Market Snapshot:
Benefits consulting service is an outsourced human resource service that specializes in selecting, purchasing, implementing, administering, and renewing employee benefits plans. Benefits can include group health insurance, life insurance, paid time off, pensions, student loan repayment, disability insurance, and individual retirement accounts. Providers of these services determine the need, track the usage and availability of benefits for both the employer and employees’ use and ensure compliance with governmental regulations. The trend toward personalized benefits packages is a driver in the industry. Employees seek customized benefits that suit their individual needs, such as flexible work arrangements, remote work options, or specific healthcare choices.
Highlights from Benefits Consulting Service Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key Players profiled in the report are Sentinel Benefits & Financial Group (United States), EverythingBenefits (United States), Corporate Synergies Group, LLC. (United States), ADP, Inc. (United States), Workday, Inc. (United States), Benefitfocus (United States), bswift LLC (United States), Namely (United States), Zenefits (United States), Intelligroup (United States), Ceridian HCM, Inc. (United States), Business Benefits Group (United States), Mercer LLC (United States), PwC (United Kingdom), Aon plc (United Kingdom), Ropes & Gray LLP. (United States), The Benefits Consulting Group (United States), Arthur J. Gallagher & Co. (United States) and Blue & Co., LLC. (United States). Additionally, other players that are part of this comprehensive study are PlanSource Benefits Administration, Inc. (United States) and Paycor (United States).
Geographic Breakdown and Segment Analysis
The Global Benefits Consulting Service market presents a comprehensive analysis of the Benefits Consulting Service market and by geography (North America, South America, Europe, Asia-Pacific and MEA) along with country level break-up. This section of our report presents a realistic picture of the Global Benefits Consulting Service industry. Investors and Players can easily understand the inherent opportunities and challenges for their products in geographical region of interest.
For instance, while the holds majority of market share of the Benefits Consulting Service market
Analyst at AMA have segmented the market study of Global Benefits Consulting Service market by Type, Application and Region.
Influencing Trend:
Rapid Adoption of Cloud-Based Benefits Consulting Service
Market Growth Drivers:
Increase in Cloud and Mobile Deployment and The rise in Automation of Human Resource (HR) Services
Challenges:
Lack of Alertness Regarding Technological Development and Competencies in Benefits Consulting Service and Regional Change in Labour Laws
Restraints:
Lack of Consumer Awareness
Opportunities:
Growing Expenditure of Core Benefits Consulting Services by SMEs
Market Developments Activities:
On January 2023, ADP has enhanced its capabilities in the APAC region by acquiring Securax Tech Solutions (India) Private Limited. This acquisition strengthens ADP's ability to provide integrated payroll and time solutions."
On September 2023, Workday and ADP broadened their collaboration to provide joint customers with improved global payroll, compliance, and HR solutions.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Key Target Audience
Benefits Consulting Service Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others