Report : Europe 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)
Large Enterprises Segment to Dominate Europe Benefit Management Platform Market during 2021–2028
According to a new market research study on “Europe Benefit Management Platform Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 730.16 million by 2028 from US$ 424.08 million in 2021. The market is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The report provides trends prevailing in the Europe benefit management platform market along with the drivers and restraints pertaining to the market growth. Greater demands for convenience supported by technology is the major factor driving the growth of the Europe benefit management platform market. However, issues associated with the security and data privacy issue hinder the growth of Europe benefit management platform market.
The Europe benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the Europe 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 UK, Germany, France, Italy, Russia, and Rest of Europe.
Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region due to the COVID-19 outbreak. Businesses in the region are facing severe economic difficulties as they had either to suspend their operations or reduce their activities in a substantial manner. Owing to business shutdown, the region is anticipated to face an economic slowdown in 2020 and most likely in 2021 also. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures, travel restrictions, and shutdown of schools and colleges to limit the spread of coronavirus among its citizens. However, the COVID-19 crisis positively impacted the growth of some sectors, such as software and technology. The demand for digital solutions, especially has grown at a high rate in the past few months. A significant number of corporates have taken significant initiatives to volunteer to the affected areas. As a result, the adoption rate of volunteering platform is expected to grow in the coming years to manage all the operations. Italy, Spain, Germany, UK, and France benefit management platform markets are anticipated to see the moderate impact in 2020. However, this impact is temporary and is expected to drive SMEs to adopt digital solutions in the coming years.
ADP, Inc.; BENEFITFOCUS.COM, INC; Paycom; PlanSource; and Workday, Inc. are among the leading companies in the Europe 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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