Market Overview:
The global employee benefits 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 employee benefits administration software and the growing need for automation in the HR function. The small and medium enterprises segment is expected to grow at a higher CAGR than the large enterprises segment during the forecast period. North America is expected to hold the largest share of the global employee benefits administration software market in 2018, while Asia Pacific is projected to be fastest-growing region duringthe forecast period.
Product Definition:
Employee Benefits Administration Software is a computer program that helps employers manage employee benefits. It can automate many of the tasks involved in administering benefits, such as enrolling employees, tracking changes in their eligibility, and calculating how much they should be paid. Employee Benefits Administration Software can also help employers communicate with employees about their benefits and answer any questions they may have.
Cloud-based:
Cloud-based software is a type of software system that provides services over the internet. It's an umbrella term for all types of remote access solutions, including web-based, cloud-based, and on premise (PC/Mac based) solutions. Cloud computing has become increasingly popular among organizations in recent years as it offers benefits such as increased efficiency and flexibility to businesses. Benefits such as these have resulted in high adoption rate by various small & medium enterprises across different industry verticals globally.
On-premises:
On-premises software is a type of employee benefits administration software that provides services to employers and employees through a dedicated application installed on the employer’s server. The service includes features such as contribution processing, benefit enrollment, and record keeping.
The key drivers for this market include the growing adoption of cloud computing across various industries such as BFSI, healthcare & life sciences, manufacturing & utility among others due to its cost efficiency and flexibility in terms of usage.
Application Insights:
The large enterprises segment dominated the global employee benefits administration software market in 2017. The segment is expected to witness a CAGR of XX% from 2018 to 2030. This growth can be attributed to the growing number of large enterprises and rising adoption of EBSS among them. In addition, factors such as regulatory support for EBSS implementation, availability of skilled resources and development time will also propel its demand among large enterprises during the forecast period.
The SMEs segment accounted for a significant share in 2017 and is expected to grow at a rapid pace over the forecast period owing to increasing penetration of internet banking services worldwide coupled with an increase in small business formation rate globally since past few years. Furthermore, companies such as Intuit Inc., H&R Block GmbH, ADP Ltd.
Regional Analysis:
North America accounted for the largest revenue share in 2017. The region is expected to maintain its lead over the forecast period, with U.S. being a key contributor to regional growth owing to presence of numerous large enterprises and rapid technological advancements in employee benefits administration software industry coupled with high adoption of cloud-based solutions by SMEs across the country.
Asia Pacific is anticipated to be one of the fastest-growing regions during the forecast period owing to increasing government initiatives favoring small and medium enterprises (SMEs) along with growing awareness about various employee benefit programs among employees, which will eventually drive demand for employee benefits management software in this region over next eight years. Moreover, rising number of mergers & acquisitions activities are also likely boost market growth during this period as acquiring companies look towards reducing costs through automation thereby driving regional demand further on account of expanding applications within large enterprises as well as within human resource departments that handle recruitment processes and manage leave requests/claims amongst employees.
Growth Factors:
- Increasing demand for employee benefits administration software from small and medium-sized businesses (SMBs) due to the growing complexity of benefits programs and compliance requirements.
- The need for organizations to automate their employee benefit processes in order to improve efficiency, reduce costs, and mitigate risk.
- The increasing use of technology by employees, who are more comfortable managing their benefits online or through mobile devices.
- The growth of self-funded health plans, which require specialized software solutions to manage claims processing and billing functions effectively.
- Consolidation among healthcare providers and insurers, which is driving demand for comprehensive enterprise software solutions that can manage all aspects of employee benefits administration
Scope Of The Report
Report Attributes
Report Details
Report Title
Employee Benefits Administration Software 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
151
Number of Tables & Figures
106
Customization Available
Yes, the report can be customized as per your need.
Global Employee Benefits Administration Software Market Report Segments:
The global Employee Benefits Administration Software 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 Employee Benefits 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:
- 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 Employee Benefits 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?
Employee benefits administration software is a computer program that helps employers administer employee benefits, such as health insurance, retirement plans, and vacation time.
Some of the major players in the employee benefits administration software market are PLEXIS Healthcare Systems, BambooHR, Penad Pension Services, RiseSmart, Ultimate Software, Ceridian, Workday, Automatic Data Processing, iSolved HCM, PeopleKeep, Employee Navigator, ThrivePass.
The employee benefits administration software market is expected to register a CAGR of 10.8%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Employee Benefits Administration Software 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 Employee Benefits Administration Software Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software Market Size & Forecast, 2018-2028
4.5.1 Employee Benefits Administration Software Market Size and Y-o-Y Growth
4.5.2 Employee Benefits Administration Software Market Absolute $ Opportunity
Chapter 5 Global Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software Analysis and Forecast
9.1 Introduction
9.2 North America Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software Analysis and Forecast
10.1 Introduction
10.2 Europe Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software Analysis and Forecast
12.1 Introduction
12.2 Latin America Employee Benefits Administration Software 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 Employee Benefits Administration Software 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 Employee Benefits Administration Software 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) Employee Benefits Administration Software Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Employee Benefits Administration Software 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) Employee Benefits Administration Software 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) Employee Benefits Administration Software 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 Employee Benefits Administration Software Market: Competitive Dashboard
14.2 Global Employee Benefits Administration Software 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
