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Benefits Administration Software Market to Increase by USD 1.57 Billion from 2024 to 2028, Driven by Growing Adoption of Cloud Solutions, Report Highlights AI’s Role in Market Transformation – Technavio

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NEW YORK, Sept. 3, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global benefits administration software market size is estimated to grow by USD 1.57 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 10.83% during the forecast period. Rising shift toward cloud-based solutions is driving market growth, with a trend towards increasing demand for user-friendly, mobile-accessible platforms. However, increasing data privacy and security concerns poses a challenge. Key market players include Accelalpha Inc., Automatic Data Processing Inc., Bamboo HR LLC, Benefitfocus.com Inc., Benify AB, Businessolver, Dayforce Inc., Deel Inc, ELMO Software Ltd., EmPower HR, Gusto, Mercer LLC, Namely Inc., Paycom Software Inc., Paycor HCM Inc., PlanSource, Rippling People Center Inc., TELUS Corp., WEX Inc., and Workday Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Benefits Administration Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 10.83%

Market growth 2024-2028

USD 1571.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

9.77

Regional analysis

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

Performing market contribution

North America at 35%

Key countries

US, China, UK, Canada, Germany, and France

Key companies profiled

Accelalpha Inc., Automatic Data Processing Inc., Bamboo HR LLC, Benefitfocus.com Inc., Benify AB, Businessolver, Dayforce Inc., Deel Inc, ELMO Software Ltd., EmPower HR, Gusto, Mercer LLC, Namely Inc., Paycom Software Inc., Paycor HCM Inc., PlanSource, Rippling People Center Inc., TELUS Corp., WEX Inc., and Workday Inc.

Market Driver

Businesses looking to streamline their benefits administration can consider investing in specialized software. These solutions help manage employee benefits enrollment, tracking, and reporting efficiently. They ensure compliance with regulations, reduce manual errors, and provide real-time access to benefits information. Additionally, they offer integration with payroll systems and support for various benefit types, making benefits management a seamless process.

Businesses of all sizes are increasingly turning to Benefits Administration Software to manage HR-related tasks, including employee benefit administration. Trends in this market include patch management for continuous improvement, customization for unique business needs, and upfront commitment or pay-as-you-go options for long-term use. Regular access to self-service portals allows employees to manage their entitlements and benefits packages, while small agencies and medium-sized businesses benefit from cost savings and streamlined processes. On-premise and cloud-based solutions offer flexibility for businesses of various sizes. HR teams can automate benefits administration processes, ensuring compliance with deadlines and tracking eligibility and plan customization. AI and automation help with compliance tracking, reporting, and employee communication. Wellness initiatives, retirement plans, health insurance, and other employee benefits can all be managed through software platforms. Data security measures and user-friendly interfaces are essential features, as is the ability to integrate with other business management software. HR outsourcing partners can also offer additional support for benefits administration.

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Market Challenges

Benefits administration software streamlines the process of managing and tracking employee benefits. It automates tasks such as enrollment, eligibility verification, and premium calculations. This leads to reduced errors, increased efficiency, and cost savings for businesses. The software also provides real-time reporting and analytics, allowing companies to make informed decisions about their benefits offerings. Additionally, it ensures compliance with regulations and simplifies the open enrollment process for employees.Businesses of all sizes face challenges in managing employee benefits, including wellness initiatives, retirement plans, health insurance, and more. Traditional methods of benefit administration are time-consuming and prone to manual errors. Modern solutions, like benefits administration software, offer user-friendly interfaces, streamlined workflows, and integration capabilities. Key features include eligibility verification, plan selection, enrollment, reporting, and employee communication. Cloud-based, subscription-based pricing models allow for cost savings and accessibility. Small to large businesses benefit from automation, self-service benefits portals, and mobile solutions. Data security measures ensure compliance and control over sensitive information. AI and automation improve efficiency and employee experience. Customization options, employee wellness programs, and benefits customization enhance employee happiness and engagement. Compliance requirements are met with ease, reducing administrative overhead. HR systems and HRIS integrate seamlessly, making benefits administration a seamless process. On-premise and cloud-based software cater to various business needs. Ultimately, benefits administration software is a digital solution that simplifies benefits management and improves the employee experience.

For more insights on driver and challenges – Request a sample report!

Segment Overview

This benefits administration software market report extensively covers market segmentation by

Deployment1.1 Cloud based1.2 On-premisesEnd-user2.1 Large enterprises2.2 Small and medium enterprisesGeography3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Cloud based- The cloud-based segment of the benefits administration software market is experiencing significant growth. This expansion is driven by the increasing adoption of cloud technology and the demand for cost-effective, scalable solutions. Cloud-based benefits administration software enables organizations to efficiently manage employee benefit programs with real-time updates and seamless integration with other HR systems. This integration reduces administrative overhead and minimizes errors. Leading providers of cloud-based benefits administration software, such as Workday and ADP, offer advanced features like real-time data access, analytics capabilities, and enhanced security. Workday’s comprehensive HCM cloud infrastructure and ADP’s automated processes and intuitive user interface contribute to the expansion of the cloud-based segment and the global benefits administration software market.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

Employee benefit administration refers to the process of managing and organizing various benefits offered by employers to their workforce. These benefits can include health insurance, retirement plans, wellness initiatives, and other employee benefit programs. Effective benefit administration involves managing eligibility, plan selection, enrollment, and communication, as well as compliance tracking and reporting. This can be done through business management software, which can be on-premise or cloud-based, and caters to small agencies, small businesses, medium-sized businesses, and large businesses. HR teams play a crucial role in benefit administration, managing HR-related tasks, employee-management relations, and ensuring compliance with deadlines and regulations. Benefits administration software platforms offer plan customization, compliance tracking, and reporting features to streamline the process and improve efficiency.

Market Research Overview

Employee benefit administration involves managing various types of benefits for employees, including health insurance, retirement plans, and wellness initiatives. Benefits management software streamlines these processes, offering user-friendly interfaces, workflows, and integration capabilities. Small, medium-sized, and large businesses can benefit from cloud-based solutions with subscription-based pricing models. Key features include reporting, employee communication, plan selection, eligibility verification, and self-service benefits portals. Advanced solutions offer automation, AI, and data security measures. HR teams can customize benefits packages and streamline compliance tracking, reducing administrative overhead and manual errors. Cloud-based software offers regular access, control over security, and customization options. On-premise software is also available for businesses with specific needs. Self-service portals and mobile solutions enhance the employee experience, while HR outsourcing partners provide additional support. Benefits administration software caters to various industries, including technology companies, start-ups, and multinational corporations. It integrates with HR systems and HRIS, offering automated solutions for HR-related tasks and employee-management relations. Compliance requirements and deadlines are easily managed, reducing overhead costs and increasing employee happiness and engagement.

Table of Contents:

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

DeploymentCloud BasedOn-premisesEnd-userLarge EnterprisesSmall And Medium EnterprisesGeographyNorth 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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DKSH Healthcare and Euris Unveil CRM & MCE Platform “ConnectPlus” to Revolutionize APAC Healthcare Distribution

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DKSH Healthcare and Euris have launched “ConnectPlus”, a complete Customer Relationship Management (CRM) and Multi-Channel Engagement (MCE) platform set to transform healthcare distribution across APAC. This data-driven, agile solution enhances efficiency by providing a comprehensive view of healthcare professionals and optimizing omnichannel engagement strategies. From January 2025, ConnectPlus will strengthen DKSH Healthcare’s commitment to commercial excellence by boosting engagement with clients, customers, and patients across the healthcare ecosystem in Thailand.

SINGAPORE, Nov. 13, 2024 /PRNewswire/ — DKSH Healthcare Business Unit, in partnership with Euris, is introducing ConnectPlus, a data-driven Customer Relationship Management (CRM) and Multi-Channel Engagement (MCE) platform aimed at transforming healthcare distribution across the Asia Pacific region. Designed to enhance productivity and operational efficiency, this platform provides a 360° view of healthcare professionals, streamlines MCE, and strengthens DKSH Healthcare’s ability to tailor interactions and marketing strategies. The roll-out will start in Thailand in January 2025. With this new platform DKSH Healthcare reinforces its dedication to commercial excellence by enlarging possibilities and improving interactions with clients, customers, and patients.

Bijay Singh, Head of Business Unit Healthcare at DKSH, emphasized the transformative potential of ConnectPlus, “With ConnectPlus, we are not just improving our operations, we are setting a new benchmark for healthcare distribution across Asia Pacific. By integrating technology with our deep market expertise, DKSH Healthcare is enhancing its role as a strategic healthcare partner. This platform will not only empower our teams to engage more effectively with healthcare professionals but will ultimately contribute to better health outcomes by improving patients’ access to quality care. ConnectPlus represents a pivotal step in our journey toward data-driven excellence and reinforces our commitment to leading with agility in an evolving healthcare landscape.”

The introduction of ConnectPlus underscores DKSH Healthcare’s commitment to harnessing digital solutions that orchestrate and maximize impact of both client and patient interactions, while upholding a high standard of operational excellence. ConnectPlus empowers DKSH to tap into the vast potential provided by the global healthcare big data market[1] by delivering precise, targeted engagement strategies that cater to the unique needs of healthcare professionals, clients, and patients across the region.

Furthermore, ConnectPlus is strategically designed to leverage the existing preference of face-to-face sales visits[2], by orchestrating personalized digital touchpoints, based on data driven insights, to prepare and enhance in-person interactions. The platform’s ability to blend in-person and digital strategies is essential for maximizing outreach and driving meaningful engagement[3].

By integrating advanced AI and analytics, ConnectPlus not only streamlines communication and marketing efforts but also personalizes interactions based on real-time data, ensuring relevance and impact. This marks a crucial milestone in DKSH Healthcare’s journey towards fully integrating digital innovation into its operations, reinforcing its leadership in driving agility and efficiency within the rapidly evolving healthcare landscape.

Delphine Poulat, CEO at Euris, remarked, “As the partner of choice for healthcare stakeholders globally, we are thrilled to collaborate with DKSH Healthcare, who have chosen Euris SmartReps Suite, as the CRM & MCE platform for ConnectPlus. In today’s healthcare environment, personalized, data-driven interactions are critical. ConnectPlus is designed to provide DKSH Healthcare with the insights needed to understand their customers better, foster stronger face-to-face interactions, and ultimately drive sales growth. Our flexible, closed-loop marketing approach leverages data to deliver tailored content and deepen customer relationships, all while ensuring agility in meeting local market needs. We are proud to support DKSH Healthcare by offering a complete SaaS CRM & MCE platform putting the healthcare professional knowledge and experience at the center of the strategy.”

[1] Source: Patient engagement technology market to rise by $37.4b through 2028, https://healthcareasiamagazine.com/healthcare/news/patient-engagement-technology-market-rise-374b-through-2028 

[2] Source: Overcoming HCP Engagement Fatigue with Data-Driven Insights, https://www.pharmexec.com/view/overcoming-hcp-engagement-fatigue-with-data-driven-insights 

[3] Source: Did Pharma Overshoot Digital Sales Rep Calls? Study Charts Decline in Effectiveness, https://www.fiercepharma.com/marketing/did-pharma-overshoot-digital-sales-rep-calls-study-charts-decline-effectiveness#:~:text=Last%20month,%2044%%20of

About DKSH  

DKSH’s purpose is to enrich people’s lives. For almost 160 years, DKSH has been delivering growth for companies in Asia and beyond across its Business Units Healthcare, Consumer Goods, Performance Materials, and Technology. As a leading Market Expansion Services provider, DKSH offers sourcing, market insights, marketing and sales, eCommerce, distribution and logistics as well as after-sales services. DKSH is a participant of the United Nations Global Compact and adheres to its principles-based approach to responsible business. Listed on the SIX Swiss Exchange, DKSH operates in 36 markets with 29,040 specialists, generating net sales of CHF 11.1 billion in 2023. As a strategic healthcare business partner, DKSH Business Unit Healthcare distributes pharmaceuticals, consumer health, and over-the-counter products as well as medical devices. With around 8,140 specialists, the Healthcare Business Unit generated net sales of CHF 5.6 billion in 2023. www.dksh.com/hec

About Euris

Euris is an IT group specialized in healthcare and pharmaceutical industry operating in over 50 countries. Euris delivers a comprehensive IT value chain through 2 business units: Healthcare SaaS CRM edition & Integration and Health Data Hosting. Euris’ Suite of Commercial and Marketing excellence modules, named SmartReps®, is recognized among the best-in-class solutions in the Gartner Market Guide for CRM in Pharmaceuticals and Biotechnology. www.euris.com

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SOURCE DKSH

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Cisco and LTIMindtree Expand Partnership to Deliver Next-Generation Secure Access Globally

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News Summary:

LTIMindtree will leverage Cisco Secure Access as its new security service edge (SSE) solution to protect its 80,000 hybrid workers with secure internet access, advanced zero trust network access and embedded AI.Extending its networking partnership with Cisco, LTIMindtree now offers next-generation SSE to its global clients via Cisco Secure Access.Clients can work jointly with both companies to adopt a broad set of cloud security functions in a single, easy-to-use dashboard with Cisco Secure Access.

MELBOURNE, Australia, Nov. 12, 2024 /PRNewswire/ — CISCO LIVE — Cisco (NASDAQ: CSCO), the leader in enterprise networking and security, announced that LTIMindtree is now leveraging Cisco Secure Access as its security service edge (SSE) solution to enable secure hybrid work experiences for its employees and customers worldwide.

“With Cisco’s zero trust approach and embedded AI, it was an easy decision to replace our long-standing SSE solution with Cisco Secure Access,” said Nachiket Deshpande, Chief Operating Officer & Whole-time Director, LTIMindtree. “We were able to quickly deploy the solution, and it now protects our hybrid workforce while delivering a better user experience and simplified IT management.”

Cisco and LTIMindtree have also extended their partnership to deliver integrated Secure Access Service Edge (SASE) solutions based on Cisco technology to LTIMindtree’s global client base. LTIMindtree’s expertise in tailoring solutions to the specific vertical requirements is the perfect complement to Cisco’s technology, including Cisco Secure Access and SD-WAN, delivering seamless and secure connected experiences for both remote and in-office workers.

“Great workplaces require great security. With AI-powered threats rising, we are combating sophisticated attackers across a more expansive landscape. Our customers need their security to operate in the background, at machine scale to make the experience seamless and secure for hybrid workers,” said Jeetu Patel, Executive Vice President and Chief Product Officer, Cisco. “LTIMindtree’s rapid deployment of Secure Access is a great testament to Cisco’s platform strategy and differentiation. Together with our partners, we are changing what user protection means for a modern workplace.”

With Cisco Secure Access, decisions about how users connect to applications are handled behind the scenes via a unified agent, so users get to what they want more quickly. With low-latency connections and transparent identity-based authentication, users are more secure with less hassle. For IT organizations, Cisco Secure Access provides an easy pathway to zero trust and zero trust network access (ZTNA), while also simplifying operations with a unified console and AI-guidance. Secure Access is part of the Cisco Security Cloud, its unified, AI-driven, cross-domain security platform.

To learn more, visit cisco.com/go/security.

Additional Resources:

Introducing Cisco Secure Access

About Cisco
Cisco (NASDAQ: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more on The Newsroom and follow us on X at @Cisco.

Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. A listing of Cisco’s trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company.

