Market Overview:
The global benefits administration solutions market is expected to grow from USD 2.5 billion in 2018 to USD 5.8 billion by 2030, at a CAGR of 11.9% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based benefits administration solutions and rising need for automated and integrated systems among organizations. However, data security concerns may restrain the growth of this market to some extent during the forecast period. Based on type, the global benefits administration solutions market is segmented into cloud-based and on-premises segments. The cloud-based segment is expected to grow at a higher CAGR than the on-premises segment during the forecast period.
Product Definition:
Benefits Administration Solutions (BAS) is a term used to describe the systems and processes that organizations use to manage employee benefits. The purpose of BAS is to make it easier for employers and employees to understand and manage their benefits. Common features of BAS include online enrollment, tracking of eligibility and accrual, management of contributions, and communication tools.
Cloud-based:
Cloud-based solutions are expected to witness significant growth over the forecast period. The major factor contributing to this growth is cost efficiency. Cloud computing offers shared resources, easy accessibility and portability of data along with less operational manpower which results in reduced costs for organizations. These benefits are further expected to drive market demand over the next few years.
On-premises:
On-premises is a term used for software and hardware installation at the organization's core. Benefits Administration Solutions are installed on-premises and accessed by authorized users from remote locations to carry out benefits administration tasks such as issuing payments, managing participant accounts, recording participant data, etc. On-premise solutions offer high data security due to restricted access to the system. However; it requires dedicated IT staff for maintenance & support which may increase operational costs of an organization over the forecast period.
Application Insights:
The Small and Medium Enterprises segment held the largest share of over 70.0% in 2017. The segment is expected to witness significant growth over the forecast period owing to benefits administration challenges faced by SMEs, which require a cost-effective and efficient solutions for managing their employee¢â‚¬â„¢s benefits. As per a study published by PwC, nearly 60% of SMEs have fewer than 50 employees; however, around 75% of these firms have an HR function responsible for handling employee benefits issues.
The Large Enterprise segment is expected to register the highest CAGR from 2018 to 2030 as large enterprises offer numerous opportunities for BFSI institutions that provide services across multiple locations worldwide with high regulatory compliance requirements.
Regional Analysis:
The market in North America is expected to witness significant growth over the forecast period owing to the presence of a large number of global companies and rapid technological advancements. The region accounted for more than 35% revenue share in 2017, which is attributed to the increasing outsourcing activities by enterprises due to rising regulatory requirements and complexities involved in cross-border transactions.
The Asia Pacific regional market was valued at over USD X million in 2017 and is anticipated to register a high CAGR during the forecast period as several developing countries are adopting international trade practices similar with developed economies. This trend will lead towards an increase in benefits administration solutions spending by enterprises based outstation. Moreover, growing penetration of e-commerce across emerging economies such as India & China will drive demand for BFSI services further driving industry growth.
Growth Factors:
- Increased demand for automation in benefits administration to improve efficiency and accuracy
- Rising need for cost-effective and compliant solutions amid stringent government regulations
- Proliferation of cloud-based deployments to offer scalability and flexibility
- Emergence of big data and analytics to help identify trends and optimize benefits programs
- Growing focus on employee engagement and satisfaction to improve productivity
Scope Of The Report
Report Attributes
Report Details
Report Title
Benefits Administration Solutions Market Research Report
By Type
Cloud-based, On-premises
By Application
Small and Medium Enterprises (SMEs), Large Enterprises
By Companies
PLEXIS Healthcare Systems, BambooHR, Penad Pension Services, RiseSmart, Ultimate Software, Ceridian, Workday, Automatic Data Processing, iSolved HCM, PeopleKeep, Employee Navigator, ThrivePass
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
230
Number of Tables & Figures
161
Customization Available
Yes, the report can be customized as per your need.
Global Benefits Administration Solutions Market Report Segments:
The global Benefits Administration Solutions market is segmented on the basis of:
Types
Cloud-based, On-premises
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
Small and Medium Enterprises (SMEs), Large Enterprises
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:
- PLEXIS Healthcare Systems
- BambooHR
- Penad Pension Services
- RiseSmart
- Ultimate Software
- Ceridian
- Workday
- Automatic Data Processing
- iSolved HCM
- PeopleKeep
- Employee Navigator
- ThrivePass
Highlights of The Benefits Administration Solutions 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:
- Cloud-based
- On-premises
- By Application:
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- 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 Benefits Administration Solutions 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.
