North America Benefit Management Platform Market

Market Introduction

North America is the most technologically advanced region, with the US and Canada as the key economies. Technological advancements have resulted in a highly competitive market in this region since these developments are attracting people at large. The region is considered a mature market for benefit management platforms due to the massive presence of diverse industries with organizations of all sizes. The prime drivers that are fostering market expansion are the expanding digital transformation among industries and increasing consumer demand to manage diversity and talent in the company. Next-generation benefits administration solutions are likely to be cloud-enabled and they will need a cloud platform to demonstrate their digital business capabilities.Furthermore, the surge in the Internet of Things (IoT) usage and the use of real-time analytics, supported by artificial intelligence (AI) and machine learning (ML), are expected to fuel the usability of this technology among businesses.Today, the growing necessity for proper employee management, which considers their essential demands and benefits, has become crucial for enterprises. As a result, the need for benefit management platforms has risen dramatically. Utilizing advanced AI tools, such as AskEmma, decreases the amount of paper labor for both employees and business HR and delivers a variety of benefits that may aid in eliminating conflicts between management and staff. Benefit management platforms are in high demand in the region because they enable organizations to minimize costs while ensuring individual benefits to their employees. Benefit management platforms have a bright future ahead of them, with the total market sure to rise in the following years. Rising growth of cloud-based solutions across enterprises is the major factor driving the growth of the North America benefit management platform market.

North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak.  The US is a prominent market for benefit management platform in companies. The huge increase in the number of confirmed cases and rising reported deaths in the country has positively affected software providers to some extent due to the increase in demand for their software. The business shutdowns as well as high health treatment cost across the US and Canada are positively impacted the adoption of the benefit management platform market. North America region is home to a large number of technology companies, and the impact of coronavirus outbreak is anticipated to be high in the year 2020 and likely in first quarter of 2021. The impact of COVID-19 is short-term; it is likely to increase in the coming years.

North America Benefit Management Platform Strategic Insights

Strategic insights for the North America 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.

North America Benefit Management Platform Report Scope

North America Benefit Management Platform Regional Insights

The geographic scope of the North America 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 North America is expected to grow from US$ 755.03 million in 2021 to US$ 1226.23 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028. Several government initiatives across the regions have been implemented for the uptake of benefit management platforms by employers. Some of the initiatives are the Consolidated Omnibus Budget Reconciliation Act (COBRA), Affordable Care Act (ACA), and Health Insurance Portability and Accountability Act (HIPAA). These platforms are taken up by employers to provide several benefits to their employees, such as hospital care, prescription drug coverage, pregnancy and childbirth, and health benefits. All these benefits enhance the confidence of employees. These initiatives are expected to boost the requirement of benefit management platforms across different industries. Further, the increasing health treatment cost is also creating huge opportunities for the market players to design efficient benefit management platform across the both the economies.

Key Market Segments

The North America benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the North America 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 North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ADP, Inc.; BENEFITFOCUS.COM, INC; Businessolver.com, Inc.; ease; Employee Navigator; Empyrean; Paycom; Paycor, Inc.; PlanSource; and Workday, Inc. are among others.

Reasons to buy report

• To understand the North America 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 North America benefit management platform market
• Efficiently plan M&A and partnership deals in North America 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 North America benefit management platform market
• Obtain market revenue forecast for market by various segments from 2021-2028 in North America region.

North America Benefit Management Platform Market Segmentation

North America Benefit Management Platform Market –By

Deployment

• On-premise
• Cloud-based Untargeted

North America Benefit Management Platform Market –By Application

• Small and Medium Enterprises
• Large Enterprises

North America Benefit Management Platform Market -By Country

• US
• Canada
• Mexico

North America Benefit Management Platform Market -

Company Profiles

• ADP, Inc.
• BENEFITFOCUS.COM, INC
• Businessolver.com, Inc.
• ease
• Employee Navigator
• Empyrean
• Paycom
• Paycor, Inc.
• PlanSource
• Workday, Inc.