About LTIMindtree
LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to reimagine business models, accelerate innovation, and maximize growth by harnessing digital technologies. As a digital transformation partner to more than 700 clients, LTIMindtree brings extensive domain and technology expertise to help drive superior competitive differentiation, customer experiences, and business outcomes in a converging world. Powered by 84,000+ talented and entrepreneurial professionals across more than 30 countries, LTIMindtree — a Larsen & Toubro Group company — solves the most complex business challenges and delivers transformation at scale. For more information, please visit https://www.ltimindtree.com/.

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SOURCE Cisco Systems, Inc.

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PixArt Imaging Unveils the “Magic Sensor”, PAC9001 Smart Pixel Optical Sensing Device: A Revolution in AI-Driven Sensor Technology

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HSINCHU, Nov. 12, 2024 /PRNewswire/ — As the demand for intelligent automation grows alongside AI and IoT, PixArt Imaging proudly introduces its latest innovation, the “magic sensor,” PAC9001 Smart Pixel Optical Sensing Device. Designed to revolutionize object presence detection across industries, the PAC9001 combines exceptional real-time performance and high efficiency in a compact, privacy-focused sensor.

The PAC9001 uses advanced AI-powered pixel processing to analyze visual information directly at the pixel level, a breakthrough that reduces data transmission needs and minimizes power consumption. This “smart” processing capability enables the PAC9001 to support rapid, high-accuracy applications in sectors such as retail, logistics, manufacturing, smart home, and PC peripherals. With its high sensitivity, the PAC9001 functions seamlessly even when concealed, providing essential insights without capturing identifiable images. This ensures enhanced privacy, making it ideal for settings like crowd control and security.

PixArt’s industry-leading expertise in imaging and sensor technology allows the PAC9001 to achieve low latency and energy efficiency while fitting effortlessly into devices, thanks to its compact module form of just W3.79 x L3.63 x H1.67 mm³. Its ability to detect and respond to object motion makes it invaluable in real-world applications, especially for edge devices requiring timely, precise sensing.

PixArt Imaging’s CEO, Sen Huang, commented, “Our vision is to enable smarter, more adaptive devices that transform the way we interact with technology. The PAC9001 represents our commitment to pioneering the next generation of sensor technology, combining the best of AI and pixel-level processing to deliver powerful, actionable insights. We’re thrilled to introduce this product to a world where privacy, efficiency, and real-time responsiveness have never been more important. Like a ‘magical’ presence working behind the scenes, the PAC9001 not only enables front-facing applications but also powers big data, enabling smart systems to collect valuable insights for user behavior predictions.

The PAC9001 also features PixArt’s proprietary Smart Motion Detection (SMD) and Pixel Difference Mode (PDM), enabling it to adapt to environmental changes and deliver high-precision data in varying lighting conditions, from bright daylight to darkness, at distances up to 5 meters. This advanced sensing capability ensures minimal false alarms compared to traditional PIR systems, making the PAC9001 a versatile and scalable solution for a wide range of industries and applications.

Combining advanced sensing, processing, and energy-saving technologies, the PAC9001 stands out as a game-changer for those seeking efficient, integrated solutions for next-generation smart devices.

For more information, visit PixArt Imaging

About PixArt Imaging Inc.

Founded in July 1998 and headquartered in Hsinchu, Taiwan, operates offices in the USA, Denmark, Malaysia, Japan, Korea, and China, providing services in IC design, R&D, manufacturing and sales. Specializing in sensing and navigation IC design, we focus on CMOS imaging, capacitive touch, MEMS sensing technologies to put into ASIC for human-machine interfaces and machine vision. Leveraging on our expertise in sensing and system design technologies, PixArt is strategically broadening our product lineup across diverse application markets. Our focus is on delivering top-tier image quality, optimizing for ultra-low power usage, compact designs, and seamless system-on-a-chip (SoC) integration; allowing us to drive innovation and meet evolving market demands in a versatile, energy-efficient, and highly integrated structure, positioning us to make impactful strides across varied technology sectors.

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SOURCE PixArt Imaging Inc.

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