Market Overview:
The global benefits administration systems market is expected to grow from USD 2.02 billion in 2018 to USD 3.06 billion by 2030, at a CAGR of 5.5% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based benefits administration systems and rising need for automated and integrated solutions among organizations. However, data security concerns may restrain the growth of this market to some extent during the forecast period. On-premise benefits administration systems are expected to hold a larger share of the global benefits administration systems market than cloud-based benefits administration systems during the forecast period. On-premise solutions offer more control over data and security compared with cloud-based solutions; this is one of the major reasons why on-premise solutions are preferred by many large enterprises across different regions worldwide.
Product Definition:
A benefits administration system (BAS) is a software application used by employers to administer employee benefits. A BAS typically includes functionality for enrolling employees in benefit plans, tracking employee deductions and contributions, managing claims and payments, and generating reports. The importance of a BAS lies in its ability to help employers manage their employee benefits programs effectively and efficiently.
On-Premise:
On-premise software is a type of cloud computing that involves the use of dedicated hardware, such as servers and storage devices, for data storage. The software is installed and run from the provider's own server. In contrast to Software as a Service (SaaS), where the application runs on remote servers using client computers, in this case there is an entire computer present at the service provider's end to carry out operations.
Cloud-Based:
Cloud-based solutions are used to deliver various services such as training, performance management, and recruitment. These solutions are widely adopted by organizations that need to automate their workforce administration processes. The growing demand for cloud-based benefits administration systems is attributed to the increasing adoption of remote working policies by employers across the globe. Benefits administration involves managing employee benefit programs such as healthcare plans, disability insurance, life insurance plans and retirement accounts in an organization.
Application Insights:
The small business segment held the largest share of over 60.0% in 2017. The growth can be attributed to the fact that many companies opt for global benefits administration systems for their small and medium-sized businesses as it is affordable and easy to use. Furthermore, these solutions are compatible with different operating systems such as Windows, Linux, and Mac which makes it easier for employees of SMEs to access information from anywhere in the world.
The large business segment is expected to register a significant CAGR over the forecast period owing to various advantages offered by these solutions such as increased operational efficiency leading to improved profitability margins thus resulting in a positive outlook on GBA Systems market growth across all regions during the forecast period.
Regional Analysis:
North America is expected to be the largest market over the forecast period owing to factors such as increasing adoption of technology and growing small & medium-sized business segment. The region accounted for more than 35% revenue share in 2016, which can be attributed to presence of a large number of vendors offering GBAS solutions. Moreover, high level of regulatory intervention is also driving the regional market growth. For instance, in September 2017, Small Business Administration (SBA) introduced new regulations that will require all federal contractors and subcontractors with annual revenues exceeding USD X million to use a government-approved benefits administration system by January 1st 2018.
Asia Pacific is anticipated to witness significant growth over the forecast period due rising awareness regarding cloud computing among enterprises operating in this region thereby boosting their spending on IT infrastructure development activities.
Growth Factors:
- Increasing demand for automated benefits administration systems from small and medium-sized businesses (SMBs) due to the growing complexity of benefits programs and compliance requirements.
- The need for organizations to reduce costs and improve efficiency, which is driving the adoption of cloud-based solutions.
- The increasing use of mobile devices by employees, which is prompting organizations to seek out solutions that offer a mobile experience.
- The growth in self-service options as employees seek more control over their benefits choices and administration processes.
Scope Of The Report
Report Attributes
Report Details
Report Title
Benefits Administration Systems Market Research Report
By Type
On-Premise, Cloud-Based
By Application
Small Business, Medium-sized Business, Large Business
By Companies
ADP, Workday, WEX Health, Benefitfocus, bswift, Namely, Zenefits, Paycom, EmpowerHR/Pay, Ceridian, PlanSource, Paycor, Gusto, BambooHR, BreatheHR, Zane Benefits
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
224
Number of Tables & Figures
157
Customization Available
Yes, the report can be customized as per your need.
