Employee Benefit Broker Market Size, Share & Trend Analysis Report By Benefit Type, By Application (Healthcare, IT & Telecom), By Region, And Segment Forecasts, 2024 - 2030
Employee Benefit Broker Market Growth & Trends
The global employee benefit broker market size is anticipated to reach USD 61.37 billion by 2030 and is anticipated to expand at a CAGR of 5.5% during the forecast period, according to a new report by Grand View Research, Inc. The growth of the employee benefits broker market can be attributed to grabbing the top talents in the industry. The perfect employee benefits package can help employers attract and retain their employees. Furthermore, these benefits make an employer stand out from the competition and eventually drive overall business growth.
The market growth is propelled by continuous technological advancements, particularly in the IT industry. Furthermore, the development of employee benefits platforms enabling employees to better communicate with HR professionals is driving the market’s growth. In addition, the remote work culture and increased focus on work-life balance are anticipated to drive the market’s growth.
The global pandemic had a slight positive impact on the growth of the market. As employers navigate the challenges of the pandemic and beyond, the market continues to grow, reflecting the commitment of organizations to support their employees in an ever-changing work landscape. Furthermore, employers, understanding the profound impact of the pandemic on their workforce, have adapted their benefit packages to accommodate the evolving needs of employees.
Employee Benefit Broker Market Report Highlights
The healthcare insurance segment dominated the market in 2023. The segment's growth can be attributed to the increasing demand for healthcare insurance post the COVID-19 pandemic globally
The IT & telecom segment dominated the market in 2023. IT professionals across the globe are well-paid and expect their employers to provide perks and employee benefits
The North American region dominated the market in 2023. The presence of prominent market players and the rising demand for employee benefits by employees across the region is anticipated to fuel regional growth
The rising launches of various programs and products related to employee benefits are anticipated to fuel the growth of the market. For instance, in July 2023, City of San Diego's introduced an employee benefit program to help with childcare costs. This program was aimed at supporting the City of San Diego's workforce with a childcare benefit program
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Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definitions
1.3. Information Procurement
1.4. Information Analysis
1.4.1. Market Formulation & Data Visualization
1.4.2. Data Validation & Publishing
1.5. Research Scope and Assumptions
1.6. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segmental Outlook
2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Introduction/Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.1.1. The employers striving to retain their employees
3.3.1.2. The favorable regulatory framework
3.3.2. Market Challenge Impact Analysis
3.3.2.1. The cost of the company
3.3.3. Market Opportunity Impact Analysis
3.3.3.1. Employers providing employee benefit to stand out of the competition