Middle East and Africa Benefit Management Platform Market

Market Introduction

The Middle East & Africa (MEA) benefit management platform market includes the markets in South Africa, Saudi Arabia, the UAE, and the rest of MEA. The MEA region is expected to witness a rapid rise in marketing and industrialization in the coming years. The Gulf countries are economically advanced. However, African countries are yet to match their pace in terms of economic development. Currently, the Gulf countries are on the verge of taking up transformative digital technologies in various verticals in a bid to improve their socio-economic conditions. The ever-changing consumer preference is another factor that is supporting the rising usage of digital technologies. The key drivers fostering market expansion are the expanding digital transformation among industries and the increasing consumer demand to manage diversity and talent in organizations. Benefits strategies focus on using analytics to understand employee behavior and needs as firms move toward digital transformation. Next-generation benefits management platform will be cloud-enabled and require a cloud platform to demonstrate their digital business skills. According to the Willis Towers Watson 2019 Middle East Benefit Trends Survey, 88% of highly effective organizations utilize analytics to identify the needs and requirements of their employees. The administrative and operational aspects of benefits can also be streamlined by integrating data with HR information systems. Employees can utilize technology to engage with them and make it easier to access, understand, and manage their benefit programs. As per the survey, over the next three years, the majority of companies expect to offer additional technology and support tools to explain employee perks. The digital revolution is gaining substantial momentum in the MEA, driving the countries in this region toward becoming prominent digital economies, mainly through the necessary consumer enthusiasm for digital innovation. Blooming digitalization would influence the demand for benefits management platforms market in the MEA during the forecast period. Rising application across SMEs is the major factor driving the growth of the MEA benefit management platform market.

Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the leading countries that faced the economic effects of COVID-19 in the MEA region in 2020. It is becoming apparent with the COVID-19 pandemic spreading through the countries mentioned above that few can avoid its effects, posing significant challenges for all sectors, including food & beverage, retail, and medical systems. Further, many small and medium-sized enterprises (SMEs) in many Middle East states face challenges in running the business. The adoption of advanced technologies such as IoT and cloud is also quite high especially in countries such as the UAE. The demand for digitalization is growing at an impressive pace in this region and thus it is expected to offer ample growth opportunities for benefit management platform Market in the coming years. Further, the software industry is not affected as other industries since businesses allowed their employees to work from home. Due to work from home facility, have resulted in the rise of quantity and variety of business data, the rise in need for business agility and data accessibility, and increasing demand for business analytics, contributing to the positive growth of the benefit management platform market in the region.

Middle East and Africa Benefit Management Platform Strategic Insights

Strategic insights for the Middle East and Africa Benefit Management Platform provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Middle East and Africa Benefit Management Platform Report Scope

Middle East and Africa Benefit Management Platform Regional Insights

The geographic scope of the Middle East and Africa Benefit Management Platform refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The benefit management platform market in MEA is expected to grow from US$ 100.52 million in 2021 to US$ 153.28 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The rising uptake of cloud technology is transforming the working pattern across diverse industry verticals by augmenting security, IT, and DevOps solutions and, thus, boosting the development of innovative and interactive solutions for improved user experience. Due to the potential benefits of cloud technology, the adoption of cloud-based solutions among enterprises has increased drastically since past few years. Cloud-based solutions enable enterprises to have easy scalability and operational flexibility along with reduced costs and operational risks. The constant development in the cloud architectures, algorithms, and integration of advanced features in cloud solutions are fueling the uptake of these solutions in diverse industry verticals, such as BFSI, IT & telecom, retail, and several others. A cloud-based benefit management platform is an attractive option for companies due to several benefits, such as extracting real time feedbacks from the customers, regular data backup, high security, comparatively low operations costs, and instant provisioning features provided by these solutions. Therefore, scalability, high level of security, operational flexibility, easy deployment, and affordability are some of key advantages that are expected to boost the uptake of cloud-based benefit management platform among enterprises in the coming years.

Key Market Segments

The MEA benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the MEA 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.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on benefit management platform market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ADP, Inc.; Paycom; PlanSource; and Workday, Inc. are among others.

Reasons to buy report

• To understand the MEA benefit management platform market landscape and identify market segments that are most likely to guarantee a strong return
• Stay ahead of the race by comprehending the ever-changing competitive landscape for MEA benefit management platform market
• Efficiently plan M&A and partnership deals in MEA benefit management platform market by identifying market segments with the most promising probable sales
• Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form MEA benefit management platform market
• Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.

MEA Benefit Management Platform Market Segmentation

MEA Benefit Management Platform Market –By

Deployment

• On-premise
• Cloud-based Untargeted

MEA Benefit Management Platform Market –By Application

• Small and Medium Enterprises
• Large Enterprises

MEA Benefit Management Platform Market -By Country

• Saudi Arabia
• UAE
• South Africa
• Rest of MEA

MEA Benefit Management Platform Market -

Company Profiles

• ADP, Inc.
• Paycom
• PlanSource
• Workday, Inc.