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Benefits Administration Service Market to Grow by USD 144.7 Billion (2024-2028) with Increased Focus on Employee Wellness, AI Impact on Market Trends – Technavio Report

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NEW YORK, Sept. 2, 2024 /PRNewswire/ — Report on how AI is redefining market landscape- The global benefits administration service market size is estimated to grow by USD 144.7 billionn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.09% during the forecast period. Increasing focus on employee wellness is driving market growth, with a trend towards increased adoption of automation in benefits administration services. However, high cost of software acquisition and implementation poses a challenge. Key market players include Automatic Data Processing Inc., Alight Solutions LLC, Aon plc, Bamboo HR LLC, Benefit Administration Services LLC, Benefitfocus.com Inc., Businessolver.com Inc, Cognizant Technology Solutions Corp., Dayforce Inc., Empower Annuity Insurance Co. Of America, ZenPayroll Inc., HS and BA, Insperity Inc., Justworks Inc., Mercer LLC, Namely Inc., National PEO, Navia Benefit Solutions Inc., Paychex Inc., SEB Administrative Services Inc., TriNet Group Inc., Willis Towers Watson Public Ltd. Co., and WNS Holdings Ltd..

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Forecast period

2024-2028

Base Year

2023

Historic Data

Segment Covered

Service Type (Core benefits administration, Ancillary benefits administration, and Integrated benefits administration), End-user (Employers, Insurance companies, Government agencies, Third-party administrators (TPAs), and Brokers and consultants), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Automatic Data Processing Inc., Alight Solutions LLC, Aon plc, Bamboo HR LLC, Benefit Administration Services LLC, Benefitfocus.com Inc., Businessolver.com Inc, Cognizant Technology Solutions Corp., Dayforce Inc., Empower Annuity Insurance Co. Of America, ZenPayroll Inc., HS and BA, Insperity Inc., Justworks Inc., Mercer LLC, Namely Inc., National PEO, Navia Benefit Solutions Inc., Paychex Inc., SEB Administrative Services Inc., TriNet Group Inc., Willis Towers Watson Public Ltd. Co., and WNS Holdings Ltd.

Key Market Trends Fueling Growth

The Benefits Administration Service market assists businesses in managing employee benefits programs effectively. This includes processing claims, maintaining records, and ensuring compliance with regulations. By outsourcing this function, companies can save time and resources, focus on core business activities, and offer competitive benefits packages to attract and retain talent. Additionally, these services provide access to economies of scale, advanced technology, and expert knowledge, enhancing overall efficiency and productivity. 

The Benefits Administration Service market is experiencing significant growth, particularly among large businesses seeking to streamline their Employee Benefits Programs. Self-service portals and HR outsourcing partners are becoming popular solutions, allowing HR teams to manage benefit packages and employee eligibility through user-friendly interfaces. Manufacturing companies are increasingly adopting software platforms for Employee Benefit Administration, enabling automated solutions for compliance tracking and plan customization. Self-administration portals offer benefits like plan selection, enrollment, eligibility verification, and reporting, all with real-time data access. Wellness initiatives, retirement plans, health insurance, and compliance deadlines are easily managed through these platforms. AI and automation are key trends, reducing overhead costs and ensuring data security measures are in place. Integration capabilities and workflows further enhance the efficiency of Benefits Administration processes. Effective communication and plan customization are essential for employee engagement and satisfaction. 

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Market Challenges

The Benefits Administration Service market assists businesses in managing and delivering employee benefits effectively. It streamlines processes, ensuring compliance with regulations and reducing administrative burdens. This service enhances employee satisfaction by providing a user-friendly platform for benefit enrollment, management, and communication. It also offers valuable insights through data analytics, enabling informed decision-making for HR and finance teams. By outsourcing benefits administration, companies can focus on their core business activities while ensuring their employees have access to comprehensive benefits packages.The Benefits Administration Service market is experiencing significant growth as businesses of all sizes seek to enhance their employee benefits offerings. Cloud-based solutions are popular due to their flexibility and cost-effectiveness, allowing for customization and automation of HR-related tasks. Small businesses and start-ups benefit from subscription-based pricing models, while medium-sized and large businesses require more advanced features like self-service portals, mobile solutions, and compliance support. Employee wellness is a key focus, with digital solutions offering real-time access to benefits information, improving employee experience and engagement. On-premise software is still used by some, but cloud-based alternatives offer streamlined processes, reducing administrative overhead and manual errors. Multinational companies and technology firms require advanced HRIS and HR systems for managing employee entitlements and global compliance. Small agencies and business management software providers offer solutions tailored to specific industries, ensuring control over security and patch management. The shift to cloud-based and digital solutions enables regular access to benefits information, improving employee happiness and engagement, and reducing the need for extensive upfront commitment or long-term use.

For more insights on driver and challenges – Download a Sample Report

Segment Overview

This benefits administration service market report extensively covers market segmentation by

Service Type1.1 Core benefits administration1.2 Ancillary benefits administration1.3 Integrated benefits administrationEnd-user2.1 Employers2.2 Insurance companies2.3 Government agencies2.4 Third-party administrators (TPAs)2.5 Brokers and consultantsGeography3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Core benefits administration- The benefits administration service market encompasses various segments, including health insurance, retirement plans, life insurance, and disability insurance. The health insurance segment holds a significant position, facilitating efficient management of healthcare benefits for individuals and employees worldwide. Employers and organizations seek innovative solutions to simplify health insurance enrollment and management, leading to the demand for comprehensive benefits administration services. Advanced technologies, such as AI and data analytics, are utilized to streamline claims processing, identify cost-saving opportunities, and offer personalized health insurance recommendations. The retirement plans segment plays a crucial role in managing future financial security, with a focus on administering retirement benefits like 401(k) plans and pension plans. Employers and individuals require efficient solutions to navigate the complexities of retirement planning, leading to the adoption of technology-driven platforms for seamless enrollment, contribution management, and investment advice. The integration of digital advice and robo-advisors offers personalized investment recommendations based on individual risk tolerance, financial goals, and retirement timelines. The life insurance segment offers essential financial protection to individuals and their families, focusing on policy enrollment, beneficiary management, claims processing, and premium administration. Advanced technologies are utilized to streamline policy management, enhance the customer experience, and optimize underwriting processes. Data analytics and predictive modeling enable tailored life insurance policies and pricing based on individual risk assessment. The disability insurance segment provides income protection for individuals facing disabilities that limit their ability to work. Technology-driven solutions streamline the claims management process and enhance accessibility of benefits for disabled individuals. Data analytics and predictive modeling are utilized to assess disability claims and optimize support services for disabled individuals, ultimately fostering greater financial security and well-being. In conclusion, the benefits administration service market is experiencing growth due to the increasing demand for efficient and technology-driven solutions in health insurance, retirement plans, life insurance, and disability insurance segments. The adoption of advanced technologies, such as AI and data analytics, and the integration of user-friendly digital platforms are key factors driving the market’s growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data ( – ) – Download a Sample Report

Research Analysis

Employee benefit administration refers to the process of managing and organizing various benefits programs offered by businesses to their employees. These benefits can include wellness initiatives, retirement plans, health insurance, and more. Effective benefit administration involves managing plan selection, eligibility, customization, and communication, as well as compliance tracking and reporting. Both small and large businesses utilize benefit administration services to streamline HR-related tasks and improve employee-management relations. Business management software, available in both on-premise and cloud-based versions, can help streamline these processes. Medium-sized and large businesses often utilize software platforms for benefits administration, while small agencies may offer these services as part of their HR offerings. Benefits administration processes include eligibility management, plan customization, and compliance tracking to meet various deadlines. Ultimately, the goal is to provide efficient and effective management of employee benefits programs and benefit packages to enhance the overall employee experience.

Market Research Overview

Employee benefit administration refers to the process of managing and overseeing various benefits offered by employers to their workforce. This includes wellness initiatives, retirement plans, health insurance, and more. The market for benefit administration services caters to businesses of all sizes, from small agencies to multinational corporations. Benefits administration involves plan selection, enrollment, eligibility verification, reporting, communication, and compliance with various regulations. User-friendly interfaces, workflows, integration capabilities, data security measures, AI and automation, and cloud-based solutions are key features of modern benefit administration services. Self-service benefits portals, mobile solutions, and customer service are essential for a positive employee experience. Compliance requirements, administrative tasks, and data administration can be streamlined, reducing overhead costs, manual errors, and improving employee happiness and engagement. Subscription-based pricing models, automation, and self-administration portals are popular trends in the market. Small, medium-sized, and large businesses, as well as manufacturing companies, technology firms, and start-ups, can benefit from these digital solutions. HR systems, HRIS, and business management software offer additional capabilities for HR-related tasks, employee-management relations, and HR office functions. On-premise and cloud-based options are available, with the latter providing regular access and customization options without upfront commitment for long-term use.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Service TypeCore Benefits AdministrationAncillary Benefits AdministrationIntegrated Benefits AdministrationEnd-userEmployersInsurance CompaniesGovernment AgenciesThird-party Administrators (TPAs)Brokers And ConsultantsGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Ring in 2025 with Solitaire Grand Harvest’s New Year Celebration featuring Snoopy

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Snoopy and the Peanuts Gang Are Highlighted in an Exclusive In-Game Experience Filled with Nostalgia, Prizes, and Fun!

HERZLIYA, Israel, Dec. 29, 2024 /PRNewswire/ — This New Year, Solitaire Grand Harvest is bringing joy, nostalgia, and a bit of winter magic with everyone’s favorite beagle, Snoopy,! Starting December 29, players can experience Snoopy, Woodstock, and the Peanuts gang in a special month-long event that’s bound to bring back cherished memories while adding a little sparkle to your solitaire game.

Experience the full interactive Multichannel News Release here: https://www.multivu.com/playtika/9222155-en-solitaire-grand-harvest-featuring-snoopy

Solitaire Grand Harvest, the #1 highest-grossing solitaire game in the U.S.**, is transforming into a Peanuts-themed winter wonderland just in time to ring in 2025. Whether you’re sipping cocoa by the fire or counting down to midnight, the Peanuts® takeover will warm your heart and make every win feel a bit more magical.

Starting December 29, players will discover Snoopy and his Winter Fair Collection, featuring charming in-game mini-games and exclusive prizes inspired by the classic Peanuts characters. But the fun doesn’t stop when the ball drops! Between January 1-12, players may add Snoopy and Woodstock to their collection, alongside their in-game special pet companions, making it a New Year’s celebration that keeps on giving. Players get to keep their favorite characters with them forever with the permanent in-game Snoopy collection.

Roi Glazer, General Manager of Solitaire Grand Harvest, shared his excitement, saying:
“Snoopy has been a beloved part of so many of our lives for generations. This partnership with Peanuts allows us to combine the nostalgia of Snoopy with the excitement of Solitaire Grand Harvest in a way that brings joy to our players during the New Year celebration.”

Scott Shillet, Vice President of Global Hardlines at Peanuts, said:
“We are thrilled to bring Snoopy and the beloved Peanuts gang to Solitaire Grand Harvest, allowing us to continue our mission of spreading joy through new and engaging experiences. By integrating our timeless characters into the game, our fans will find fresh ways to connect with Peanuts while enjoying the fun world Solitaire Grand Harvest has to offer.”

Solitaire Grand Harvest is available to download for free on the App Store and Google Play (in-app purchases available). To follow along, visit Solitaire – Grand Harvest on Facebook and on Instagram.

About Solitaire Grand Harvest®
Solitaire Grand Harvest is the top Solitaire game in the U.S.**, with hundreds of thousands of daily players across multiple platforms. Solitaire Grand Harvest, developed by Supertreat GmbH, allows its community to experience the fun side of farming as they grow and harvest crops, build and design their personal farm and progress through thousands of challenging Solitaire levels. The game provides high value content, and players are exposed to new features and provided with the opportunity to connect with other members of the Solitaire Grand Harvest community online.

About Playtika
Playtika Holding Corp. (NASDAQ: PLTK) is a mobile gaming entertainment and technology market leader with a portfolio of multiple game titles. Founded in 2010, Playtika was among the first to offer free-to-play social games on social networks and, shortly after, on mobile platforms. Headquartered in Herzliya, Israel, and guided by a mission to entertain the world through infinite ways to play, Playtika has employees across offices worldwide.

**According to App Annie, Solitaire Grand Harvest is the highest-grossing Solitaire game in the U.S. based on in-app purchases, from January 2024October 2024.

About Peanuts
The characters of Peanuts and related intellectual property are owned by Peanuts Worldwide, which is 41% owned by WildBrain Ltd., 39% owned by Sony Music Entertainment (Japan) Inc., and 20% owned by the family of Charles M. Schulz, who first introduced the world to Peanuts in 1950, when the comic strip debuted in seven newspapers. Since then, Charlie Brown, Snoopy and the rest of the Peanuts gang have made an indelible mark on popular culture. In addition to enjoying beloved Peanuts shows and specials on Apple TV+, fans of all ages celebrate the Peanuts brand worldwide through thousands of consumer products, as well as amusement park attractions, cultural events, social media, and comic strips available in all formats, from traditional to digital. In 2018, Peanuts partnered with NASA on a multi-year Space Act Agreement designed to inspire a passion for space exploration and STEM among the next generation of students.

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SOURCE Playtika Holding Corp.

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Science and Technology Daily: Tech with Heart AI for Good AI with a Human Touch

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BEIJING, Dec. 29, 2024 /PRNewswire/ — In 1949, pioneering computer scientist Edmund Callis Berkeley envisioned a future filled with thinking machines in his book Giant Brains, or Machines That Think. Decades later, his vision has become a reality with artificial intelligence (AI) reshaping industries, societies and daily lives.

 

The progress however, is far from straightforward. While AI excites people with its potential, it also raises questions about ethics, safety and its impact on human life.

Recently, Science and Technology Daily hosted a panel discussion, “Tech with Heart, AI for Good”, on how AI empowers life and bridges human limitations but also needs guard rails to ensure it remains under control.

Omnipresent AI

AI is reshaping the way we live, work and interact with the world. For Zeng Yi, a professor at the Institute of Automation, Chinese Academy of Sciences and an expert of the United Nations’ high-level advisory body on AI, the motivation to advance AI technology lies in its potential to liberate humans from repetitive and labor-intensive tasks.

“Combining AI with robotics allows us to redirect human energy toward more creative and meaningful pursuits,” Zeng said. He highlighted how AI-powered robots are stepping into hazardous fields such as firefighting, disaster relief and space exploration. Lunar rovers equipped with advanced AI capabilities are conducting complex analyses on the moon’s surface — tasks too risky for human scientists.

Besides industrial applications, AI is making a significant impact on environmental conservation such as tracking wildlife.

AI’s potential extends into our everyday lives as well. Gao Shaolin, an expert at Peking University Law and Artificial Intelligence Research Center, mentioned a recent road trip during which he drove 3,000 kilometers on highways without coming across a single traffic accident.

“This is extraordinary,” Gao said, attributing the improvement to advancements in AI-driven safety features in modern vehicles.

From fatigue-monitoring systems in trucks to self-driving technologies in electric cars, these innovations are drastically reducing the likelihood of accidents.

However, both Zeng and Gao agreed that AI should not aim to replace humans but rather enhance human expertise and efficiency. AI can amplify human capacity, leaving room for creativity and innovation.

Responsible AI

As AI continues to evolve, responsibility becomes a critical issue. Zeng quoted Berkeley, who wrote, “It is often easier for scientists to create a device than to guide it well afterward.” Berkeley urged innovators to think beyond breakthroughs and address potential risks.

The question of accountability becomes central. Who will be responsible for any problem caused by AI? “AI is not an independent legal entity,” Gao emphasized, pointing out that current AI systems are tools rather than autonomous entities. The responsibility for their actions lies squarely with their developers, service providers and users.

“AI should be as intelligent as necessary, but it must remain under human control,” Gao stressed. As Zeng put it, “The key is ensuring AI coexists harmoniously with humans, not as a competitor but as a collaborator.”

Wu Baojun, executive deputy secretary-general of the Association for Science and Technology of the University of Chinese Academy of Sciences, said the rapid advancement of AI must be accompanied by efforts to ensure its reliability and safety within ethical frameworks.

“Our research in AI,” Wu said, “aims to explore unknown territories, eliminate human fears and make AI more reliable.”

Reliable AI

China has consistently demonstrated a forward-thinking approach to AI development, balancing technological innovation with social and ethical considerations.

As Matt Sheehan from the Carnegie Endowment for International Peace wrote in an article, “China is in the midst of rolling out some of the world’s earliest and most detailed regulations governing artificial intelligence.”

In 2017, China released the Next Generation Artificial Intelligence Development Plan to encourage diverse AI methodologies, such as deep learning, knowledge-based reasoning and large-scale modeling. The plan also emphasized ethical governance, with over a dozen references to social and legal challenges.

In May 2019, it was followed by the Beijing AI Principles, which set out clear guidelines for AI research and development, advocating respect for privacy, human dignity and human rights.

These visions were strengthened in July 2024 when the 78th UN General Assembly unanimously adopted a resolution proposed by China and co-sponsored by over 140 countries. The resolution emphasized the human-centered development of AI, international cooperation, and promotion of AI to benefit humanity as a whole.

Zeng said China’s AI strategy reflects a responsible and inclusive approach: “China’s AI development strategy is not limited to promoting domestic economic growth. They aim to empower humanity and promote sustainable development goals.”

Shared AI principles

AI governance has become a global priority with nations striving to ensure that technology develops responsibly and inclusively.

“We analyzed global AI ethics guidelines and found that 95 percent of the topics are consistent across countries. Concepts like human-centered development, transparency, fairness, safety and privacy protection are widely endorsed,” Zeng said, adding that nations worldwide largely agree on the foundational principles for AI ethics and governance.

In 2023, the Bletchley Declaration on AI safety was signed by 28 countries and the European Union. This marked the first broad agreement on the importance of AI safety as a global issue. In 2024, the UNESCO Recommendation on the Ethics of Artificial Intelligence was adopted unanimously by all member states, which is another example of the global consensus.

China is playing an active role in promoting international cooperation on AI governance. “AI must empower all nations, not just the technologically advanced ones. We should guide AI for good with collective efforts and shared responsibilities,” Gao said.

Executive Producers: Wang Junming, He Yi

Producer: Fang Linlin

Reporters: Long Yun, Zhong Jianli, Gong Qian

Subtitle Proofreaders: Wang Jing, Cen Yingjie

Video Editing Instructor: Wang Xiaolong

AI Technology Advisor: Liu Yang

Cameramen: Liu Xiao, Li Huitao, Li Tianji

Video Editor: Zhang Shunping

Reviewer: Fang Linlin

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SOURCE Science and Technology Daily

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ZT Mining Pioneers Innovative Solutions in the Cloud Mining Industry

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ZT Mining launches user-friendly cloud mining services with free options, renewable energy integration, and educational resources, promoting sustainable cryptocurrency mining.

READING, England, Dec. 28, 2024 /PRNewswire-PRWeb/ — As the cryptocurrency industry grows, the demand for accessible and efficient mining solutions has never been higher. ZT Mining, a leading innovator in cloud mining, announces a new range of services designed to democratize access to cryptocurrency mining while addressing environmental concerns.

free cloud mining site, best cloud mining, crypto mining

Cloud Mining Made Simple

ZT Mining provides a platform for users to mine Bitcoin and other cryptocurrencies without the need for specialized hardware or technical expertise. By simplifying the process, the company caters to a broad audience, from crypto enthusiasts to first-time investors. Its streamlined registration and user-friendly interface allow participants to start mining in minutes.

Free Cloud Mining Option for Starters

The platform introduces free cloud mining opportunities, enabling users to begin their mining journey without upfront costs. This initiative lowers barriers to entry, making it easier for individuals to explore the cryptocurrency space.

Sustainability at the Core

Recognizing the environmental impact of traditional mining, ZT Mining incorporates renewable energy into its operations. By leveraging green energy sources, the company reduces its carbon footprint, aligning with global sustainability goals.

A Trusted Name in Cloud Mining

ZT Mining emphasizes transparency and reliability. Contracts come with clear terms, competitive rates, and no hidden fees. The platform also offers robust security measures, ensuring user data and funds remain protected.

Empowering Users Through Education

To support informed decision-making, ZT Mining provides educational resources on cryptocurrency and cloud mining. Users can access guides and insights to better understand mining profitability and industry trends.

Industry Recognition

ZT Mining’s innovative approach has positioned it as one of the best cloud mining platforms in the industry. With endorsements from leading crypto analysts and positive user feedback, the company is quickly becoming a trusted name for mining solutions.

Looking Ahead

ZT Mining continues to innovate, aiming to provide even more opportunities for users to benefit from cloud mining. With plans to expand its renewable energy partnerships and introduce advanced mining algorithms, the company is setting the standard for sustainable and user-friendly cryptocurrency mining.

For more information, visit ZT Mining’s official website.

Media Contact

Nancy Delia, ZT CLOUD SERVICES LIMITED, 44 7301463290, nancy.delia@ztmining.com, https://ztmining.com

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SOURCE ZT CLOUD SERVICES LIMITED

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