Employee Benefit Broker Market To Reach $61.37 Billion By 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.

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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

Employee Benefit Broker Market Segmentation

Grand View Research has segmented the global employee benefit broker market based on benefit type, application, and region:

Employee Benefit Broker Type Outlook (Revenue, USD Million, 2017 - 2030)

• Healthcare Insurance

• Retirement Savings Plan

• International Benefits

• Others

Employee Benefit Broker Application Outlook (Revenue, USD Million, 2017 - 2030)

• Healthcare

• IT & Telecom

• Manufacturing

• Retail

• Others

Employee Benefit Broker Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • U.K.

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • The Kingdom of Saudi Arabia (KSA)

  • UAE

  • South Africa

List of Key Players in the Employee Benefit Broker Market

• AON

• Marsh & McLennan

• Willis Towers Watson

• Arthur J. Gallagher

• NFP

• Hub International

• USI

• Lockton

• Brown & Brown

• OneDigital Health and Benefits