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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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CGTN: China boosts education system to become a leading country in education

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BEIJING, Sept. 10, 2024 /PRNewswire/ — Working as a primary school teacher in Taishitun Township in Beijing, Diao Rongchun has remained deeply committed to education in mountainous areas.

Adhering to the concept of “tolerance, gentleness, cultivation and education,” Diao employs a teaching method based on interaction, mutual appreciation and mutual promotion, paying close attention to the growth of every student.

To that end, she has traveled throughout the township, visiting left-behind children and single-parent students in mountainous areas, formulating special study plans for them, and earning the trust and gratitude of their parents.

During an awards ceremony held on Sunday to honor model teachers and outstanding groups and institutions in China’s education sector ahead of the 40th Teachers’ Day, which falls on Tuesday, Diao, among a total of 716 people, was awarded the title of national model teacher.

While addressing a national meeting on education in Beijing from Monday to Tuesday, Chinese President Xi Jinping sent greetings to teachers and others working in the education sector across the country, urging efforts to make solid progress toward the strategic goal of building China into a leading country in education.

Building a high-quality education system

To date, China has developed the world’s largest and highest-quality education system, achieving a historic leap in the level of education popularization.

According to official data, in 2023, there are 498,300 schools of all types and levels across the country, with 291 million students enrolled in academic education and 18.918 million full-time teachers.

Meanwhile, the academic qualifications of teachers have also steadily improved. In 2023, 78 percent of primary school teachers and 93 percent of junior high school teachers hold a bachelor’s degree or higher. The proportion of teachers with senior professional titles has increased significantly, including the establishment of senior teacher positions in primary and secondary schools.

The enrollment rate for higher education increased from 30 percent in 2012 to 57.8 percent in 2021, marking a historic leap that signifies higher education in China has entered a stage of widespread recognition. Many Chinese universities and disciplines have achieved a very advanced level globally.

Additionally, China emphasizes the equal importance and coordinated development of vocational and general education, accelerating the creation of a modern vocational education system to help students with diverse talents and interests realize their potential.

Describing the effort to build a leading education system as complex and systematic, Xi Jinping emphasized the need to focus on education’s fundamental task of fostering virtue. He called for efforts to cultivate a high-caliber teaching workforce and stressed the importance of improving teachers’ status, pay and welfare to make teaching one of the most respected professions.

Xi also highlighted the need to develop high-quality and balanced compulsory education and to reduce disparities between urban and rural areas, regions, schools and social groups.

Opening China’s education sector to the world

In China, many major national projects rely heavily on key technologies provided by universities, which play a crucial role in basic research and are the source of significant scientific and technological breakthroughs.

At the National Science and Technology Award Conference in 2023, universities and colleges won 75.5 percent of the State Natural Science Awards, 75.6 percent of the State Technological Invention Awards, and 56.5 percent of the State Scientific and Technological Progress Awards, respectively.

Moreover, China collaborates on major scientific research projects with relevant countries through the establishment of overseas science and education cooperation centers to address global challenges.

For example, the China-Africa Joint Research Center, established in 2013, is the first comprehensive scientific and educational institution built overseas by China. The center brings together scientific research and teaching institutions from 16 African countries and China to collaborate on fields such as biodiversity surveys and assessments, water resources, and ecological environment monitoring, creating a network that integrates scientific research and talent training.

To date, researchers at the center have jointly published more than 600 papers, held over 30 international training courses and technical sessions, and trained more than 300 students from 14 African countries.

China also hosts various international conferences, such as the World Digital Education Conference, establishes Luban Workshops in multiple countries, and expands exchanges between Chinese and foreign youths, aiming to build a significant global education center.

