Pension Administration Software Market

Global Pension Administration Software Market Size, Share & Industry Trends Analysis Report By Component (Solution and Services), By Deployment, By Type (Public Pension and Private Pension), By End User, By Regional Outlook and Forecast, 2022 - 2028

Report Id: KBV-14041 Publication Date: February-2023 Number of Pages: 225
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Market Report Description

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.

The pension administration software market is a reliable system that aids in managing pensioners from several organisational units that have a range of pension regulations and plans. It provides fully integrated, browser-based software systems for managing pension benefits that are designed specifically for pension administration. Additionally, it often comes with a variety of features and tools to aid administrators in precisely and effectively managing these activities.

Pension Administration Software Market Size - Global Opportunities and Trends Analysis Report 2018-2028

Tools for monitoring and administering plan assets and investments, computing benefits, producing reports and participant statements, and managing plan enrollments and terminations are all included in the market for pension administration software. Additionally, it makes the management of retirement benefits simple and straightforward to administer. Additionally, with the help of this pension administration software, all areas, including superannuation, gratuities, bookkeeping, and provident funds, are readily controlled.

In this Indian pension administration programme, employees have the option to examine their PF balance and update their annual passbook. Additionally, they have access to useful tools like the gratuity and pension computation sheets. Pension administration software makes the procedure more efficient, which helps to save money. Through lower procurement prices and generalised improvements in efficiency, such technological advancements contribute to an improvement in the organization's bottom line.

Additionally, by using such pension administration software technology, the difficult procedure of managing and investing the pension funds in the employee's retirement savings account (RSA) has been simplified. Organizations offering pension-related services are now focusing on improved pricing, maximising operational efficiencies, and offering a smarter, smoother, more customised user experience. This is because new digital technologies and software applications are effective in the work process and cost effective.

COVID-19 Impact Analysis

The unexpected social and financial disruption brought on by the pandemic has forced people and organisations all over the world to use technology and IT services such as SaaS for documentation, a broad range of account-centric business operations, repayment methods like standing orders, cash, and electronic payments, and to obey social distance, among other things. As a result of the epidemic, the movement towards digitization has increased, making pension administration software more relevant and essential than ever. Additionally, during COVID, pension administration software assists in finding a remote solution for all of the person's financial demands. Therefore, at that time, such factors fueled the expansion of the worldwide market for pension administration software.

Market Growth Factors

Rising government initiatives will trigger growth

As a consequence, 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.

Processing times are shortened due to pension administration software.

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.

Market Restraining Factor

Limitations of technology for elderly/old persons

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.

Pension Administration Software Market Share and Industry Analysis Report 2021

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.

Pension Administration Software Market Report Coverage
Report Attribute Details
Market size value in 2021 USD 3.9 Billion
Market size forecast in 2028 USD 8.6 Billion
Base Year 2021
Historical Period 2018 to 2020
Forecast Period 2022 to 2028
Revenue Growth Rate CAGR of 12% from 2022 to 2028
Number of Pages 225
Number of Tables 420
Report coverage Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling
Segments covered Component, Deployment, End User, Type, Region
Country scope US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria
Growth Drivers
  • Rising government initiatives will trigger growth
  • Processing times are shortened due to pension administration software.
Restraints
  • Limitations of technology for elderly/old persons

Regional Outlook

Based on the geography, the pension administration software market is subdivided into North America, Europe, Asia Pacific, and LAMEA. The APAC region procured a prominent revenue share in the pension administration software market in 2021. This is brought on by a growing understanding of the several retirement income possibilities, particularly among large and medium-sized businesses (LMEs) and public sector companies. Additionally, the expansion of private pension-providing businesses is anticipated to aid in the market's expansion.

Free Valuable Insights: Global Pension Administration Software Market size to reach USD 8.6 Billion by 2028

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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, and TatvaSoft Software Development Company.

Scope of the Study

Market Segments Covered in the Report:

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
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Frequently Asked Questions About This Report

The global Pension Administration Software Market size is expected to reach $8.6 billion by 2028.

Processing times are shortened due to pension administration software are driving the market in coming years, however, Limitations of technology for elderly/old persons restraints the growth of the market.

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, and TatvaSoft Software Development Company.

The Cloud segment acquired maximum revenue share in the Global Pension Administration Software Market by Deployment in 2021 thereby, achieving a market value of $5.6 billion by 2028.

The North America market dominated the Global Pension Administration Software Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.1 billion by 2028.

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