Data Analytics to Power the Global Corporate Wellness Market
Arizton’s recent market research report on the global corporate wellness market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by program (HRA, nutrition &weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health & education services, and others), by end-users (large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations, hospitals/health systems, and universities), by revenue model (recurring revenues and seasonal revenues), by delivery model (onsite and offsite), by geography (North America, Europe, APAC, and ROW), and offers detailed competitive analysis.
The global corporate wellness market is estimated to generate revenues of around $72 billion by 2023, growing at a CAGR of more than 8% during 2017-2023.
The uneven educational systems, stricter immigration rules, the development of technology and an aging workforce are the main factors attributing to the growth of the global market. The growing need for therapeutic alternatives, provision of in-home monitoring, and alerts for taking medication as and when prescribed is propelling the demand in the global corporate wellness market.
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Read the latest Report: US Corporate Wellness Market - Industry Outlook and Forecast 2021-2026
The top 3 drivers and trends attributing to the demand in the global corporate wellness market are discussed below:
Broad Shift in Perspective of Wellbeing
A new sense of identity that is related to wellbeing which is increasingly valued in contemporary culture is creating new avenues in the global corporate wellness market. Digitalization is encouraging the customers to look for detoxification from their digital frenzy and re-claim their time for personal growth, harmony, and wellbeing, thereby driving the growth of the global market. The target consumers are participating in activities such as meditation and tai chi and investing in products like foods, apps, and devices that further a healthy lifestyle in the market. The change in the perception of health and wellness will propel demand in the global corporate wellness market. The incorporation of gyms, games, and nap rooms at the workplace is revolutionizing the corporate culture and contributing to the increased level of job satisfaction in the global market. The focus on wellness will encourage organizations to enable the promotion of long-term health solutions as people tend to spend a good portion of their day at work. Various employees look for inspiration at work to stay fit, make new healthy habits, and alter old unhealthy ones. Additionally, employers are capitalizing on this opportunity to influence behavior by offering a supportive environment that constitutes social, psychological, and organizational conditions, and effective interventions. Such initiatives will augment the development of the global corporate wellness market.
Data Analytics Increasingly Powering Wellness
Data-driven decision making is gaining importance and propelling the demand in the global corporate wellness market. The integration of work culture, data analytics, and technology will revolutionize the global market over the next few years. Several organizations are investing in technologies and expanding their current HR capabilities to measure their initiatives through big data. The increasing use of data planning for work health strategy is enabling the creation of an evidence base for workforce health needs and boosting revenues in the global corporate wellness market. The use of data analytics enables employers and vendors to constantly review productivity data and employee health information such as findings from online HRA’s, face to face health risk assessments, EAPs, and insurance claims. Wearables, onsite programme delivery, software platforms, employee feedback, online screening and surveys, and other data sources are used to garner information about the wellness programs initiated by companies in the global market. Key companies such as Georgia Pacific, Autodesk, and NetApp are using mobile applications, wearable devices, and employee-submitted data to follow the health of their employees in the market. Also, the use of data analytics will help organizations create personalized programs and contribute to the sales in the global corporate wellness market.
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Growing Reign of Artificial Intelligence
The advent of the new era of customized education and solutions that tend to each employee's individualized wellbeing through AI will transform the global corporate wellness market. Several employers are using AI to sustain employee engagement between human touchpoints, build a deeper profile about their employees in real-time, and aid in scaling up their wellness programs without relying heavily on resources. These systems are used to analyze personality traits and habits, thereby simplifying the wellness journey of employees in the global corporate wellness market. AI-integrated programs identify trends, understand how the current health issues or statistics are going to pan in the future, and create an action plan that will keep diseases or future health and well-being complications at bay. Moreover, the use of chatbots increases the probability of employee participation in wellness programs, creating greater chances of success. These chatbots offer rapid responses and hyper-personalizing well-being of employees by capturing data via e-forms and using analytics to explore the employee’s personal well-being goals in the global corporate wellness market.
The leading vendors in the global corporate wellness market are Compsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, and Sodexo.
The complete overview of the latest market research report on the global corporate wellness market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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