This report studies the Benefits Administration Software market, Benefits administration is the process of establishing, maintaining, and managing benefits for the employees of an organization. Employee benefits typically include medical insurance, pension plans, individual retirement accounts (IRAs), vacation time, sick time, and maternity leave. Numerous vendors offer software that can assist benefits administrators.
A good benefits administration program creates and maintains an enrolment profile for every employee, keeping track of information such as the date hired, marital status, number of dependents, total hours worked, and attendance records. The program offers flexibility, taking into account special employee needs, part-time and temporary hires, and changes in government regulations. The benefits administration program can function in tandem with tax preparation software, ensuring that all allowable deductions are taken and maintaining detailed records for reference in case of an audit.
Scope of the Report:Benefits Administration Software can be classified to cloud-based and on-promise type, and the cloud-based type is leading the growing market at present with the share of 57.06% in 2017.
Benefits Administration Software is mainly used for three applications: Small Business, Medium-sized Business and Large Business. And Large Business was the most widely used area which took up about 48.23% of the global total in 2017.
United States is the largest consumption countries of Benefits Administration Software in the world in the past few years and it will keep increasing in the next few years. United States market took up about 57.82% the global market in 2017, while Europe was about 15.99%.
The global Benefits Administration Software market is valued at 650 million USD in 2018 and is expected to reach 1030 million USD by the end of 2026, growing at a CAGR of 8.0% between 2020 and 2026.
The Asia-Pacific will occupy for more market share in following years, especially in China, also fast growing India and Southeast Asia regions.
North America, especially The United States, will still play an important role which cannot be ignored. Any changes from United States might affect the development trend of Benefits Administration Software.
Europe also play important roles in global market, with market size of xx million USD in 2020 and will be xx million USD in 2026, with a CAGR of xx%.
This report studies the Benefits Administration Software market status and outlook of Global and major regions, from angles of players, countries, product types and end industries; this report analyzes the top players in global market, and splits the Benefits Administration Software market by product type and applications/end industries.
Market Segment by Companies, this report covers ADP
Workday
WEX Health
Benefitfocus
bswift
Namely
Zenefits
Paycom
EmpowerHR/Pay
Ceridian
PlanSource
Paycor
Gusto
BambooHR
BreatheHR
Zane Benefits
Market Segment by Regions, regional analysis covers North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers On-Premise
Cloud-Based
Market Segment by Applications, can be divided into Small Business
Medium-sized Business
Large Business
Frequently Asked Questions
The base year for the study has been considered 2019, historic year 2014 and 2018, the forecast period considered is from 2020 to 2027. The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. These regions are further analyzed at the country-level. The study also includes attractiveness analysis of type, application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
Market is segmented on the basis:
- By Type
- By Application
- By Region
- By Country
- By Manufacturer
The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
The report provides company profile of the key players operating in the market and a comparative analysis based on their business overviews industry offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
