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

According to a new market research study on “North America Benefit Management Platform Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Technology” is expected to reach US$ 1226.23 million by 2028 from US$ 755.03 million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the North America benefit management platform market along with the drivers and restraints pertaining to the market growth. Rising growth of cloud-based solutions across enterprises is the major factor driving the growth of the North America benefit management platform market. However, issues associated with the security and data privacy issue hinder the growth of North America benefit management platform market.

The North America benefit management platform market has been segmented based on deployment, application, and country. On the basis of deployment, the North America 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 US, Canada, and Mexico.

North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak.  The US is a prominent market for benefit management platform in companies. The huge increase in the number of confirmed cases and rising reported deaths in the country has positively affected software providers to some extent due to the increase in demand for their software. The business shutdowns as well as high health treatment cost across the US and Canada are positively impacted the adoption of the benefit management platform market. North America region is home to a large number of technology companies, and the impact of coronavirus outbreak is anticipated to be high in the year 2020 and likely in first quarter of 2021. The impact of COVID-19 is short-term; it is likely to increase in the coming years.

ADP, Inc.; BENEFITFOCUS.COM, INC; Businessolver.com, Inc.; ease; Employee Navigator; Empyrean; Paycom; Paycor, Inc.; PlanSource; and Workday, Inc. are among the leading companies in the North America 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 2020, Empyrean (www.goempyrean.com), a leading benefits administration technology platform and service provider, has launched a new website and brand messaging that aligns with the company's mission of assisting employers in creating positive workplace cultures by connecting employees to life-enriching benefits.

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