Report : Asia-Pacific 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)
Small and Medium Enterprises Segment is Expected to be the Fastest Growing During the Forecast Period for APAC Region
According to a new market research study on “APAC Benefit Management Platform Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 604.75 million by 2028 from US$ 331.13 million in 2021. The market is estimated to grow at a CAGR of 9.0% from 2021 to 2028. The report provides trends prevailing in the APAC benefit management platform market along with the drivers and restraints pertaining to the market growth. Several government initiative is the major factor driving the growth of the APAC benefit management platform market. However, issues associated with the security and data privacy issue hinder the growth of APAC benefit management platform market.
The APAC benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the APAC 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. Based on country, the benefit management platform market is classified into China, Japan, India, Australia, South Korea, and Rest of APAC.
The APAC is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and a huge population. The high growth rate of urbanization and industrialization in developing countries of the region is anticipated to offer ample growth opportunities to the market players operating in the benefit management platform market, as the investments in advanced technologies development are quite high in the region. According to the Organization for Economic Co-operation and Development (OECD), the other major economies outside of China have also impacted by the pandemic, such as India, South Korea, Australia, and Japan, and are experiencing downward growth. China and India are among the worst-affected COVID-19 countries in the region, as well as in the world. The governments are taking drastic measures to reduce the effects of coronavirus outbreak by announcing lockdowns, travel, and trade bans. The large enterprises are substantially seeking for funding to run their operations owing to shut down and limited capital to manage, therefore these end users showcase less potential in adopting any new technologies by investing certain amount in the present scenario. However, the governments of several countries in the region have taken significant initiatives to implement digitalization; thus, end users in the region are anticipated to emphasize on adopting paperless technologies, which would boost the demand for the benefit management platform is the near future.
ADP, Inc.; BENEFITFOCUS.COM, INC; Paycom; PlanSource; and Workday, Inc. are among the leading companies in the APAC benefit management platform market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, ADP, a leading global technology company that specialises in human capital management (HCM) solutions, has achieved a significant business milestone as a result of recent innovations such as collaborative scheduling for small businesses and the expansion of a fully mobile solution to larger companies outside of the United States. ADP recently increased its workforce management (WFM) client base to over 100,000, allowing businesses of all sizes to better adapt to their staff's constantly changing demands through enhanced skills-based scheduling and AI-enabled forecasting.
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