Dublin, May 24, 2023 (GLOBE NEWSWIRE) -- The "Pension Administration Software Market By Component, By Deployment Mode, By Type, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The pension administration software market was valued at $4 billion in 2021 and is estimated to reach $12.2 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031, owing to increasing market demand from the finance sector.
Vendors are focusing on user experience and ease of use to attract customers and ensure customer satisfaction. The requirement for pension administration software to comply with regulations and industry standards is a key factor driving the market.
Key factors driving the growth of the pension administration software market include factors, such as it helps to reduce process turnaround time by automating pension processes which use to take a long time to do manually. Moreover, posting late fees, creating and delivering letters of default, and calculating penalties and fees are just a few of the tasks which are done through software management.
Also, this pension administration software helps to streamline many elements of day-to-day work, allowing the team to focus their efforts and energy on what is extremely crucial and simply eliminate lower-value, time-consuming duties. Moreover, the pension administration software is web-based, giving administrators, employers, members, and retirees access to the information they need in a few easily navigated screens. In addition, it offers integrated mobile and self-service portals which provide members secure access to their personal benefits information, calculation functions, and communications.
Furthermore, pension administration software helps in modeling, planning, and calculation tools allowing members to be more proactive as they plan their futures, thus providing a modern customer experience. Contrary on the other hand, technology or utilizing the digital space in different sectors eases the task of streamlining and processing the collected data, but this can be a hindrance when technology is being used while dealing with the elderly population.
The foremost reason is the elder generations are not acquainted with the basic operations of a cellphone. Thus, using technology to streamline the work associated with pensions is a difficult task and the other is making the elderly acquainted with the same.
The market also offers growth opportunities to the key players in the market since there is a significant opportunity for expansion into emerging markets. Furthermore, less process time, automatic process of pension fund allocation, less paperwork and better innovative technology will boost the pension administration software market.
However, by delivering advanced services, such as quick and convenient pension plans with reduced paperwork, the use of technology is aimed to promote client loyalty and expand the company's market position. Thus, these factors are expected to offer lucrative growth opportunities for the pension administration software market in the upcoming years.
Key Market Insights
- By component, the solution segment led the pension administration software market in terms of revenue in 2021.
- By deployment mode, the on-premise segment accounted for the highest pension administration software market share in 2021.
- By type, the public pension segment accounted for the highest pension administration software market share in 2021.
- By end user, the employers segment accounted for the highest pension administration software market share in 2021.
- By region, North America generated the highest revenue in 2021.
Market dynamics
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
Companies Mentioned
- Capita plc.
- Civica
- Congruent Solutions, Inc.
- PensionSoft Corporation, LLC
- Sagitec Solutions
- WTW
- Equiniti
- Levi, Ray & Shoup Inc.
- TatvaSoft Software Development Company
- Zellis
Key Market Segments By Component
- Solution
- Service
By Deployment Mode
- On-Premise
- Cloud
By Type
- Public Pension
- Private Pension
By End User
- Employers
- Pension Plan Administrators
- Government Agencies
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
For more information about this report visit https://www.researchandmarkets.com/r/411r2u
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
