprise
11.4.3. Government
11.4.4. Other
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Benefit Administration Software Market Size and Volume Forecast by Type
11.7.1. Standard Level
11.7.2. Professional Level
11.7.3. Cloud
11.7.4. Other
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Benefit Administration Software Demand Share, 2019-2026
12. Asia Pacific Benefit Administration Software Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Benefit Administration Software Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Benefit Administration Software Market Size and Volume Forecast by Application
12.4.1. Private Enterprise
12.4.2. Public Enterprise
12.4.3. Government
12.4.4. Other
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Benefit Administration Software Market Size and Volume Forecast by Type
12.7.1. Standard Level
12.7.2. Professional Level
12.7.3. Cloud
12.7.4. Other
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Benefit Administration Software Demand Share, 2019-2026
13. Middle East & Africa Benefit Administration Software Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Benefit Administration Software Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Benefit Administration Software Market Size and Volume Forecast by Application
13.4.1. Private Enterprise
13.4.2. Public Enterprise
13.4.3. Government
13.4.4. Other
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Benefit Administration Software Market Size and Volume Forecast by Type
13.7.1. Standard Level
13.7.2. Professional Level
13.7.3. Cloud
13.7.4. Other
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Benefit Administration Software Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Benefit Administration Software Market: Market Share Analysis
14.2. Benefit Administration Software Distributors and Customers
14.3. Benefit Administration Software Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. BambooHR
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Gusto
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Namely
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Zenefits
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Paycom
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. EmpowerHR/Pay
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. PlanSource
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Zane Benefits
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Paycor
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. Ceridian
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. TimeForge Scheduling
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. Bswift
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. Benefitfocus
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. BreatheHR
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. TRI-AD
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. Oracle
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. Workday
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. WEX Health
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. Businessolver
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. Castlight Health
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook