Employee Benefits Market Description
Global benefits service providers are focusing on entering emerging markets such as APAC and Eastern Europe by partnering with regional and local service providers. As an initiative to consolidate spend on employee benefits, Fortune 500 companies are entering into multi-country BAO (Benefits Administration Outsourcing) engagements with global service providers. The majority of the buyers of the employee benefits in APAC and the Middle East have started spending about 5-7 percent of the total benefits spend on technology platforms. This allows them to yield a higher employee engagement and higher enrollment rate, thus leading to increased cost savings.
The report addresses regional employee benefits market overview constituting market size, growth rate and key suppliers in North America, Europe, Middle East, APAC and LATAM regions. It also discusses BAO impacting factors and Porter’s Five Force Analysis. The report covers the market analysis of top 50 benefit brokerage firms. It shares a suppliers’ profile analysis on the key regional suppliers like MetLife Inc., Aon Hewitt, Aetna Inc., Fidelity Investments etc. The report also identifies cost and pricing analysis and the procurement best practices in the BAO services.
Beroe gathers intelligence through primary sources that include industry experts, researchers, and consultants, as well as current suppliers, producers and distributors. Secondary sources can include business journals, newsletters, magazines, market research data, company sources, and industry associations. Following data collation, analysis, and strategic review, the Final Research Report is published on Beroe LiVE.
Employee Benefits Management Global Industry Outlook
The global benefits management market is valued at $32 billion in 2016.
- The market is forecasted to grow at a CAGR of 5–6 percent and reach $36 billion in 2018.
- Regions such as Europe and North America and parts of APAC such as Australia, Japan, Hong Kong and Singapore have high market maturity.
- South Africa, India, Brazil and China are expected to be the future growth driving markets for benefits management services.
Employee Benefits Management Global Market Maturity
Global benefits service providers are focusing on entering emerging markets such as APAC and Eastern Europe by partnering with regional and local service providers
- As an initiative to consolidate spend on employee benefits, Fortune 500 companies are entering into multi-country BAO engagements with global service providers
Employee Benefits Management Industry Trends
The global BAO market has increased by 5 percent since 2014; this has been realized due to the scalability of the suppliers who have been able to adapt to the changing business needs.
- The European and North American BAO market accounted for about 60 percent of the global market share in 2016. The U.S., UK, Germany and Australia are the most mature countries, in terms of single-country BAO deals.