The global corporate wellness software market is estimated to hold a valuation of USD 554.0 million in 2023. With a CAGR of 6.5% from 2023 to 2033, the market is expected to surpass USD 1,043.1 million by 2033. On-premises based corporate wellness software deployment is expected to be the highest revenue-generating category, projected to register a CAGR of 6.5% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Global Corporate Wellness Software Market Size (2023) | USD 554.0 million |
| Global Corporate Wellness Software Market Size (2033) | USD 1,043.1 million |
| Global Corporate Wellness Software Market CAGR (2023 to 2033) | 6.5% |
| United States Corporate Wellness Software Market Size (2033) | USD 1,043.1 million |
| United States Corporate Wellness Software Market CAGR (2023 to 2033) | 6.5% |
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As per the corporate wellness software market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of the corporate wellness software market increased at around 6.5% CAGR. With an absolute dollar opportunity of USD 463.8 million, the market is projected to reach a valuation of USD 1 billion by 2033.
Employee wellness software makes use of machine learning, artificial intelligence, and other technologies to provide each employee with individualized fitness plans. The software includes tailored food charts, step tracking and monitoring, motorized blood pressure and cholesterol monitoring, and personal health coaches. During the forecast period, these factors are expected to fuel the expansion of the employee wellness software market.
The market for corporate wellness software is being driven by increased employee awareness. Employees can use the program to diagnose various ailments on their own. Regular health screening software monitors health, promotes preventive care, and saves medical expenditures. Employee wellness software comprises plans that focus on conditions that reduce disease and the overall cost of health insurance premiums the employer provides to the insurance company. Workplace wellness programs assist businesses in increasing productivity while lowering overall operating costs.
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Employee wellness software can benefit from the growing usage of smartphones in developed economies. Smartphone penetration will climb to 87% by 2025, up from 57% in 2015, per the Mobile Economy Survey 2018. Employee wellness motivates employees to lead a healthier lifestyle, which helps organizations enhance efficiency and decrease expenses. The cost of missed productivity due to illness-related absentees is expected to exceed USD 300 billion by 2020. The growing number of overweight and obese individuals has increased insurance premiums.
Corporate wellness software must be tailored to the interests and changing needs of the workforce, which are influenced by various internal and external factors that are difficult to control or anticipate. In this regard, according to a UnitedHealthcare poll in 2015, 63% of employees in the United States were unwilling to invest more than an hour every day to enhance their health and wellness.
Employees undervalue the monetary incentives companies offer them for participating in corporate wellness initiatives. In a National Business Group on Health poll, 64 % of respondents said they undervalue these enticements. These companies may be prevented from implementing these experimental alternatives if staff are uninterested in the consequences.
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North America has the largest share of the global corporate wellness software market. An increase in employee fitness awareness drives the demand for employee wellness software. In addition, the growing necessity of corporate wellness software for employees can be ascribed to the increasing prevalence of chronic diseases, mental health concerns, and substance misuse, particularly in the region's opioid crisis.
Significant factors such as increased health awareness, growing smartphone usage, and a rising prevalence of fitness apps drive the corporate wellness software industry in Asia Pacific. Furthermore, the region observed a significant increase in fitness app downloads during the COVID-19 pandemic. According to a WHO report, the number of individuals using fitness & wellbeing applications is expected to increase by 78% by 2020. In addition, as the working-age population in emerging countries grows, so does the need for corporate wellness software in these regions.
The United States is expected to account for the highest market share of USD 357.6 million by the end of 2033. According to the RAND workplace study, approximately 70% of firms in the United States provide healthcare services to their employees. Larger companies have more complex healthcare plans. For example, Apple released a customized employee fitness+ application for Apple employees in December 2020. Yoga, bicycling, rowing, treadmills, and various other activities are available through this application.
During the forecast period, the cloud-based deployment of the global corporate wellness software market is expected to be the largest and fastest expansion. Businesses commonly use cloud-based corporate wellness software since it allows them to monitor employee engagement through customized wellness programs. Its highlights include a member database, payroll processing, leave monitoring, content scheduling, texting, planned reporting, and several other features.
In the corporate wellness software market, the large companies segment is expected to account for the highest CAGR of over 6% during 2023 to 2033. According to RAND, in 2013, over 70% of organizations invested in health assessment solutions. According to a study, properly implemented programs can give a threefold return on investment. Services and programs can be integrated into the infrastructure of larger companies. Small businesses might profit from corporation memberships and services outsourcing.
Corporate wellness programs aid in the detection of a variety of disorders. Health screening programs are undertaken regularly to monitor health, promote preventative care, and lower treatment costs. Corporate wellness programs that concentrate on these illnesses can help to minimize the burden of diseases and the total cost of healthcare premiums paid by the business to any insurance provider. Even though lockdowns and office closures have led to many employees transitioning to work-from-home models, it is still critical that employees have access to and remain constant in continuing the usage of wellness services at work.
Companies that provide employee wellness software are expanding their investment in research and development, which is projected to boost demand for the software in the coming years. Some of the key companies like ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Privia Health, Vitality Group, Wellsource, Inc., Central Corporate Wellness, Truworth Wellness, SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, and Fitbit, Inc. are featured in the report.
Some of the recent developments in the corporate wellness software market are:
The corporate wellness software market registers USD 554.0 million in 2023.
The market revenue is projected to exceed USD 1,043.1 million by 2033.
Sales of corporate wellness software are anticipated to upsurge at a 6.5% CAGR through 2033.
The United States is set to solidify its position with an expected value of USD 357.6 million by 2033.
The large companies segment is projected to lead the market, with a 6% CAGR.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Deployment 5.1. On Premises 5.2. Cloud-based 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Large Companies 6.2. Small and Medium Sized Companies 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. ComPsych 17.2. Wellness Corporate Solutions 17.3. Virgin Pulse 17.4. Provant Health Solutions 17.5. EXOS 17.6. Marino Wellness 17.7. Privia Health 17.8. Vitality Group 17.9. Wellsource, Inc. 17.10. Central Corporate Wellness 17.11. Truworth Wellness 17.12. SOL Wellness 17.13. Well Nation 17.14. ADURO, INC. 17.15. Beacon Health Options 17.16. Fitbit, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Corporate Wellness Software Market
