Market Overview:
The global benefits management services market is expected to grow from USD 2.02 billion in 2018 to USD 4.06 billion by 2030, at a CAGR of 10.5% during the forecast period. The growth of the market can be attributed to the increasing demand for cloud-based benefits management services and the growing need for reducing administrative costs associated with employee benefit programs. However, data security and privacy concerns may restrain the growth of this market to some extent during the forecast period. On basis of type, cloud-based benefits management services are expected to account for a larger share than on-premises benefits management services during the forecast period.
Product Definition:
Benefits management services provides advice and support to an organization's employees on the available benefits options, enrollment processes, and ongoing changes. Benefits management services are important because they help ensure that employees have access to the best possible benefits packages. This can include anything from health insurance to retirement savings plans.
Cloud-based:
Cloud-based solutions are expected to witness significant growth over the forecast period. The major factor contributing to this growth is cost benefits offered in comparison with traditional on-premise solutions. Cloud computing has emerged as a solution for nearly all business sectors and industry verticals, including BFSI, healthcare & life sciences, IT & telecom, government & public sector and manufacturing.
On-premises:
On-premises is a term used for software and hardware installation at the organization's headquarters. Benefits Management Services use on-premises technology to provide solutions such as talent management, time & attendance, benefits administration, and employee engagement. The service provider usually has an office in proximity to the employees of the company which helps in providing better services by reducing implementation time and provides quick results.
Application Insights:
The large enterprises segment dominated the global benefits management services market in 2017. This can be attributed to the fact that majority of companies have a dedicated in-house resources for handling employee benefits, which results in higher usage of BMSs by large enterprises. The SMEs' application segment is expected to witness significant growth over the forecast period owing to increasing penetration and adoption of online portals for various employee benefit programs such as health, disability, life insurance and retirement plans among others. Moreover, growing awareness about these programs among small businesses is expected to drive demand over the forecast period.
The Asia Pacific region has been witnessing tremendous growth due largely to rising investments from foreign players operating within China and India on account of favorable government policies promoting business development along with ease of doing business coupled with an increase in disposable income levels across major markets including Japan.
Regional Analysis:
The market in North America is expected to grow at a significant rate over the forecast period. The growth can be attributed to the increasing adoption of business process outsourcing (BPO) and cloud-based BMS solutions by enterprises as well as small & medium-sized businesses in the region. Furthermore, an increase in regulatory requirements pertaining to risk assessment and management is anticipated to drive regional market growth over the forecast period.
The Asia Pacific benefits management services market is expected to witness considerable growth during the forecast period owing to factors such as improving economic conditions, rising employee engagement levels, technological advancements, and increased government spending on infrastructure development activities.
Growth Factors:
- Increasing demand for employee benefits and services due to the growth of the workforce
- Rising healthcare costs and the need for cost containment
- The aging population and their increased need for healthcare services
- Consolidation of providers in the healthcare industry
- Increased use of technology in benefits management
Scope Of The Report
Report Attributes
Report Details
Report Title
Benefits Management Services Market Research Report
By Type
Cloud-based, On-premises
By Application
Large Enterpries, SMEs
By Companies
Paychex Flex, Zenefits, Dayforce HCM, QuickBooks Payroll, UKG Pro, isolved, Justworks, UZIO, TriNet, PeopleStrategy, Asure HR Management, PlatinumHR, WageWorks, Sequoia, Tandem HR, XcelHR, Engage PEO, Optimum, Insperity Recruiting, LandrumHR
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
166
Number of Tables & Figures
117
Customization Available
Yes, the report can be customized as per your need.
Global Benefits Management Services Market Report Segments:
The global Benefits Management Services 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
Large Enterpries, SMEs
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:
- Paychex Flex
- Zenefits
- Dayforce HCM
- QuickBooks Payroll
- UKG Pro
- isolved
- Justworks
- UZIO
- TriNet
- PeopleStrategy
- Asure HR Management
- PlatinumHR
- WageWorks
- Sequoia
- Tandem HR
- XcelHR
- Engage PEO
- Optimum
- Insperity Recruiting
- LandrumHR
Highlights of The Benefits Management Services 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:
- Large Enterpries
- SMEs
- 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 Management Services 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?
Benefits management services are a type of administrative support that helps organizations manage their benefits programs. Benefits management services can include everything from developing and managing benefit plans to providing customer service for participants and beneficiaries.
Some of the key players operating in the benefits management services market are Paychex Flex, Zenefits, Dayforce HCM, QuickBooks Payroll, UKG Pro, isolved, Justworks, UZIO, TriNet, PeopleStrategy, Asure HR Management, PlatinumHR, WageWorks, Sequoia, Tandem HR, XcelHR, Engage PEO, Optimum, Insperity Recruiting, LandrumHR.
The benefits management services market is expected to register a CAGR of 10.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Benefits Management Services 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 Management Services Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Benefits Management Services 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 Management Services 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 Management Services Market Size & Forecast, 2018-2028 4.5.1 Benefits Management Services Market Size and Y-o-Y Growth 4.5.2 Benefits Management Services Market Absolute $ Opportunity
Chapter 5 Global Benefits Management Services 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 Management Services 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 Management Services 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 Management Services Market Size Forecast by Applications
6.2.1 Large Enterpries
6.2.2 SMEs
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Benefits Management Services 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 Management Services 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 Management Services Analysis and Forecast
9.1 Introduction
9.2 North America Benefits Management Services 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 Management Services 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 Management Services Market Size Forecast by Applications
9.10.1 Large Enterpries
9.10.2 SMEs
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 Management Services Analysis and Forecast
10.1 Introduction
10.2 Europe Benefits Management Services 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 Management Services 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 Management Services Market Size Forecast by Applications
10.10.1 Large Enterpries
10.10.2 SMEs
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 Management Services Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Benefits Management Services 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 Management Services 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 Management Services Market Size Forecast by Applications
11.10.1 Large Enterpries
11.10.2 SMEs
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 Management Services Analysis and Forecast
12.1 Introduction
12.2 Latin America Benefits Management Services 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 Management Services 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 Management Services Market Size Forecast by Applications
12.10.1 Large Enterpries
12.10.2 SMEs
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 Management Services Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Benefits Management Services 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 Management Services 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 Management Services Market Size Forecast by Applications
13.10.1 Large Enterpries
13.10.2 SMEs
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 Management Services Market: Competitive Dashboard
14.2 Global Benefits Management Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Paychex Flex
14.3.2 Zenefits
14.3.3 Dayforce HCM
14.3.4 QuickBooks Payroll
14.3.5 UKG Pro
14.3.6 isolved
14.3.7 Justworks
14.3.8 UZIO
14.3.9 TriNet
14.3.10 PeopleStrategy
14.3.11 Asure HR Management
14.3.12 PlatinumHR
14.3.13 WageWorks
14.3.14 Sequoia
14.3.15 Tandem HR
14.3.16 XcelHR
14.3.17 Engage PEO
14.3.18 Optimum
14.3.19 Insperity Recruiting
14.3.20 LandrumHR