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)
Market Introduction
Sprawling across a third of the world’s landmass and well over half of the world’s population, home of the two most populated nations, Asia Pacific (APAC) is a region of vast diversity, different cultures, and pervasive influence on the world stage. For social employee recognition systems, five of its key countries cut across the spectrum, from comparatively more mature development in Korea, Japan, and Australia to rapidly evolving new models in India and China. As benefit management platforms are becoming universal, it is getting increasingly complex for companies to differentiate themselves. Several government initiative is the major factor driving the growth of the APAC benefit management platform market.
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.
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Market Overview and Dynamics
The benefit management platform market in APAC is expected to grow from US$ 331.13 million in 2021 to US$ 604.75 million by 2028; it is estimated to grow at a CAGR of 9.0% from 2021 to 2028. The rising uptake of cloud technology is transforming the working pattern across diverse industry verticals by augmenting security, IT, and DevOps solutions and, thus, boosting the development of innovative and interactive solutions for improved user experience. Due to the potential benefits of cloud technology, the adoption of cloud-based solutions among enterprises has increased drastically since past few years. Cloud-based solutions enable enterprises to have easy scalability and operational flexibility along with reduced costs and operational risks. The constant development in the cloud architectures, algorithms, and integration of advanced features in cloud solutions are fueling the uptake of these solutions in diverse industry verticals, such as BFSI, IT & telecom, retail, and several others. A cloud-based benefit management platform is an attractive option for companies due to several benefits, such as extracting real time feedbacks from the customers, regular data backup, high security, comparatively low operations costs, and instant provisioning features provided by these solutions. Therefore, scalability, high level of security, operational flexibility, easy deployment, and affordability are some of key advantages that are expected to boost the uptake of cloud-based benefit management platform among enterprises in the coming years.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on benefit management platform market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ADP, Inc.; BENEFITFOCUS.COM, INC; Paycom; PlanSource; and Workday, Inc. are among others.
Reasons to buy report
- To understand the APAC benefit management platform market landscape and identify market segments that are most likely to guarantee a strong return
- Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC benefit management platform market
- Efficiently plan M&A and partnership deals in APAC benefit management platform market by identifying market segments with the most promising probable sales
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC benefit management platform market
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
APAC Benefit Management Platform Market Segmentation
APAC Benefit Management Platform Market –By Deployment
- On-premise
- Cloud-based Untargeted
APAC Benefit Management Platform Market –By Application
- Small and Medium Enterprises
- Large Enterprises
APAC Benefit Management Platform Market -By Country
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
APAC Benefit Management Platform Market -Company Profiles
- ADP, Inc.
- BENEFITFOCUS.COM, INC
- Paycom
- PlanSource
- Workday, Inc.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 APAC Benefit Management Platform Market – By Deployment
1.3.2 APAC Benefit Management Platform Market – By Application
1.3.3 APAC Benefit Management Platform Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Benefit Management Platform Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Benefit Management Platform Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Accent in Growth of Cloud-based Solutions across Enterprises
5.1.2 Higher Demands for Convenience Supported by Technology
5.2 Market Restraints
5.2.1 Security and Data Privacy Issue
5.3 Market Opportunities
5.3.1 Several Government Initiative
5.4 Future Trends
5.4.1 Growing Application across SMEs
5.5 Impact Analysis of Drivers and Restraints
6. Benefit Management Platform Market – APAC Market Analysis
6.1 APAC Benefit Management Platform Market Forecast and Analysis
7. APAC Benefit Management Platform Market Analysis – By Deployment
7.1 Overview
7.2 Benefit Management Platform, by Deployment (2020 and 2028)
7.3 Cloud-Based
7.3.1 Overview
7.3.2 Cloud-Based: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
7.4 On-Premise
7.4.1 Overview
7.4.2 On premise: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
8. APAC Benefit Management Platform Market – By Application
8.1 Overview
8.2 Benefit Management Platform, by Application (2020 and 2028)
8.3 Small & Medium Enterprises
8.3.1 Overview
8.3.2 Small & Medium Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Large Enterprises
8.4.1 Overview
8.4.2 Large Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9. APAC Benefit Management Platform Market – Country Analysis
9.1 Overview
9.1.1 APAC: Benefit Management Platform Market- by Key Country
9.1.1.1 Australia: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: Benefit Management Platform Market- by Deployment
9.1.1.1.2 Australia: Benefit Management Platform Market- By Application
9.1.1.2 China: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: Benefit Management Platform Market- by Deployment
9.1.1.2.2 China: Benefit Management Platform Market- By Application
9.1.1.3 India: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Benefit Management Platform Market- by Deployment
9.1.1.3.2 India: Benefit Management Platform Market- By Application
9.1.1.4 Japan: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: Benefit Management Platform Market- by Deployment
9.1.1.4.2 Japan: Benefit Management Platform Market- By Application
9.1.1.5 South Korea: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: Benefit Management Platform Market- by Deployment
9.1.1.5.2 South Korea: Benefit Management Platform Market- By Application
9.1.1.6 Rest of APAC: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of APAC: Benefit Management Platform Market- by Deployment
9.1.1.6.2 Rest of APAC: Benefit Management Platform Market- By Application
10. APAC Benefit Management Platform Market - COVID-19 Impact Analysis
11. APAC Benefit Management Platform Market - Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 BENEFITFOCUS.COM, INC
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 ADP, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Paycom
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Workday, Inc.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 PlanSource
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. APAC Benefit Management Platform Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. Australia: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. China: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 5. China: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 6. India: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 7. India: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. Japan: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 9. Japan: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 10. South Korea: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 11. South Korea: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of APAC: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of APAC: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 14. Glossary of Terms, APAC Benefit Management Platform Market
LIST OF FIGURES
Figure 1. APAC Benefit Management Platform Market Segmentation
Figure 2. APAC Benefit Management Platform Market Segmentation – by Country
Figure 3. APAC Benefit Management Platform Market Overview
Figure 4. APAC Benefit Management Platform Market, By Deployment
Figure 5. APAC Benefit Management Platform Market, By Application
Figure 6. APAC Benefit Management Platform Market, By Country
Figure 7. APAC PEST Analysis
Figure 8. Benefit Management Platform Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. APAC Benefit Management Platform Market Impact Analysis of Drivers and Restraints
Figure 11. APAC Benefit Management Platform Market, Forecast and Analysis (US$ Mn)
Figure 12. APAC Benefit Management Platform Market Revenue Share, by Deployment (2020 and 2028)
Figure 13. APAC Cloud-Based: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC On premise: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Benefit Management Platform Market Revenue Share, by Application (2020 and 2028)
Figure 16. APAC Small & Medium Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Large Enterprises: Benefit Management Platform Market– Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC: Benefit Management Platform, By Key Country-Revenue 2020 (US$ Million)
Figure 19. APAC: Benefit Management Platform Market Revenue Share, By Key Country (2020 and 2028)
Figure 20. Australia: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. China: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. India: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Japan: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. South Korea: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Rest of APAC: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Impact of COVID-19 Pandemic in APAC Country Markets- ADP, Inc.
- BENEFITFOCUS.COM, INC
- Paycom
- PlanSource
- Workday, Inc.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC Benefit Management Platform market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC Benefit Management Platform market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the Benefit Management Platform market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution