Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Information Technology & Telecommunication market research firm, has published competitive intelligence and market research report on “Pension Administration Software Market“. The Pension Administration Software market size was valued at USD 4.37 Bn in 2022. The total Pension Administration Software Market revenue is expected to grow at a CAGR of 12.1 percent from 2022 to 2029, reaching USD 8.68 Bn during the forecast period.
| Market Size in 2022 | USD 4.37 Bn |
| Market Size in 2029 | USD 8.68 Bn |
| CAGR | 12.1 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 262 |
| No. of Tables | 124 |
| No. of Charts and Figures | 130 |
| Segment Covered | By Component, Offering, Type, Enterprise size, and End User |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Pension Administration Software Market Scope and Research Methodology
The report is a detailed analysis of the Pension Administration Software Market covering all the major aspects such as segments, country-wise, and region-wise. For a better understanding of Pension Administration Software Industry penetration, competitive structure, pricing analysis, and demand analysis of the market are undertaken at the local, regional and global levels.
Major companies are mentioned by region, along with their revenue, portfolio, developments, mergers & acquisitions, and strategic alliances, for competitive analysis of the Pension Administration Software Market. Growth potential and business forecast for new market entrants are provided in the Pension Administration Software Market report.
Pension Administration Software Market is segmented based on Component, Offering, Type, Enterprise size, and End User to understand the variables and impact on the market growth. Bottom-up approach was used to estimate the Pension Administration Software market size. The primary and secondary methods were used to collect data from the Pension Administration Software market. SWOT analysis was conducted to provide the strengths and weaknesses of the Pension Administration Software market.
Pension Administration Software Market Overview
The software is a robust system, used to handle multi-organization unit pensioners with pension rules and schemes. Pension Administration Software handles pension insurance policies day-to-day. The functions of pension administrator software are to handle, maintain, and invest the pension funds according to terms and conditions.
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Increasing demand for automation to boost the Pension Administration Software Market
Growing numbers of pension plans, need for automation, and efficient management of pension plan is expected to boost the market growth over the forecast period. The software provides automated solutions that streamline the process and ensure accuracy, efficiency, and compliance. It helps companies to stay compliant with all regulations, with reduced risk of penalties and other legal issues. Demography changes as the population ages is expected to fuel the demand for Pension Administration Software.
Concern about Data security and privacy is expected to restrain the Pension Administration Software Market growth. Cost of implementing and maintaining pension administration software is expected to limit market growth.
Challenges in Pension Administration Software Market
- Growing Structural Complexity
- Changing Roles for Administrative Staff
- New Customer Engagement Demands
- Ineffective Legacy Technology
North America region to boost the Pension Administration Software Market over the forecast period
North America region dominated the market in 2022 and is expected to continue the dominance over the forecast period. Mature and well-established market, with high adoption rate of companies and organizations is expected to boost the regional Pension Administration Software Market growth. United States, Canada, and Mexico are major contributors for the growth of market. Increasing adoption of cloud-based Pension Administration Software solutions with flexibility and scalability is significantly contributing for the market growth over the forecast period. Rising number of retirees and the need for efficient management of pension plan benefits is expected to influence the regional market growth.
Increasing adoption of digital technologies, rising number of retirees, and need for efficient and effective management in Asia Pacific is expected to boost the regional Pension Administration Software Market growth.
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Pension Administration Software Market Segmentation
Based on Component, the Solution segment dominated the Pension Administration Software Market in 2022 and is expected to continue the dominance over the forecast period. The segment helps to improve the productivity and cut costs by automation of numerous manual processes. Software helps government bodies to provide more transparency and accountability and is expected to boost the solution segment growth in the market.
Based on Offering, on-premises segment held the largest market share in terms of revenue in 2022 and dominated the market and is expected to continue the dominance over the forecast period. Segment provides enterprises control over software installation and is expected to boost the market growth.
By Component:
- Software
- Solution
By Offering:
- Cloud-Based
- On-Premise
By Type:
- Public Pension
- Private Pension
By Enterprise size:
- SMEs
- Large Enterprises
- Government
By End User:
- Employers
- Pension Plan Administrators
- Government Agencies
- Credit Unions
- Financial Institutes
Pension Administration Software market Key Players include
- Appian
- SoftwareReviews
- Oracle
- Capita
- Civica
- Equiniti
- Version Systems
- L&P Systems
- Vitech Systems
- Congruent Solutions
- Sagitec Solutions
- Levi, Ray & Shoup Inc.
- TatvaSoft Software Development Company
- Zellis
- Heywood Limited
- Milliman
- Exaxe
- SAP
- Businessolver
- Alight Solutions
- Systech
- Dunstan Thomas
- Sapiens
- UniQue Solutions International Limited
- Ortec Finance
- Pension Technology Group
- Pension Management Institute
- Exelerating platform
- TELUS Health (formerly LifeWorks)
- Barnett Waddingham
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Key questions answered in the Pension Administration Software Market are:
- What are Pension Administration Software Market?
- What was the Pension Administration Software market size in 2022?
- What is the expected Pension Administration Software market size by 2029?
- What is the growth rate of the Pension Administration Software Market?
- Which are the factors expected to drive the Pension Administration Software market growth?
- Which segment dominated the Pension Administration Software market growth?
- What is the demand pattern for the Pension Administration Software market?
- Which region held the largest share in the Pension Administration Software market?
- Who are the key players in the Pension Administration Software market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by Component, Offering, Type, Enterprise size, End User and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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