Artificial Intelligence making inroads in Corporate Wellness Industry in US
Arizton’s recent research report on the corporate wellness industry in US provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by delivery model (onsite and offsite), programs (HRA, nutrition and weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health education services, and others), end-user (large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, and non-profit organizations), revenue models (recurring revenues and seasonal revenues), and incentive programs (participatory programs and health-contingent programs).
The corporate wellness industry in US is likely to reach around $15.5 billion by 2024, growing at a CAGR of approximately 8% during 2018–2024.
The growing awareness toward corporate wellness programs, the extension of wellness programs to family, increased social connectedness, and technological advancements including the use of artificial intelligence are the primary factors driving the corporate wellness industry in US.
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Use of Technology to Improve Outcomes
Nowadays, the corporate wellness industry is adopting new-age technologies. It is used as a tool to promote, monitor, and reward healthy behaviors and achievements of the user. Telehealth, wearable devices, virtual reality, gamification, and mobile applications are some of the popular health-based technologies that are trending in the corporate wellness industry in US. Nearly 50% of the employees are using health management programs through dedicated web portals and applications. The mobile apps help to track diet plans and monitor eating habits. For instance, Upon Jawbone is aiding employers in terms of keeping employees well informed and motivated about health.
Broad Shift in Perspective of Wellness
With the entry of new generation workforce and technological advancements, the perspective toward corporate wellness has significantly changed. The incorporation of gyms, games, and nap rooms at the workplace reflects the changing patterns. It has been found that about 75% of employees take time out to work on their health by walking, stretching, and working out or jogging during the workday. Further, workplaces are offering subsidize the gym memberships to improve affordability and accessibility, thereby promoting better health. For instance, during NEWM, Virgin HealthMiles brought on board 175+ organizations to participate in the walking challenge, wherein the employees earn “HealthMiles” or rewards for walking. Thus, such initiatives play a significant role to keep the employee awareofthe health, thereby propelling the corporate wellness industry in US.
Growing Reign of Artificial Intelligence
Artificial intelligence (AI) has made its reach in the corporate wellness industry in US as well. It helps employers to build a deep profile about employees in real-time and aid in scaling up wellness programs without relying on external resources. AI facilitates to create a roadmap for employees to identify trends, challenges, and create an action plan accordingly. Further, it also helps the user to track and receive medical advice instantly through the mobile app. Several HR tech vendors have introduced applications and features that make the use of AI and machine learning to automate activities such as collaborations between teams and provision of management feedback. For instance, Virgin partnered with IBM to build integrations for Alexa, Amazon's AI personal assistant, to help employees keep a check on their health.
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ComPsych, Wellness Corporate Solutions, Virgin Pulse, and Provant Health Solutions are the leading vendors in the corporate wellness industry in US.
The complete overview of the latest market research report on the US corporate wellness market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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