WILMINGTON, Del., April 25,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Pension Administration Software
Market by Component (Solution and Services), Deployment
Mode (On-Premise and Cloud), Type (Public Pension and Private
Pension), End User (Employers, Pension Plan Administrators,
Government Agencies, and Others), and Pension Fund Size (Less Than
$500 Million, $500 Million To $1
Billion, $1 Billion To
$5 Billion, $5
Billion To $10 Billion, and
$10 Billion and Above): Global
Opportunity Analysis and Industry Forecast, 2023-2032".
According to the report, the pension administration software market
was valued at $4.5 billion in 2022,
and is estimated to reach $13 billion
by 2032, growing at a CAGR of 11.4% from 2023 to 2032.
Request Research Report Sample & TOC:
https://www.alliedmarketresearch.com/request-sample/A47386
(We are providing report as per your research requirement,
including the Latest Industry Insight's Evolution, Potential and
COVID-19 Impact Analysis)
182 – Tables
62 – Charts
330 – Pages
Drivers, Restraints, and Opportunities-
The pension administration software market is expected to
witness notable growth owing to modern customer experience, in
which pension administration software helps to reduce processing
time, efficiency, and cost effectiveness. Moreover, technological
advancements in the field of administration and integration of
mobile technology in pension administration software are expected
to provide lucrative opportunities for the growth of the market
during the forecast period. On the contrary, technological
limitations of the aged people and high implementation costs limit
the growth of the pension administration software market.
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$4.5 billion
|
Market Size in
2032
|
$13 billion
|
CAGR
|
11.4 %
|
No. of Pages in
Report
|
330
|
Segments
Covered
|
Component, Deployment
Mode, Type, End user, Pension Fund Size, and Region
|
Drivers
|
Modern customer
experience
Pension administration
software helps to reduce processing time
Efficiency and cost
effectiveness
Increase in demand for
pension administration solutions
|
Opportunities
|
Technological
advancements in the field of administration
Integration of mobile
technology in pension administration software
|
Restraints
|
Technology limitations
of the aged people
High implementation
costs
|
The solution segment to maintain its leadership status
throughout the forecast period
By component, the solution segment accounted for more than
three-fifths of the global pension administration software market
share in 2022 and is expected to remain dominant during the
forecast period, owing to communication with participants, such as
by sending out statements and alerts on plan modifications, which
can enhance member satisfaction and communication. However, the
services segment is expected to witness the highest CAGR of 13.1%
in the upcoming years, owing to increase in the adoption of digital
technologies across various industries and availability of desired
information from anywhere at any time. Moreover, pension
administration services help organizations in threat detection and
risk management, which drives the growth of the market.
Buy This Report (260 Pages PDF with Insights, Charts, Tables,
and Figures) @ https://bit.ly/44a6MJn
The on-premise segment to maintain its leadership status
throughout the forecast period
By deployment mode, the on-premise segment accounted for more
than half of the global pension administration software market
share in 2022 and is expected to dominate by 2032, owing to
increase in the need to secure critical data from cyberattacks and
monitor the influx of data within the organization. However, the
cloud segment is expected to witness the highest growth of 12.8%,
owing to being employed by many organizations to safeguard the
level of security and compliance of their public and private cloud
architecture.
The public pension segment to maintain its leadership status
throughout the forecast period
By type, the public pension segment accounted for nearly
two-thirds of the pension administration software market share in
2022 and is expected to dominate by 2032, owing to increasing
demand for pension administration software from small and
medium-sized businesses (SMBs) due to the growing awareness of the
benefits of using such software. Moreover, the increasing use of
cloud-based pension administration software has made it more
affordable and easier to use than traditional on-premises software.
However, the private pension segment would also display the fastest
CAGR of 13.6% throughout the forecast period, owing to the rise in
demand for pension administration software with customized models,
and changes in consumer preferences toward pension plans. Moreover,
the unexpected social and financial disruption caused by the
pandemic has forced individuals and businesses across the world to
rely on technology and IT services such as SaaS for
documentation, wide-ranging set of account-centric business
operations, repayment modes such as standing instructions, cash,
and electronic payments, and to follow social distance, and
others.
The employers segment to maintain its leadership status
throughout the forecast period
By end user, the employers segment accounted for more than
two-fifths of the global pension administration software market
share in 2022 and is expected to rule the boost by 2032, owing to
more automation of the pension administration process, including
things such as contribution tracking and benefit calculations. In
addition, many employers are providing employees with access to
their own pension information through self-service portals,
allowing them to make changes or updates to their accounts.
However, the pension plan administrators segment is expected to
display the fastest CAGR of 17.5% throughout the forecast period,
owing to increase in demand for transparency and accountability
from plan administrators. Pension administration software can help
administrators to provide this by making it easier to track and
report plan activities.
