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)
Market Introduction
The Middle East & Africa (MEA) benefit management platform market includes the markets in South Africa, Saudi Arabia, the UAE, and the rest of MEA. The MEA region is expected to witness a rapid rise in marketing and industrialization in the coming years. The Gulf countries are economically advanced. However, African countries are yet to match their pace in terms of economic development. Currently, the Gulf countries are on the verge of taking up transformative digital technologies in various verticals in a bid to improve their socio-economic conditions. The ever-changing consumer preference is another factor that is supporting the rising usage of digital technologies. The key drivers fostering market expansion are the expanding digital transformation among industries and the increasing consumer demand to manage diversity and talent in organizations. Benefits strategies focus on using analytics to understand employee behavior and needs as firms move toward digital transformation. Next-generation benefits management platform will be cloud-enabled and require a cloud platform to demonstrate their digital business skills. According to the Willis Towers Watson 2019 Middle East Benefit Trends Survey, 88% of highly effective organizations utilize analytics to identify the needs and requirements of their employees. The administrative and operational aspects of benefits can also be streamlined by integrating data with HR information systems. Employees can utilize technology to engage with them and make it easier to access, understand, and manage their benefit programs. As per the survey, over the next three years, the majority of companies expect to offer additional technology and support tools to explain employee perks. The digital revolution is gaining substantial momentum in the MEA, driving the countries in this region toward becoming prominent digital economies, mainly through the necessary consumer enthusiasm for digital innovation. Blooming digitalization would influence the demand for benefits management platforms market in the MEA during the forecast period. Rising application across SMEs is the major factor driving the growth of the MEA benefit management platform market.
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.
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Market Overview and Dynamics
The benefit management platform market in MEA is expected to grow from US$ 100.52 million in 2021 to US$ 153.28 million by 2028; it is estimated to grow at a CAGR of 6.2% 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 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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on benefit management platform market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are ADP, Inc.; Paycom; PlanSource; and Workday, Inc. are among others.
Reasons to buy report
- To understand the MEA 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 MEA benefit management platform market
- Efficiently plan M&A and partnership deals in MEA 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 MEA benefit management platform market
- Obtain market revenue forecast for market by various segments from 2021-2028 in MEA region.
MEA Benefit Management Platform Market Segmentation
MEA Benefit Management Platform Market –By Deployment
- On-premise
- Cloud-based Untargeted
MEA Benefit Management Platform Market –By Application
- Small and Medium Enterprises
- Large Enterprises
MEA Benefit Management Platform Market -By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
MEA Benefit Management Platform Market -Company Profiles
- ADP, 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 MEA Benefit Management Platform Market – By Deployment
1.3.2 MEA Benefit Management Platform Market – By Application
1.3.3 MEA Benefit Management Platform Market – By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. MEA Benefit Management Platform Market Landscape
4.1 Market Overview
4.2 MEA PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. MEA Benefit Management Platform Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing 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 – MEA Market Analysis
6.1 Overview
6.2 MEA Benefit Management Platform Market Forecast and Analysis
7. MEA 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. MEA 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. MEA Benefit Management Platform Market – Country Analysis
9.1 Overview
9.1.1 MEA: Benefit Management Platform Market- by Key Country
9.1.1.1 South Africa: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 South Africa: Benefit Management Platform Market- by Deployment
9.1.1.1.2 South Africa: Benefit Management Platform Market- By Application
9.1.1.2 Saudi Arabia: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 Saudi Arabia: Benefit Management Platform Market- by Deployment
9.1.1.2.2 Saudi Arabia: Benefit Management Platform Market- By Application
9.1.1.3 UAE: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 UAE: Benefit Management Platform Market- by Deployment
9.1.1.3.2 UAE: Benefit Management Platform Market- By Application
9.1.1.4 Rest of MEA: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Rest of MEA: Benefit Management Platform Market- by Deployment
9.1.1.4.2 Rest of MEA: Benefit Management Platform Market- By Application
10. MEA Benefit Management Platform Market - COVID-19 Impact Analysis
10.1 Overview
11. MEA Benefit Management Platform Market - Industry Landscape
11.1 Overview
11.2 Market Initiative
12. Company Profiles
12.1 ADP, 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 Paycom
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 Workday, Inc.
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 PlanSource
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
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. MEA Benefit Management Platform Market, Revenue and Forecast, 2019–2028 (US$ Mn)
Table 2. South Africa: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 3. South Africa: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 4. Saudi Arabia: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 5. Saudi Arabia: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 6. UAE: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 7. UAE: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 8. Rest of MEA: Benefit Management Platform Market- by Deployment –Revenue and Forecast to 2028 (US$ Million)
Table 9. Rest of MEA: Benefit Management Platform Market- By Application –Revenue and Forecast to 2028 (US$ Million)
Table 10. Glossary of Terms, MEA Benefit Management Platform Market
LIST OF FIGURES
Figure 1. MEA Benefit Management Platform Market Segmentation
Figure 2. MEA Benefit Management Platform Market Segmentation - Country
Figure 3. MEA Benefit Management Platform Market Overview
Figure 4. MEA Benefit Management Platform Market, By Deployment
Figure 5. MEA Benefit Management Platform Market, By Application
Figure 6. MEA Benefit Management Platform Market, By Country
Figure 7. MEA PEST Analysis
Figure 8. Benefit Management Platform Market Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. MEA Benefit Management Platform Market Impact Analysis of Drivers and Restraints
Figure 11. MEA Benefit Management Platform Market, Forecast and Analysis (US$ Mn)
Figure 12. MEA Benefit Management Platform Market Revenue Share, by Deployment (2020 and 2028)
Figure 13. MEA Cloud-Based: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. MEA On premise: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. MEA Benefit Management Platform Market Revenue Share, by Application (2020 and 2028)
Figure 16. MEA Small & Medium Enterprises: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. MEA Large Enterprises: Benefit Management Platform Market– Revenue and Forecast to 2028 (US$ Million)
Figure 18. MEA: Benefit Management Platform Market, By Key Country-Revenue 2020 (US$ million)
Figure 19. MEA: Benefit Management Platform Market Revenue Share, By Key Country (2020 and 2028)
Figure 20. South Africa: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Saudi Arabia: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. UAE: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Rest of MEA: Benefit Management Platform Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Impact of COVID-19 Pandemic in MEA Country Markets- ADP, 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 MEA 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 MEA 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 MEA 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