Benefits Support Software Market Scope
Benefit support software is also known as benefits communication or benefits decision support software. This system are used to educate employees about benefit options, company benefit options, such as insurance plans and changes, and facilitate guidance throughout enrolment. It is the process of establishing, maintaining, and managing benefits for the employees of an organization.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Zenefits (California), Benefitfocus (United States), ADP (United States), Bswift LLC (United States), IBM (United States), Businessolver (United States), Empyrean Benefit Solutions (United States), Zest Health (India), Evive Software (India), Hodges-Mace (California), Castlight (United States), Tango Health (United States) and Flimp Communications (United States) |
CAGR | % |
Companies in the market are concentrating on software of benefits support which can be useful for HR managers of the company. The United States is the largest consumption country of benefits support software in the world. In North America, the companies used this software for analyzing and interpreting the employees which are helpful for company/business growth. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Benefits Support Software market throughout the predicted period.
Zenefits (California), Benefitfocus (United States), ADP (United States), Bswift LLC (United States), IBM (United States), Businessolver (United States), Empyrean Benefit Solutions (United States), Zest Health (India), Evive Software (India), Hodges-Mace (California), Castlight (United States), Tango Health (United States) and Flimp Communications (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Picwell (United States) and My Benefit Express (California).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Benefits Support Software market by Type , by Application (Large Enterprise and Small And Medium Enterprise) and Region with country level break-up.
On the basis of geography, the market of Benefits Support Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
Dec 16, 2020: Zenefits launched online healthcare benefits shopping experience. This shopping experience tool allows small businesses to shop, compare, select and administer health and other benefits plans.
July 31, 2020: Zenefits introduced new tools (Engagement Gap). This tool helps to ensure connection, health and offers technology solutions built for small and mid-sized businesses.
Influencing Trend:
Build better technologies for business purposes
Market Growth Drivers:
Increasing the number of administered benefit packages that can help HR managers of the company
Challenges:
An increasing number of internet threats
Restraints:
Security and While using the software it occurs issues and errors
Opportunities:
It helps for identifying cost-saving opportunities in employee compensation and it optimize employees' benefits packages
Key Target Audience
Software Application, Channel Partners, Other Companies and Enterprises