Dublin, April 10, 2023 (GLOBE NEWSWIRE) -- The "Global Pension Administration Software Market Size, Share & Industry Trends Analysis Report By Component, By Deployment, By Type, By End User, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Pension Administration Software Market size is expected to reach $8.6 billion by 2028, rising at a market growth of 12.0% CAGR during the forecast period.
Expanding government programmes like automatic enrolment in defined benefit plans are projected to boost the use of software for managing pensions. Pension providers worldwide are feeling pressured to drastically modify their core pension systems as rules and regulations governing second and third pillar pension benefits continue to evolve in response to shifting demographics and economic situations. As a result, the adoption of pension administration software solutions is being driven by the rising need for pension compliance with governmental regulations.
A key part of administration is monitoring pensions and offering consumers improved pension plans. Additionally, it aids in producing accounting records as well as often bills and statements for the clients, which is another crucial component. Additionally, it helps to assure the data's accuracy and makes it simple to extract the appropriate data when needed for any reporting period, which cuts down on processing time. As a result, this is a key element increasing the market size for pension administration software.
The elderly and persons in old age are limited by technology. The duty of simplifying and processing the gathered data is made easier by technology or by exploiting the digital realm in several areas. But when working with an ageing population, technological utilisation might be problematic. The main reason is that older generations are less knowledgeable about or familiar with a cellphone's fundamental functions. Due of its simplicity, 'pen and paper medium'is typically favoured for dealing with any pension-related issues. Therefore, one job is leveraging technology to simplify the labour related to pensions, and another is introducing the concept to the elderly.
Component Outlook
Based on component, the pension administration software market is divided into solution and service segments. In 2021, the solution segment held the highest revenue share in the pension administration software market. This is related to the fact that by automating a number of manual operations and lowering the need for paper-based record keeping, pension administration software helps to increase productivity and save expenses. Pension administration software also helps governmental bodies provide more transparency and accountability to plan members by making it easier to monitor and report on plan activities.
Deployment Mode Outlook
Based on deployment mode, the pension administration software market is divided into on-premise and cloud. The on-premise segment witnessed the largest revenue share in the pension administration software market in 2021. Many businesses continue to choose on-premise solution implementation to maintain more control over all systems and data. Additionally, the on-premise deployment strategy gives enterprises greater control over the software's installation. In-house IT professionals must be hired by organisations in order to support and maintain on-premise systems, which guarantee that corporate data is managed and kept inside.
Type Outlook
Based on the type, the pension administration software market was divided into public pension and private pension. In 2021, the public pension segment dominated the pension administration software market with maximum revenue share. A defined benefit plan, which is offered to the workers and sponsored by an employer, is a public pension. These programmes' main objective is to provide employees retirement income. Depending on the kind of service it renders, it might be categorised as a non-profit organisation or a government entity that offers benefits in cash or in kind.
End-user Outlook
Based on the end user, the pension administration software market is segmented into Employers, pension plan administrators, government organisations, and others. The creation of pension benefit statements, service purchases, buy-backs, and individual and group benefit computations are all simplified by pension administration software. With customizable, plan-specific effective-dated business rules, its powerful functionality controls a wide variety of plans and choices to speed up everything from eligibility to the computation of retiree and alternative payee forms of payment. All these features reduce the workload for pension plan administrators which is rising the adoption of pension administration software in this segment.
Scope of the Study
By Component
- Solution
- Services
By Deployment
- Cloud
- On-premise
By Type
- Public Pension
- Private Pension
By End-user
- Government Agencies
- Pension Plan Administrators
- Employers
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Equiniti Group plc (Siris Capital Group LLC)
- Civica (Camelia Investment Limited)
- Capita plc.
- Aon plc
- Zellis Holdings Limited
- Congruent Solutions, Inc.
- Levi, Ray & Shoup, Inc.
- PensionSoft Corporation, LLC
- Sagitec Solutions, LLC
- TatvaSoft Software Development Company
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Pension Administration Software Market by Component
Chapter 4. Global Pension Administration Software Market by Deployment
Chapter 5. Global Pension Administration Software Market by Type
Chapter 6. Global Pension Administration Software Market by End User
Chapter 7. Global Pension Administration Software Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Equiniti Group plc (Siris Capital Group LLC)
- Civica (Camelia Investment Limited)
- Capita plc.
- Aon plc
- Zellis Holdings Limited
- Congruent Solutions, Inc.
- Levi, Ray & Shoup, Inc.
- PensionSoft Corporation, LLC
- Sagitec Solutions, LLC
- TatvaSoft Software Development Company
For more information about this report visit https://www.researchandmarkets.com/r/cm4yng
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