Yahoo Finance U.S. Employee Program Services Market to Reach $3 Billion by 2027. AI Technology to Enrich Employee Well-Being for Greater Productivity & Work Satisfaction - Arizton
U.S. employee program services market is expected to grow at a CAGR of over 11% to reach $3 Billion by 2027.
Chicago, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s research report, U.S. employee assistance program services market to grow at a CAGR of over 11% during 2022-2027. Massive healthcare costs in the United States have necessitated the need for employee assistance programme (EAP) services in order to maintain a thriving standard of high-quality life.Corporate profits that recorded an uptick after a long period of sluggish growth is fueling the adoption of assistance programs. This has put the employees in a better place to allocate budgets for corporate assistance programs. Therefore, the EAP services market in the US is expected to witness growth during the forecast period.
Corporate assistance has made a seismic shift by bringing in a new era of customized education and solutions that tend to each employee's individualized well-being using AI. Using AI, employers can sustain employee engagement between human touchpoints, build a deeper profile of their employees in real-time, and help with scaling up their assistance programs without relying heavily on resources. It can also help circumvent numerous health hurdles by triggering behavioral change after analyzing personality traits and habits.
U.S. Employee Assistance Program Services Market Report Scope
Report Attributes | Details | |
MARKET SIZE (2027) | $3.1 Billion | |
MARKET SIZE (2021) | $1.6 billion | |
CAGR (2022-2027) | 11.35% |
|
BASE YEAR | 2021 |
|
FORECAST YEAR | 2022-2027 | |
MARKET SEGMENTS | Service Type, Delivery Model, Interaction Platform, Gender, Industry | |
GEOGRAPHIC ANALYSIS | South US, West US, Midwest US, Northeast US | |
MARKET PARTICIPANT COVERAGE | 14 Vendors | |
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The COVID-19 pandemic has increased the need to address employees’ mental health issues in an already assistance-challenged system. While businesses have found ways to physically protect their employees by providing tech support and implementing new leave policies, the mental health disruption is expected to continue. Companies have become hyper-focused on meeting pandemic-related challenges with kindness and creativity. From helping employees adjust to the new normal and be agile to reducing health risks, employers are focused on preventively and proactively managing the same. This is expected to increase access to assistance and expand or improve the quality of already existing programs. For instance, Ally Financial has expanded its already-existing financial, mental health, and medical benefits to include more services, such as free telemedicine consults customized for the pandemic. It also offers access to mental health professionals, financial planning support, credit monitoring, certified planners and well-being challenges and modules that would aid employees with staying healthy at home.
Key Insights
Advanced algorithms and data analytics are helping employers determine if employees are acting, making behavioural changes and whether they need guidance and a push to accomplish their goals. The most effective benefits are customized to each employee’s state, needs, and goals and delivered through multiple channels.
Employees are going through epidemic levels of stress due to the COVID-19 pandemic and depression that has come with an always-on responsibility, dwindled workforce, and toxic office environment and culture. This has warranted the need for corporate assistance programs to sustain a thriving standard of high-quality life.
Virtual Reality (VR) is another technology that is beginning to find its way into the corporate space, but it is yet to mature to a degree where it becomes less expensive to implement. VR is being used in spaces such as stress and pain reduction. Companies, such as Relax VR, which integrate guided meditation with relaxing natural scenes in their product, are expected to gain a foothold in the market.
The U.S. employee assistance program services market is dominated by the demand for personal and work stress services, followed by mental health services. However, in the future, demand for financial services is anticipated to grow significantly.
The leading market players include:
ComPsych Corporation
Canopy
Continuum
Empathia
AllOne Health Resources
KGA
McLaughlin Young
New Avenues
SWEAP Connections
LifeWorks
Beacon Health Options
Ceridian HCM
My Secure Advantage
Novant Health
Market Segments
Service Type
Personal & Work Stress
Mental Health
Substance Abuse
Family Relationship
Health Education Services
Others
Delivery Model
External Vendor
Internal Vendor
Hybrid
Interaction Platform
Face-to-Face
Video & Telephonic
Mixed
Gender
Men
Women
Industry
Government
Media & Technology
Healthcare
Manufacturing
Colleges
Others
Region
South US
West US
Midwest US
Northeast US
Explore our health wellness profile to know more about the industry.
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CONTACT: Arizton Advisory and Intelligence Call: +1-312-235-2040 +1 302 469 0707
