Small and Medium Enterprises Segment is Expected to be the Fastest Growing During the Forecast Period for SAM Region

According to a new market research study on “SAM Benefit Management Platform Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 72.46 million by 2028 from US$ 52.29 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The report provides trends prevailing in the SAM benefit management platform market along with the drivers and restraints pertaining to the market growth. Intensified growth of cloud-based solutions across enterprises is the major factor driving the growth of the SAM benefit management platform market. However, issues associated with the security and data privacy issue hinder the growth of SAM benefit management platform market.

The SAM benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the SAM benefit management platform market is segmented into on-premise and cloud-based. The cloud-based segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on application, the market is segmented into small & medium enterprises and large enterprises. The large enterprises segment dominated the market in 2020 and small & medium enterprises segment is expected to be the fastest growing during the forecast period. Based on country, the benefit management platform market is classified into Brazil, Argentina, and Rest of SAM.

Brazil has the most significant number of cases with COVID-19, followed by Ecuador, Chile, Peru, and Argentina, amongst others. In 2020, the covid-19 pandemic led to the closure of all economic activities across the region to combat the spread of the virus. The government of SAM has taken an array of actions to protect their citizens and contain COVID-19’s spread. The governments of various countries in SAM are taking several initiatives to protect people and to control COVID-19’s spread in the region through lockdowns, trade bans, and travel restrictions. The sharp decline in the business profits in the region due to lockdown measures is expected to directly impact the adoption of the benefit management platform market in this region. The sharp decline in business earnings and limited potential to adopt new technology are expected to directly affect the growth rate of the benefit management platform market in this region for the next few months. However, the countries in the region are significantly seeking for FDI to implement advanced technologies, which in turn lead to increased demand for solutions that easy the management operations. The increase in benefit programs further provide opportunities for the benefit management platform market players who operate globally to gain the advantage of growing demand for volunteer platform solutions in this region. As a result, the market for benefit management platform is anticipated to grow in the coming years.

ADP, Inc.; BENEFITFOCUS.COM, INC; Paycom; and PlanSource are among the leading companies in the SAM benefit management platform market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Benefitfocus, Inc. (NASDAQ: BNFT), an industry-leading benefits technology platform that simplifies benefits administration for employers, health plans, and brokers, has expanded its Benefit Catalog to include a full suite of benefits offerings from Standard Insurance Company (The Standard), a leading provider of financial protection products and services for employers and individuals.

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