Portland, OR, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pension administration software market was estimated at $ 4 billion in 2021 and is expected to hit $ 12.2 billion by 2031, registering a CAGR of 12.3 % from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4 Billion |
| Market Size in 2031 | $12.2 Billion |
| CAGR | 12.3% |
| No. of Pages in Report | 402 |
| Segments Covered | Component, Deployment Mode, Type, End User and Region. |
| Drivers | Modern Customer Experience |
| Pension administration software helps to reduce processing time | |
| Efficiency and cost effectiveness | |
| Restraints | Technology limitation on the aged/old age people |
| Opportunities | Technological advancements in the field of administration |
Covid-19 scenario-
- The COVID-19 pandemic has had a mixed impact on the pension administration software market. On the one hand, the market has seen increased demand for digital solutions as remote work and social distancing became the new normal. This led to a surge in demand for cloud-based pension administration software, as organizations sought to manage their funds and processes online.
- However, the pandemic also had negative effects on the market, as many organizations struggled with financial uncertainty and had to postpone or cancel planned software purchases. Additionally, the pandemic has caused delays in the development and release of new software, as many companies had to redirect their resources to dealing with the crisis. Despite these challenges, the long-term outlook for the pension administration software market remains positive, as the need for efficient and streamlined pension management solutions continues to grow.
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The global pension administration software market is analyzed across component, deployment mode, type, end user and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By component, the solution segment held the largest share in 2021, garnering more than half of the global pension administration software market revenue, and is projected to maintain its dominance by 2031. However, the service segment would showcase the fastest CAGR of 14.6% during the forecast period.
By deployment, the on-premise segment contributed more than half of the global pension administration software market share in 2021, and is projected to rule the roost by 2031. The cloud segment, on the other hand, would display the fastest CAGR of 14.0% throughout the forecast period.
By type, the public pension segment accounted for the highest share in 2021, generating more than half of the global pension administration software market revenue. The private pension segment would portray the fastest CAGR of 14.9% during the forecast period.
By end user, the employers segment accounted for the highest share in 2021, generating more than half of the global pension administration software market revenue. The pension plan administrators segment would portray the fastest CAGR of 16.8% during the forecast period.
By region, North America held the major share in 2021, garnering more than one-third of the global pension administration software market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 15.6% from 2022 to 2031.
The key market players analyzed in the global pension administration software market report include Capita plc., Civica, Congruent Solutions, Inc., Equiniti, Levi, Ray & Shoup Inc., PensionSoft Corporation, LLC, Sagitec Solutions, TatvaSoft Software Development Company, WTW, and Zellis. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Key benefits for stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pension administration software market forecast from 2022 to 2031 to identify the prevailing pension administration software market opportunity.
- The market 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 outlook assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global pension administration software market trends, key players, market segments, application areas, and market growth strategies.
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Pension Administration Software Market Key Segments:
Component
- Solution
- Service
Deployment Mode
- On-Premise
- Cloud
Type
- Public Pension
- Private Pension
End User
- Employers
- Pension Plan Administrators
- Government Agencies
- Others
By Region
- North America (U.S., Canada)
- 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)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" 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.
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