South America Benefit Management Platform Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Deployment (On-Premise and Cloud-Based) and Application (Small & Medium Enterprises and Large Enterprises)
Market Introduction
The benefit management platform market in South America (SAM) is primarily categorized into Brazil and Argentina. The rest of the SAM countries include Chile, Colombia, Guatemala, and Peru. SAM economies mainly depend upon imported goods and commodities. However, with the rise in FDIs, several industries are coming up and contributing substantially in the respective country’s GDP. Throughout SAM, benefit management platforms are gaining steady momentum, getting more mature in process and structure, and indicating unique development models reflective of the region. Brazil has the highest number of domestic companies, followed by Argentina and Chile. Moreover, there is a developing infrastructure to support benefit management platforms in the region. Intensified Growth of cloud-based solutions across enterprises is the major factor driving the growth of the SAM benefit management platform market.
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.
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Market Overview and Dynamics
The benefit management platform market in SAM is expected to grow from US$ 52.29 million in 2021 to US$ 72.46 million by 2028; it is estimated to grow at a CAGR of 4.8% from 2021 to 2028. With the increasing competition, businesses are ensuring their digital presence and are efficiently utilizing digital technologies to sustain in the market. Organizations in the present era, regardless of their size, are exploiting digital technologies for effective functioning and cost reduction. Although digitalization is taking place on a huge scale, several SMEs are still sceptical about adopting it. Factors, such as fear of risks, lack of right understanding, and expenditures incurred on new technologies, are responsible for limiting the uptake. However, there are several open opportunities for SMEs prevailing in the digital world. They can help the SMEs to efficiently compete with larger enterprises as technology is greatly scalable and flexible. Additionally, the uptake of benefit management platforms offers an opportunity to automate tasks with the integration of the software. This helps the SMEs in cost and time saving and error management, thereby improving the work quality.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on benefit management platform market in SAM 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; Paycom; and PlanSource are among others.
Reasons to buy report
- To understand the SAM 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 SAM benefit management platform market
- Efficiently plan M&A and partnership deals in SAM 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 SAM benefit management platform market
- Obtain market revenue forecast for market by various segments from 2021-2028 in SAM region.
SAM Benefit Management Platform Market Segmentation
SAM Benefit Management Platform Market –By Deployment
- On-premise
- Cloud-based Untargeted
SAM Benefit Management Platform Market –By Application
- Small and Medium Enterprises
- Large Enterprises
SAM Benefit Management Platform Market -By Country
- Brazil
- Argentina
- Rest of SAM
SAM Benefit Management Platform Market -Company Profiles
- ADP, Inc.
- BENEFITFOCUS.COM, INC
- Paycom
- PlanSource
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 SAM Benefit Management Platform Market – By Deployment
1.3.2 SAM Benefit Management Platform Market – By Application
1.3.3 SAM Benefit Management Platform Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. SAM Benefit Management Platform Market Landscape
4.1 Market Overview
4.2 SAM PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. SAM Benefit Management Platform Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Intensified Growth of Cloud-based Solutions across Enterprises
5.1.2 Greater Demands for Convenience Supported by Technology
5.2 Market Restraints
5.2.1 Security and Data Privacy Issue
5.3 Market Opportunities
5.3.1 Numerous Government Initiative
5.4 Future Trends
5.4.1 Rising Application across SMEs
5.5 Impact Analysis of Drivers and Restraints
6. Benefit Management Platform Market – SAM Market Analysis
6.1 Overview
6.2 SAM Benefit Management Platform Market Forecast and Analysis
7. SAM Benefit Management Platform Market Analysis – By Deployment
7.1 Overview
7.2 Benefit Management Platform, by Deployment (2020 and 2028)
7.3 Cloud-Based
7.3.1 Overview
7.3.2 Cloud-Based: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
7.4 On-Premise
7.4.1 Overview
7.4.2 On premise: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
8. SAM Benefit Management Platform Market – By Application
8.1 Overview
8.2 Benefit Management Platform, by Application (2020 and 2028)
8.3 Small & Medium Enterprises
8.3.1 Overview
8.3.2 Small & Medium Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Large Enterprises
8.4.1 Overview
8.4.2 Large Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9. SAM Benefit Management Platform Market – Country Analysis
9.1 Overview
9.1.1 SAM: Benefit Management Platform Market- by Key Country
9.1.1.1 Brazil: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Brazil: Benefit Management Platform Market- by Deployment
9.1.1.1.2 Brazil: Benefit Management Platform Market- By Application
9.1.1.2 Argentina: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Argentina: Benefit Management Platform Market- by Deployment
9.1.1.2.2 Argentina: Benefit Management Platform Market- By Application
9.1.1.3 Rest of SAM: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Rest of SAM: Benefit Management Platform Market- by Deployment
9.1.1.3.2 Rest of SAM: Benefit Management Platform Market- By Application
10. SAM Benefit Management Platform Market - COVID-19 Impact Analysis
10.1 Overview
11. SAM Benefit Management Platform Market - Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 BENEFITFOCUS.COM, INC
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 ADP, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Paycom
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 PlanSource
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. SAM Benefit Management Platform Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. Brazil: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 3. Brazil: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. Argentina: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 5. Argentina: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 6. Rest of SAM: Benefit Management Platform Market- by Deployment–Revenue and Forecast to 2028 (US$ Million)
Table 7. Rest of SAM: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. Glossary of Terms, SAM Benefit Management Platform Market
LIST OF FIGURES
Figure 1. SAM Benefit Management Platform Market Segmentation
Figure 2. SAM Benefit Management Platform Market Segmentation - by Country
Figure 3. SAM Benefit Management Platform Market Overview
Figure 4. SAM Benefit Management Platform Market, By Deployment
Figure 5. SAM Benefit Management Platform Market, By Application
Figure 6. SAM Benefit Management Platform Market, By Country
Figure 7. SAM PEST Analysis
Figure 8. Benefit Management Platform Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. SAM Benefit Management Platform Market Impact Analysis of Drivers and Restraints
Figure 11. SAM Benefit Management Platform Market, Forecast and Analysis (US$ Mn)
Figure 12. SAM Benefit Management Platform Market Revenue Share, by Deployment (2020 and 2028)
Figure 13. SAM Cloud-Based: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. SAM On premise: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. SAM Benefit Management Platform Market Revenue Share, by Application (2020 and 2028)
Figure 16. SAM Small & Medium Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. SAM Large Enterprises: Benefit Management Platform Market– Revenue and Forecast to 2028 (US$ Million)
Figure 18. SAM: Benefit Management Platform Market, By Key Country-Revenue 2020 (US$ Million)
Figure 19. SAM: Benefit Management Platform Market Revenue Share, By Key Country (2020 and 2028)
Figure 20. Brazil: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Argentina: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Rest of SAM: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Impact of COVID-19 Pandemic in SAM Country Markets- ADP, Inc.
- BENEFITFOCUS.COM, INC
- Paycom
- PlanSource
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the SAM Benefit Management Platform market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the SAM Benefit Management Platform market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth SAM market trends and outlook coupled with the factors driving the Benefit Management Platform market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution