Employee Benefit Broker Market Size Worth $72.03 Billion By 2032 | CAGR: 6.1%

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.

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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

Employee Benefit Broker Market Report Scope