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)
Market Introduction
The European region consists of Germany, France, the UK, Italy, Russia, and the Rest of Europe. Rapid improvements in the IT industry are expected to generate significant growth potential for the benefit management platform market in Europe. The integration of technologies, such as the Internet of things (IoT), machine learning (ML), and artificial intelligence (AI), is likely to result in high uptake of benefit management platforms with much-enhanced capabilities and performance. Furthermore, market providers that offer these platforms, incorporating deep learning technology, have witnessed increased demand in recent times. Improved employee happiness quotient, better capabilities, and financial outcomes have all been attributed to this scenario. Greater demands for convenience supported by technology is the major factor driving the growth of the Europe benefit management platform market.
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.
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Market Overview and Dynamics
The benefit management platform market in Europe is expected to grow from US$ 424.08 million in 2021 to US$ 730.16 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. With the increasing competition, businesses are ensuring their digital presence and are efficiently utilizing digital technologies to sustain in the market. Organizations in the present era, regardless of their size, are exploiting digital technologies for effective functioning and cost reduction. Although digitalization is taking place on a huge scale, several SMEs are still sceptical about adopting it. Factors, such as fear of risks, lack of right understanding, and expenditures incurred on new technologies, are responsible for limiting the uptake. However, there are several open opportunities for SMEs prevailing in the digital world. They can help the SMEs to efficiently compete with larger enterprises as technology is greatly scalable and flexible. Additionally, the uptake of benefit management platforms offers an opportunity to automate tasks with the integration of the software. This helps the SMEs in cost and time saving and error management, thereby improving the work quality.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on benefit management platform market in Europe 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 Europe 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 Europe benefit management platform market
- Efficiently plan M&A and partnership deals in Europe 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 Europe benefit management platform market
- Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.
Europe Benefit Management Platform Market Segmentation
Europe Benefit Management Platform Market –By Deployment
- On-premise
- Cloud-based Untargeted
Europe Benefit Management Platform Market –By Application
- Small and Medium Enterprises
- Large Enterprises
Europe Benefit Management Platform Market -By Country
- U.K.
- Germany
- France
- Italy
- Russia
- Rest of Europe
Europe 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 Europe Benefit Management Platform Market – By Deployment
1.3.2 Europe Benefit Management Platform Market – By Application
1.3.3 Europe Benefit Management Platform Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Benefit Management Platform Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe Benefit Management Platform Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Accentuating Growth of Cloud-based Solutions across Enterprises
5.1.2 Greater 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 Rising Application across SMEs
5.5 Impact Analysis of Drivers and Restraints
6. Benefit Management Platform Market – Europe Market Analysis
6.1 Europe Benefit Management Platform Market Forecast and Analysis
7. Europe 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. Europe 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. Europe Benefit Management Platform Market – Country Analysis
9.1 Overview
9.1.1 Europe: Benefit Management Platform Market- by Key Country
9.1.1.1 Germany: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Germany: Benefit Management Platform Market- by Deployment
9.1.1.1.2 Germany: Benefit Management Platform Market- By Application
9.1.1.2 France: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 France: Benefit Management Platform Market- by Deployment
9.1.1.2.2 France: Benefit Management Platform Market- By Application
9.1.1.3 Italy: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 Italy: Benefit Management Platform Market- by Deployment
9.1.1.3.2 Italy: Benefit Management Platform Market- By Application
9.1.1.4 UK: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 UK: Benefit Management Platform Market- by Deployment
9.1.1.4.2 UK: Benefit Management Platform Market- By Application
9.1.1.5 Russia: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 Russia: Benefit Management Platform Market- by Deployment
9.1.1.5.2 Russia: Benefit Management Platform Market- By Application
9.1.1.6 Rest of Europe: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Europe: Benefit Management Platform Market- by Deployment
9.1.1.6.2 Rest of Europe: Benefit Management Platform Market- By Application
10. Europe Benefit Management Platform Market - COVID-19 Impact Analysis
10.1 Overview
11. Europe 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. Europe Benefit Management Platform Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. Germany: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. France: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 5. France: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 6. Italy: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 7. Italy: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. UK: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 9. UK: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 10. Russia: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 11. Russia: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of Europe: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Europe: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 14. Glossary of Terms, Benefit Management Platform Market
LIST OF FIGURES
Figure 1. Europe Benefit Management Platform Market Segmentation
Figure 2. Europe Benefit Management Platform Market Segmentation - Country
Figure 3. Europe Benefit Management Platform Market Overview
Figure 4. Europe Benefit Management Platform Market, By Deployment
Figure 5. Europe Benefit Management Platform Market, By Application
Figure 6. Europe Benefit Management Platform Market, By Country
Figure 7. Europe – PEST Analysis
Figure 8. Europe Benefit Management Platform Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Europe Benefit Management Platform Market Impact Analysis of Drivers and Restraints
Figure 11. Europe Benefit Management Platform Market, Forecast and Analysis (US$ Mn)
Figure 12. Europe Benefit Management Platform Market Revenue Share, by Deployment (2020 and 2028)
Figure 13. Europe Cloud-Based: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe On premise: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Europe Benefit Management Platform Market Revenue Share, by Application (2020 and 2028)
Figure 16. Europe Small & Medium Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Europe Large Enterprises: Benefit Management Platform Market– Revenue and Forecast to 2028 (US$ Million)
Figure 18. Europe: Benefit Management Platform Market, By Key Country-Revenue 2020 (US$ Million)
Figure 19. Europe: Benefit Management Platform Market Revenue Share, By Key Country (2020 and 2028)
Figure 20. Germany: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. France: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Italy: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. UK: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Russia: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Rest of Europe: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Impact of COVID-19 Pandemic in Europe Country Markets- ADP, Inc.
- BENEFITFOCUS.COM, INC
- Paycom
- PlanSource
- Workday, Inc.
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