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LONDON, Nov. 20, 2023 (GLOBE NEWSWIRE) — As per The Business Research Company’s benefits navigation platform global market report 2023, the global benefits navigation platform market is on a trajectory of substantial growth, poised to ascend from $9.83 billion in 2022 to $10.82 billion in 2023, boasting a robust Compound Annual Growth Rate (CAGR) of 10.1%. This upward trend is set to continue, with the benefits navigation platform market expected to reach $14.9 billion in 2027, sustaining an impressive CAGR of 8.3%. The sector’s expanding landscape is primarily driven by the rising adoption of cloud-based solutions, reshaping how businesses manage and execute their employee benefits strategies.
Drivers
The proliferation of cloud-based solutions is a driving force behind the Benefits Navigation Platform market’s growth. These cloud-based solutions, including employee benefits software, enable businesses to streamline and enhance their employee benefits management strategies. A notable example is the surge in the usage of cloud-based solutions in Australia, where 85% of firms utilized information and communication technologies (ICTs) in 2022, with 59% adopting cloud-based solutions. This surge in cloud-based adoption is fueling the growth of the benefits navigation platform market.
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Trends
Technological advancements are a prevalent trend in the benefits navigation platform market, with major players embracing new technologies to fortify their market positions. A case in point is Benefitfocus, a US-based cloud-based benefits administration technology company, launching a novel cares navigation service. This service employs industry-leading data science to identify physicians with superior health outcomes, providing a comprehensive and data-driven approach to benefits administration.
Segments
The benefits navigation platform market is segmented based on type, solution, application, and industry vertical. Types include platforms designed for Employers and Employees, solutions encompassing Software and Services, applications catering to Large Enterprises and Small and Medium-Sized Enterprises (SMEs), and industry verticals spanning Retail, Healthcare, Financial Services, Manufacturing, IT and Telecom, Public Sector, and Other Industry Verticals.
Leading Regions
North America emerged as the largest region in the benefits navigation platform market in 2022, signaling substantial growth in the sector. The region’s prominence is attributed to a robust adoption of advanced HR technologies, including benefits navigation platforms.
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Stakeholders in the benefits navigation platform market, including industry players, investors, and service providers, can leverage the comprehensive insights provided in the Global Benefits Navigation Platform Market Report. This detailed analysis offers valuable information on market trends, major drivers, and emerging opportunities. By understanding the benefits navigation platform market dynamics and competitive landscape, players can formulate informed strategies, identify key market segments, and position themselves for success in this evolving industry.
Benefits Navigation Platform Global Market Report 2023 by The Business Research Company provides insights on the benefits navigation platform market size, benefits navigation platform market segments, benefits navigation platform market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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