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Pension Administration Software Market to Reach $13 Billion, Globally, by 2032 at 11.4% CAGR: Allied Market Research

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Allied Market Research

25 Apr, 2024, 06:38 GMT

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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
    • Solution
    • Services
  • Deployment Mode
    • On-Premises
    • Cloud
  • 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
    • U.S.
    • Canada
    • Mexico
  • 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

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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
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India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com

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