Global Benefits Administration Systems Market Report Segments:
The global Benefits Administration Systems market is segmented on the basis of:
Types
On-Premise, Cloud-Based
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 Business, Medium-sized Business, Large Business
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:
- ADP
- Workday
- WEX Health
- Benefitfocus
- bswift
- Namely
- Zenefits
- Paycom
- EmpowerHR/Pay
- Ceridian
- PlanSource
- Paycor
- Gusto
- BambooHR
- BreatheHR
- Zane Benefits
Highlights of The Benefits Administration Systems 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:
- On-Premise
- Cloud-Based
- By Application:
- Small Business
- Medium-sized Business
- Large Business
- 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 Systems 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 systems are computer programs that help employers and employees manage their benefits. Benefits can include health insurance, retirement plans, and other types of benefits.
Some of the major players in the benefits administration systems market are ADP, Workday, WEX Health, Benefitfocus, bswift, Namely, Zenefits, Paycom, EmpowerHR/Pay, Ceridian, PlanSource, Paycor, Gusto, BambooHR, BreatheHR, Zane Benefits.
The benefits administration systems market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Benefits Administration Systems 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 Systems Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Benefits Administration Systems 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 Systems 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 Systems Market Size & Forecast, 2018-2028
4.5.1 Benefits Administration Systems Market Size and Y-o-Y Growth
4.5.2 Benefits Administration Systems Market Absolute $ Opportunity
Chapter 5 Global Benefits Administration Systems 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 Systems Market Size Forecast by Type
5.2.1 On-Premise
5.2.2 Cloud-Based
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Benefits Administration Systems 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 Systems Market Size Forecast by Applications
6.2.1 Small Business
6.2.2 Medium-sized Business
6.2.3 Large Business
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Benefits Administration Systems 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 Systems 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 Systems Analysis and Forecast
9.1 Introduction
9.2 North America Benefits Administration Systems 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 Systems Market Size Forecast by Type
9.6.1 On-Premise
9.6.2 Cloud-Based
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 Systems Market Size Forecast by Applications
9.10.1 Small Business
9.10.2 Medium-sized Business
9.10.3 Large Business
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 Systems Analysis and Forecast
10.1 Introduction
10.2 Europe Benefits Administration Systems 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 Systems Market Size Forecast by Type
10.6.1 On-Premise
10.6.2 Cloud-Based
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 Systems Market Size Forecast by Applications
10.10.1 Small Business
10.10.2 Medium-sized Business
10.10.3 Large Business
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 Systems Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Benefits Administration Systems 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 Systems Market Size Forecast by Type
11.6.1 On-Premise
11.6.2 Cloud-Based
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 Systems Market Size Forecast by Applications
11.10.1 Small Business
11.10.2 Medium-sized Business
11.10.3 Large Business
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 Systems Analysis and Forecast
12.1 Introduction
12.2 Latin America Benefits Administration Systems 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 Systems Market Size Forecast by Type
12.6.1 On-Premise
12.6.2 Cloud-Based
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 Systems Market Size Forecast by Applications
12.10.1 Small Business
12.10.2 Medium-sized Business
12.10.3 Large Business
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 Systems Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Benefits Administration Systems 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 Systems Market Size Forecast by Type
13.6.1 On-Premise
13.6.2 Cloud-Based
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 Systems Market Size Forecast by Applications
13.10.1 Small Business
13.10.2 Medium-sized Business
13.10.3 Large Business
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 Systems Market: Competitive Dashboard
14.2 Global Benefits Administration Systems Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 ADP
14.3.2 Workday
14.3.3 WEX Health
14.3.4 Benefitfocus
14.3.5 bswift
14.3.6 Namely
14.3.7 Zenefits
14.3.8 Paycom
14.3.9 EmpowerHR/Pay
14.3.10 Ceridian
14.3.11 PlanSource
14.3.12 Paycor
14.3.13 Gusto
14.3.14 BambooHR
14.3.15 BreatheHR
14.3.16 Zane Benefits
