Report : Middle East and Africa 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) 

Cloud-based Segment to Dominate MEA Benefit Management Platform Market during 2021–2028

According to a new market research study on “MEA Benefit Management Platform Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 153.28 million by 2028 from US$ 100.52 million in 2021. The market is estimated to grow at a CAGR of 6.2% from 2021 to 2028. The report provides trends prevailing in the MEA benefit management platform market along with the drivers and restraints pertaining to the market growth. Rising application across SMEs is the major factor driving the growth of the MEA benefit management platform market. However, issues associated with the security and data privacy issue hinder the growth of MEA benefit management platform market.

The MEA benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the MEA 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 Saudi Arabia, UAE, South Africa, and Rest of MEA.

Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the leading countries that faced the economic effects of COVID-19 in the MEA region in 2020. It is becoming apparent with the COVID-19 pandemic spreading through the countries mentioned above that few can avoid its effects, posing significant challenges for all sectors, including food & beverage, retail, and medical systems. Further, many small and medium-sized enterprises (SMEs) in many Middle East states face challenges in running the business. The adoption of advanced technologies such as IoT and cloud is also quite high especially in countries such as the UAE. The demand for digitalization is growing at an impressive pace in this region and thus it is expected to offer ample growth opportunities for benefit management platform Market in the coming years. Further, the software industry is not affected as other industries since businesses allowed their employees to work from home. Due to work from home facility, have resulted in the rise of quantity and variety of business data, the rise in need for business agility and data accessibility, and increasing demand for business analytics, contributing to the positive growth of the benefit management platform market in the region.

ADP, Inc.; Paycom; PlanSource; and Workday, Inc. are among the leading companies in the MEA 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, Paycom Software, Inc. a leading provider of comprehensive, cloud-based human capital management software, has announced the launch of the industry’s first self-service payroll technology allowing employees to do their own payroll, improving data accuracy, oversight and the user experience for businesses and their employees on each payroll cycle.

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