Get Customized Reports with your Requirements:
https://www.alliedmarketresearch.com/request-for-customization/A47386
The $1 billion to
$5 billion segment to maintain its
leadership status throughout the forecast period
By pension fund size, the $1
billion to $5 billion segment
accounted for more than one-third of the global pension
administration software market share in 2022 and is expected to
remain dominant by 2032, owing to the increasing demand for
integrated pension administration and financial management software
suites. Pension funds in this category seek comprehensive solutions
that streamline operations, improve efficiency, and enable better
decision-making processes. In addition, there is a growing emphasis
on data security and compliance features to protect sensitive
member information and adhere to regulatory requirements. However,
the $500 million to $1 billion segment is expected to display the
fastest CAGR of 15.4% throughout the forecast period, owing to
growth in demand for solutions offering advanced analytics and
reporting functionalities to help administrators gain deeper
insights into fund performance and member trends. Companies such as
SunGard and Sapiens have developed comprehensive software suites
tailored to medium-sized pension funds' needs, providing a range of
features and scalability options.
North America garnered the
major share in 2022
Region-wise, the pension administration software market was
dominated by North America in 2022
and is expected to retain its position during the forecast period,
owing to fund management and investment management that are
increasing in the U.S. for which customers demand a robust pension
settlement procedure. Therefore, companies in this region are
adopting pension administration software to do the work fast and
efficiently. However, Asia-Pacific
is expected to witness significant growth during the forecast
period, owing to the use of pension administration software in the
banking and financial institution industry for better decisions,
better customer experiences, and significant cost savings.
Furthermore, as a result of the coronavirus disease (COVID-19)
outbreak, financial institutions all over the world are
increasingly turning to digital/automation channels to provide
pension- related services and deal with pandemic challenges.
Leading Market Players-
- Capita Plc.
- Civica
- Congruent Solutions, Inc.
- Pensionsoft Corporation, LLC
- Sagitec Solutions
- WTW
- Equiniti
- Levi, Ray and Shoup Inc.
- Tatvasoft Software Development Company
- Zellis
The report analyzes these key players in the global pension
administration software market. These players have adopted various
strategies such as expansion, new product launches, partnerships,
and others to increase their market penetration and strengthen
their position in the industry. The report is helpful in
determining the business performance, operating segments,
developments, and product portfolios of every market player..
Inquiry before Buying:
https://www.alliedmarketresearch.com/purchase-enquiry/A47386
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the pension
administration software market segments, current trends,
estimations, and dynamics of the pension administration software
market analysis from 2022 to 2032 to identify the prevailing
pension administration software market opportunities.
- The pension administration software market forecast research is
offered along with information related to key drivers, restraints,
and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the pension administration software market
growth assists to determine the prevailing market
opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the pension administration software market
opportunity.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the pension
administration software market outlook.
- The report includes the analysis of the regional as well as
global pension administration software market trends, key players,
market segments, application areas, and retirement administration
strategies.
Key Market Segments
- Component
- Deployment Mode
- Type
- Public Pension
- Private Pension
- End User
- Pension Plan Administrators
- Government Agencies
- Others
- Employers
- Pension Fund Size
- Less Than $500 Million
- $500 Million To $1 Billion
- $1 Billion To $5 Billion
- $5 Billion To $10 Billion
- $10 Billion and Above
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
-
- WTW
- Capita plc.
- Zellis
- Civica
- Sagitec Solutions
- Levi, Ray & Shoup Inc.
- Congruent Solutions, Inc.
- PensionSoft Corporation, LLC
- Equiniti
- TatvaSoft Software Development Company
Trending Reports in BFSI Industry (Book Now with 10% Discount
+ Covid-19 scenario):
Loan Origination Software Market Size, Share, Competitive
Landscape and Trend Analysis Report by Component, by Deployment
Mode, by End-User : Global Opportunity Analysis and Industry
Forecast, 2023-2032
Loan Management Software Market Size, Share, Competitive
Landscape and Trend Analysis Report by Component, by Deployment
Mode, by Enterprise Size, by Application, by End User : Global
Opportunity Analysis and Industry Forecast, 2021-2031
P&C Insurance Software Market Size, Share,
Competitive Landscape and Trend Analysis Report by Component, by
Deployment Model, by Application : Global Opportunity Analysis and
Industry Forecast, 2021-2031
Digital Processing Automation (DPA) Software in Banking
Market Size, Share, Competitive Landscape and Trend
Analysis Report by Component, by Deployment, by Industry Vertical
and by Enterprise Size : Global Opportunity Analysis and Industry
Forecast, 2023-2032
Equity Management Software Market Size, Share,
Competitive Landscape and Trend Analysis Report by Type, by
Enterprise Size, by Application : Global Opportunity Analysis and
Industry Forecast, 2023-2032
About Us:
Allied Market Research (AMR) is a full-service market research
and business-consulting wing of Allied Analytics LLP based in
Wilmington, Delaware. Allied
Market Research provides global enterprises as well as medium and
small businesses with unmatched quality of "Market Research Reports
Insights" and "Business Intelligence Solutions." AMR has a targeted
view to provide business insights and consulting to assist its
clients to make strategic business decisions and achieve
sustainable growth in their respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps
us generate accurate research data tables and confirms utmost
accuracy in our market forecasting. Allied Market Research CEO
Pawan Kumar is instrumental in
inspiring and encouraging everyone associated with the company to
maintain high quality of data and help clients in every way
possible to achieve success. Each and every data presented in the
reports published by us is extracted through primary interviews
with top officials from leading companies of domain concerned. Our
secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals
and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Logo:
https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/pension-administration-software-market-to-reach-13-billion-globally-by-2032-at-11-4-cagr-allied-market-research-302127119.html
SOURCE Allied Market Research