Employee Benefit Broker Market Share, Size, Trends, Industry Analysis Report, By Benefit Type (Healthcare Insurance, Retirement Savings Plan, International Benefits, Others); By Application; By Region, And Segment Forecasts, 2024 - 2032

PUBLISHED: February 24, 2024

PAGES: 116 Pages

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The global employee benefit broker market size is expected to reach USD 72.03 billion by 2032, according to a new study by Polaris Market Research. The report "Employee Benefit Broker Market Share, Size, Trends, Industry Analysis Report, By Benefit Type (Healthcare Insurance, Retirement Savings Plan, International Benefits, Others); By Application; By Region, And Segment Forecasts, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growth of the employee benefits broker market is driven by the quest to secure top talent within the industry. In today's competitive job market, offering an appealing employee benefits package is crucial for employers not only to attract but also retain their workforce. A comprehensive benefits package goes beyond salary considerations; it encompasses various perks and incentives that contribute to employee satisfaction and well-being.

As per the estimates of the U.S. Bureau of Labor Statistics, in 2023, ninety-four percent of private industry association workers and 68 percent of private industry non-union workers had access to retirement benefits. Among private industry union workers, sixty-six percent had access to defined benefit plans, while 63 percent had access to defined contribution plans.

Employers recognize that providing attractive benefits not only helps in recruiting top talent but also sets them apart from competitors. Employees are increasingly looking beyond monetary compensation and placing greater importance on benefits like health insurance, retirement plans, flexible work arrangements, professional development opportunities, and wellness programs.

By offering compelling benefits packages, employers demonstrate their commitment to the welfare and development of their employees. This, in turn, fosters a positive work environment, improves employee morale and engagement, and enhances overall productivity. Moreover, satisfied employees are expected to be loyal to the organization, reducing turnover rates and the associated costs of recruitment and training.

Navigating the dynamic factors impacting health and benefits poses increasing challenges and significance. With a landscape characterized by continual social and economic shifts, employers strive to mitigate risks, manage expenses, and meet the evolving demands of their workforce. Leveraging the expertise of an employee benefits consultant and broker aids in accomplishing benefit objectives, including cost containment, talent acquisition and retention, and enhancement of employee health and wellness.

The global pandemic exerted a modestly favorable influence on the market's expansion. Amidst grappling with the pandemic's complexities and planning for the future, the market demonstrates resilience, showcasing organizations' dedication to assisting their employees amidst evolving work environments. Moreover, employers, recognizing the profound effects of the pandemic on their workforce, have adjusted their benefit structures to align with the changing requirements of employees.

Employee Benefit Broker Market Report Highlights

In 2023, the healthcare insurance segment accounted for the largest market share, owing to rising insurance costs, complexities, and changing regulations.

The retail segment is expected to witness the fastest CAGR during the forecast period. Retail companies are increasingly focused on attracting and retaining top talent in a competitive labor market. Offering attractive employee benefits packages, such as health insurance, retirement plans, and wellness programs, is essential for retail businesses to differentiate themselves as employers of choice.

In 2023, North America held the largest market share; this is primarily due to the presence of key players, employee-friendly benefits and regulations, and a well-established benefits industry with a wide range of services and solutions offered by benefits brokers. The region's mature market infrastructure and extensive network of brokers contribute to its dominant position in the global market.

The global players include AON, Arthur J. Gallagher, Brown & Brown, Hub International, Lockton, Marsh & McLennan, USI & Willis Towers Watson, and more.

Polaris Market Research has segmented the employee benefit broker market report based on benefit type, application, and region:

Employee Benefit Broker, Benefit Type Outlook (Revenue - USD Billion, 2019- 2032)

Healthcare Insurance
Retirement Savings Plan
International Benefits
Others

Employee Benefit Broker, Application Outlook (Revenue - USD Billion, 2019- 2032)

Healthcare
IT & Telecom
Manufacturing
Retail
Others

Employee Benefit Broker, Regional Outlook (Revenue - USD Billion, 2019- 2032)

North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
Russia
Netherlands
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Indonesia
Malaysia
Australia
Rest of APAC
Latin America
Argentina
Brazil
Mexico
Rest of LA
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
Rest of MEA

Product Code: PM4580

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Employee Benefit Broker Market Insights

4.1. Employee Benefit Broker Market - Industry Snapshot
4.2. Employee Benefit Broker Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Surge in adoption of digital benefit platforms
  - 4.2.1.2. Changing regulations and associated complexities pave need for brokers
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Rising expenses
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTLE Analysis
4.5. Employee Benefit Broker Industry trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Employee Benefit Broker Market, by Benefit Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Employee Benefit Broker, by Benefit Type, 2019-2032 (USD Billion)
5.3. Healthcare Insurance
- 5.3.1. Global Employee Benefit Broker Market, by Healthcare Insurance, by Region, 2019-2032 (USD Billion)
5.4. Retirement Savings Plan
- 5.4.1. Global Employee Benefit Broker Market, by Retirement Savings Plan, by Region, 2019-2032 (USD Billion)
5.5. International Benefits
- 5.5.1. Global Employee Benefit Broker Market, by International Benefits, by Region, 2019-2032 (USD Billion)
5.6. Others
- 5.6.1. Global Employee Benefit Broker Market, by Others, by Region, 2019-2032 (USD Billion)

6. Global Employee Benefit Broker Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
6.3. Healthcare
- 6.3.1. Global Employee Benefit Broker Market, by Healthcare, by Region, 2019-2032 (USD Billion)
6.4. IT & Telecom
- 6.4.1. Global Employee Benefit Broker Market, by IT & Telecom, by Region, 2019-2032 (USD Billion)
6.5. Manufacturing
- 6.5.1. Global Employee Benefit Broker Market, by Manufacturing, by Region, 2019-2032 (USD Billion)
6.6. Retail
- 6.6.1. Global Employee Benefit Broker Market, by Retail, by Region, 2019-2032 (USD Billion)
6.7. Others
- 6.7.1. Global Employee Benefit Broker Market, by Others, by Region, 2019-2032 (USD Billion)

7. Global Employee Benefit Broker Market, by Geography

7.1. Key findings
7.2. Introduction
- 7.2.1. Employee Benefit Broker Market Assessment, By Geography, 2019-2032 (USD Billion)
7.3. Employee Benefit Broker Market - North America
- 7.3.1. North America: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
- 7.3.2. North America: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.3.3. Employee Benefit Broker Market - U.S.
  - 7.3.3.1. U.S.: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.3.3.2. U.S.: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.3.4. Employee Benefit Broker Market - Canada
  - 7.3.4.1. Canada: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.3.4.2. Canada: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
7.4. Employee Benefit Broker Market - Europe
- 7.4.1. Europe: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
- 7.4.2. Europe: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.3. Employee Benefit Broker Market - UK
  - 7.4.3.1. UK: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.3.2. UK: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.4. Employee Benefit Broker Market - France
  - 7.4.4.1. France: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.4.2. France: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.5. Employee Benefit Broker Market - Germany
  - 7.4.5.1. Germany: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.5.2. Germany: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.6. Employee Benefit Broker Market - Italy
  - 7.4.6.1. Italy: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.6.2. Italy: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.7. Employee Benefit Broker Market - Spain
  - 7.4.7.1. Spain: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.7.2. Spain: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.8. Employee Benefit Broker Market - Netherlands
  - 7.4.8.1. Netherlands: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.8.2. Netherlands: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.4.9. Employee Benefit Broker Market - Russia
  - 7.4.9.1. Russia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.4.9.2. Russia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
7.5. Employee Benefit Broker Market - Asia Pacific
- 7.5.1. Asia Pacific: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
- 7.5.2. Asia Pacific: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.5.3. Employee Benefit Broker Market - China
  - 7.5.3.1. China: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.5.3.2. China: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.5.4. Employee Benefit Broker Market - India
  - 7.5.4.1. India: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.5.4.2. India: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.5.5. Employee Benefit Broker Market - Malaysia
  - 7.5.5.1. Malaysia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.5.5.2. Malaysia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.5.6. Employee Benefit Broker Market - Japan
  - 7.5.6.1. Japan: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.5.6.2. Japan: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.5.7. Employee Benefit Broker Market - Indonesia
  - 7.5.7.1. Indonesia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.5.7.2. Indonesia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.5.8. Employee Benefit Broker Market - South Korea
  - 7.5.8.1. South Korea: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.5.8.2. South Korea: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
7.6. Employee Benefit Broker Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
- 7.6.2. Middle East & Africa: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.6.3. Employee Benefit Broker Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.6.3.2. Saudi Arabia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.6.4. Employee Benefit Broker Market - UAE
  - 7.6.4.1. UAE: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.6.4.2. UAE: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.6.5. Employee Benefit Broker Market - Israel
  - 7.6.5.1. Israel: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.6.5.2. Israel: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.6.6. Employee Benefit Broker Market - South Africa
  - 7.6.6.1. South Africa: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.6.6.2. South Africa: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
7.7. Employee Benefit Broker Market - Latin America
- 7.7.1. Latin America: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
- 7.7.2. Latin America: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.7.3. Employee Benefit Broker Market - Mexico
  - 7.7.3.1. Mexico: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.7.3.2. Mexico: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.7.4. Employee Benefit Broker Market - Brazil
  - 7.7.4.1. Brazil: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.7.4.2. Brazil: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
- 7.7.5. Employee Benefit Broker Market - Argentina
  - 7.7.5.1. Argentina: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
  - 7.7.5.2. Argentina: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. AON
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. Arthur J. Gallagher
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Brown & Brown
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Hub International
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Lockton
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Marsh & McLennan
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. NFP
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. OneDigital Health and Benefits
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. USI
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Willis Towers Watson
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development

Product Code: PM4580

List of Tables

Table 1 Global Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 2 Global Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 3 Employee Benefit Broker Market Assessment, By Geography, 2019-2032 (USD Billion)
Table 4 North America: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 5 North America: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 6 U.S.: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 7 U.S.: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 8 Canada: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 9 Canada: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 10 Europe: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 11 Europe: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 12 UK: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 13 UK: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 14 France: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 15 France: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 16 Germany: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 17 Germany: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 18 Italy: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 19 Italy: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 20 Spain: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 21 Spain: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 22 Netherlands: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 23 Netherlands: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 24 Russia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 25 Russia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 26 Asia Pacific: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 27 Asia Pacific: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 28 China: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 29 China: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 30 India: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 31 India: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 32 Malaysia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 33 Malaysia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 34 Japan: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 35 Japan: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 36 Indonesia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 37 Indonesia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 38 South Korea: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 39 South Korea: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 40 Middle East & Africa: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 41 Middle East & Africa: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 42 Saudi Arabia: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 43 Saudi Arabia: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 44 UAE: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 45 UAE: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 46 Israel: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 47 Israel: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 48 South Africa: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 49 South Africa: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 50 Latin America: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 51 Latin America: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 52 Mexico: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 53 Mexico: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 54 Brazil: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 55 Brazil: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)
Table 56 Argentina: Employee Benefit Broker Market, by Application, 2019-2032 (USD Billion)
Table 57 Argentina: Employee Benefit Broker Market, by Benefit Type, 2019-2032 (USD Billion)

List of Figures

Figure 1 Global Employee Benefit Broker Market, 2019-2032 (USD Billion)
Figure 2 Integrated Ecosystem
Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
Figure 4 Market by Geography
Figure 5 Porter's Five Forces
Figure 6 Market by Application
Figure 7 Global Employee Benefit Broker Market, by Application, 2022 & 2032 (USD Billion)
Figure 8 Market by Benefit Type
Figure 9 Global Employee Benefit Broker Market, by Benefit Type, 2022 & 2032 (USD Billion)
Figure 10 Employee Benefit Broker Market Assessment, By Geography, 2019-2032 (USD Billion)
Figure 11 Strategic Analysis - Employee Benefit Broker Market