How you may use our products:
- Correctly Positioning New Products
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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?
Benefits Administration Solutions (BAS) is a software company that provides benefits administration solutions to employers. BAS's products include employee benefits management software, retirement plan administration software, and health insurance administration software.
Some of the major companies in the benefits administration solutions market are PLEXIS Healthcare Systems, BambooHR, Penad Pension Services, RiseSmart, Ultimate Software, Ceridian, Workday, Automatic Data Processing, iSolved HCM, PeopleKeep, Employee Navigator, ThrivePass.
The benefits administration solutions market is expected to grow at a compound annual growth rate of 11.9%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Benefits Administration Solutions Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Benefits Administration Solutions Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Benefits Administration Solutions Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Benefits Administration Solutions Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Benefits Administration Solutions Market Size & Forecast, 2018-2028
4.5.1 Benefits Administration Solutions Market Size and Y-o-Y Growth
4.5.2 Benefits Administration Solutions Market Absolute $ Opportunity
Chapter 5 Global Benefits Administration Solutions Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Benefits Administration Solutions Market Size Forecast by Type
5.2.1 Cloud-based
5.2.2 On-premises
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Benefits Administration Solutions Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Benefits Administration Solutions Market Size Forecast by Applications
6.2.1 Small and Medium Enterprises (SMEs)
6.2.2 Large Enterprises
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Benefits Administration Solutions Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Benefits Administration Solutions Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Benefits Administration Solutions Analysis and Forecast
9.1 Introduction
9.2 North America Benefits Administration Solutions Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Benefits Administration Solutions Market Size Forecast by Type
9.6.1 Cloud-based
9.6.2 On-premises
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Benefits Administration Solutions Market Size Forecast by Applications
9.10.1 Small and Medium Enterprises (SMEs)
9.10.2 Large Enterprises
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Benefits Administration Solutions Analysis and Forecast
10.1 Introduction
10.2 Europe Benefits Administration Solutions Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Benefits Administration Solutions Market Size Forecast by Type
10.6.1 Cloud-based
10.6.2 On-premises
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Benefits Administration Solutions Market Size Forecast by Applications
10.10.1 Small and Medium Enterprises (SMEs)
10.10.2 Large Enterprises
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Benefits Administration Solutions Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Benefits Administration Solutions Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Benefits Administration Solutions Market Size Forecast by Type
11.6.1 Cloud-based
11.6.2 On-premises
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Benefits Administration Solutions Market Size Forecast by Applications
11.10.1 Small and Medium Enterprises (SMEs)
11.10.2 Large Enterprises
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Benefits Administration Solutions Analysis and Forecast
12.1 Introduction
12.2 Latin America Benefits Administration Solutions Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Benefits Administration Solutions Market Size Forecast by Type
12.6.1 Cloud-based
12.6.2 On-premises
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Benefits Administration Solutions Market Size Forecast by Applications
12.10.1 Small and Medium Enterprises (SMEs)
12.10.2 Large Enterprises
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Benefits Administration Solutions Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Benefits Administration Solutions Market Size 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 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Benefits Administration Solutions Market Size Forecast by Type
13.6.1 Cloud-based
13.6.2 On-premises
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Benefits Administration Solutions Market Size Forecast by Applications
13.10.1 Small and Medium Enterprises (SMEs)
13.10.2 Large Enterprises
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Benefits Administration Solutions Market: Competitive Dashboard
14.2 Global Benefits Administration Solutions Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 PLEXIS Healthcare Systems
14.3.2 BambooHR
14.3.3 Penad Pension Services
14.3.4 RiseSmart
14.3.5 Ultimate Software
14.3.6 Ceridian
14.3.7 Workday
14.3.8 Automatic Data Processing
14.3.9 iSolved HCM
14.3.10 PeopleKeep
14.3.11 Employee Navigator
14.3.12 ThrivePass