During the national meeting on education, Xi emphasized the importance of further opening China’s education sector to the world, including expanding international academic exchanges and broadening cooperation in education and scientific research.

https://news.cgtn.com/news/2024-09-10/President-Xi-stresses-building-China-into-leading-country-in-education-1wMHdgqzPBS/p.html

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OutSystems and KPMG Announce New Survey Exploring AI and the Future of Software Development

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Redefining “impossible” legacy projects, 75% of software executives see up to a 50% reduction in development time with increased AI and automation

SINGAPORE, Sept. 11, 2024 /PRNewswire/ — As the reach of artificial intelligence (AI) expands, IT leaders are exploring new use cases for technology used throughout the software development lifecycle (SDLC), according to a new survey launched today titled “AI in software development: Exploring opportunities and uncertainties” by OutSystems, a global leader transforming how companies innovate through software, and KPMG, a multinational professional services network.

The research surveyed 555 software executives around the world whose companies span IT consultancy services, manufacturing, banking, financial services and insurance among others. 84 percent of respondents reported that their organizations first began to incorporate AI technologies in their SDLCs between six months to five years ago, with the earliest adopters primarily being IT services companies. Across regions, EMEA and North America remain roughly on equal footing, while APAC is steadily catching up.

The findings show that testing, quality assurance, and security vulnerability detection are by far the most widely adopted use cases for AI in software development. Nonetheless, generative AI (GenAI) is set to transform the industry by significantly enhancing these processes and introducing unprecedented capabilities.

75% of software executives have seen up to a 50% reduction in development time by implementing AI and automation. 

Early adopters are planning to increase their use of AI in other stages of the SDLC, such as user interface design, code generation, DevOps optimization, and application maintenance. Nearly all respondents are planning to increase their investment in AI-augmented SDLC management over the next two years, indicating that AI will play a central role in driving innovation and competitive advantage in the software industry.

“AI is redefining the impossible,” said Paulo Rosado, CEO and founder at OutSystems. “I’m laser-focused on helping teams compress multi-year legacy modernization projects into just a few months. The latest AI disruptions have brought us the potential to compress these development timelines into even shorter and faster projects. With AI, historically impossible transformation projects are not only possible but easier, cheaper, and faster to accomplish.”

71% of respondents are planning to incorporate AI into application development and SDLC management workflows.

“Right now, the developer’s role is shifting from code writer to code reviewer,” said Rodrigo Coutinho, Co-founder and AI Project Manager at OutSystems. “Large language models (LLMs) are a big help, but they still make mistakes. But as these models evolve, and trust in the resulting code improves, the developer’s role will be more akin to that of an orchestrator and acceptance tester of AI-generated outputs.”

Despite being a nascent technology a couple of years ago, the report found that confidence in the quality of AI-generated code has risen substantially—half of respondents said that the implementation of AI has improved software quality, enhanced decision-making, and increased efficiency in software testing and quality assurance.

But confidence is also paired with risk awareness surrounding tech debt in the form of orphan code and hallucinations, a lack of context for an organization’s specific coding needs, and scalability concerns. With strategy baked into AI in SDLC processes, 56% of respondents said they experienced or expected to experience a higher quality of applications, with fewer bugs and improved performance.

Data privacy and security concerns remain the primary barriers to broader adoption.

The AI opportunity is undeniably huge, but its wider adoption in other areas of the SDLC beyond software testing and vulnerability detection still face some barriers. Chief among these are data privacy and security concerns (56% of respondents) and regulatory and compliance challenges (42%). Moreover, 38% of executives cite difficulties integrating generative AI into existing workflows as the primary barrier to adoption.

“There’s a lot of speculation on what will change with the rise of GenAI,” said Michael Harper, Managing Director at KPMG U.S. “While there will be challenges, those with effective change management initiatives will reskill and upskill their workforces, leading to AI and jobs evolving in tandem.”

One-third of respondents said they had a backlog of between 150 and 800 use cases for GenAI. 

The speed and sprawl of AI, namely GenAI, is paving the way for an increase in investments for nearly all respondents.

But risks concerning the reliability of AI-generated code persist, though they can be mitigated with existing approaches, such as user acceptance testing, unit testing, and regression testing. “It’s up to the developer working with AI to guarantee the quality of the deliverables, but this becomes way more efficient with AI,” said Coutinho. “AI is, in fact, a great partner in creating tests in synthetic data.”

Other oft-cited concerns were the limited availability of skilled personnel and difficulties integrating GenAI into existing tech stacks and workflows. Fears of job losses are high as well, with 89% of respondents claiming that certain roles will be eliminated by AI. This falls in line with a broader industry trend over the last couple of years. However, in the longer term, AI may well create more jobs than it displaces, resulting in a new type of developer, equipped with specialized AI skill sets.

For more insights from the 2024 survey “AI in software development: Exploring opportunities and uncertainties,” download the report here.  

About OutSystems

OutSystems is a global leader transforming how companies innovate through software, empowering IT leaders with a better way to build the software that matters most. The OutSystems platform helps companies develop, deploy, and maintain mission-critical applications by unifying and automating the entire software lifecycle. With OutSystems, organizations leverage GenAI to deliver software instantaneously, adapt faster to changing requirements, and reduce technical debt by building on a future-proof platform. Helping customers achieve their business goals by addressing key strategic initiatives, OutSystems delivers software up to 10x faster than traditional development. Recognized as a leader by analysts, IT executives, business leaders, and developers around the world, global brands trust OutSystems to tackle their impossible projects and turn their big ideas into software that moves their business, people, and the world forward.

Founded in 2001, the company’s network spans more than 750,000 community members, over 500 partners, and active customers in 75+ countries across 21 industries. Learn more at www.outsystems.com.

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Antaisolar Shines at Intersolar S.A.: Highlights of Innovations and Growth

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SAO PAULO, Sept. 10, 2024 /PRNewswire/ — From August 27th to 29th, Antaisolar showcased its innovations at the Intersolar S.A. Exhibition in São Paulo. During the exhibition, Antaisolar unveiled its cutting-edge solar solutions, including the TAI-Simple solar tracking system and advanced rooftop solar racking systems. These innovations drew significant interest from attendees around the world.

Focus on TAI-Simple Intelligent Tracker

A highlight of Antaisolar’s display was the TAI-Simple solar tracking system, demonstrating the company’s commitment to developing products that optimize the Levelized Cost of Electricity (LCOE) for utility solar projects. This system features a multi-damping design that ensures both stability and durability. Equipped with a patented single slew drive motor and an intelligent tracking algorithm, the TAI-Simple system precisely adjusts panel angles with a tracking range of ±60°. Its compatibility with large-format modules further enhances energy yield, making it an ideal solution for large-scale solar projects across South America.

Standout Rooftop Racking Systems

At the exhibition, Antaisolar also highlighted its advanced rooftop solar racking systems, designed to improve installation efficiency and ensure structural integrity and longevity for solar roofs. With Brazil’s rooftop solar capacity expected to surpass 15 GW by 2027 and an annual growth rate exceeding 20%, these racking solutions reflect Antaisolar’s commitment to delivering high-quality, cutting-edge technology tailored to the South American market.

Commitment to Local Support

Antaisolar operates six production facilities and eight delivery service centers globally, ensuring timely delivery and rapid response to urgent needs. In Brazil, Antaisolar has established a comprehensive support infrastructure, including an office, production base, and delivery center, to enhance project implementation across the LATAM region. Additionally, the company has set up regional offices in Argentina and Chile and continues to expand its market presence.

Antaisolar tracking system shipments ranks No.8 in South America market, and No.12 in global market for 2023, according to the Solar Tracker Market Report 2024 published by S&P Global. As a leader in digital intelligent PV mounting system solutions, Antaisolar’s global shipments have reached an impressive 33.2 GW. Remaining dedicated to its mission of “Raise a Green World,” Antaisolar offers top-notch products and comprehensive services to advance the global solar industry. The Intersolar S.A. exhibition highlighted Antaisolar’s pivotal role in the solar mounting system sector, showcasing its innovative solutions and reaffirming its commitment to advancing solar technology across South America and beyond.

For more information, please visit: Antaisolar

Contact us: sales@antaisolar.com 

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