Market Analysis
published on Mar 08, 2024
Report Overview:
NelsonHall's market analysis of Next Generation Benefits Administration services and industry trends consists of 75 pages
Who is this Report for:
NelsonHall’s Next Generation Benefits Administration report is a comprehensive market assessment report designed for:
- Sourcing managers investigating sourcing developments within the Benefits Administration market
- Vendor marketing, sales and business managers developing strategies to target Benefits Administration opportunities
- Financial analysts and investors specializing in the Benefits Administration market.
Scope of this Report:
The report analyzes the worldwide market for Next Generation Benefits Administration and addresses the following questions:
- What is the market size and projected growth by geography?
- What is the profile of activity in the Next Generation Benefits Administration market by industry sector?
- What are the top drivers for adoption of Next Generation Benefits Administration?
- What are the benefits currently achieved by users of Next Generation Benefits Administration?
- What factors are inhibiting user adoption of Next Generation Benefits Administration?
- What pricing mechanisms are typically used within Next Generation Benefits Administration and how is this changing?
- Who are the leading Next Generation Benefits Administration vendors globally?
- What combination of services is typically provided within Next Generation Benefits Administration contracts and what new services are being added?
- What is the current pattern of delivery location used for Next Generation Benefits Administration and how is this changing?
- What are the challenges and success factors within Next Generation Benefits Administration?
Key Findings & Highlights:
NelsonHall’s Next Generation Benefits Administration market analysis focuses on how modern benefits administration platforms and providers are supporting the ever-evolving workplace and incorporating next-generation technology solutions to rethink HR processes and reimagine the employee experience.
The ability of benefits administration service and SaaS providers to support employee health and overall wellness is critical to promote talent attraction and retention in today’s workplace. Benefit personalization and optimization bolstered by innovative technology and diverse benefit offerings have become critical success factors in increasing employee engagement.
Digitalization strategies to drive HR transformation forward and elevate the employee experience, paired with the need to create more flexible and user-focused benefits administration models, continue to fuel the need for benefits administration services that incorporate next-generation technology solutions.
Next generation benefits administration technology is user-first and mobile-enabled to meet employees and administrators in the flow of work while increasingly utilizing AI- and ML-enabled offerings to personalize, guide, and engage employees for deeper work-life integration. Providers are increasingly allocating significant portions of annual revenues toward R&D to advance platform capabilities, with the employee experience central to roadmap initiatives.
This major NelsonHall study will be essential reading for HR and benefits directors and managers, with our in-depth analysis informing them of what they can achieve now, what they can expect to achieve over the next few years, and detailing the capabilities of the key benefits administration vendors.