Pension Administration Software Market to rise at a 10.55% CAGR from 2023 to 2032, reaching a Value of US$ 11.88 Billion | Polaris Market Research

The global pension administration software market size is expected to reach USD 11.88 billion by 2032, according to a new study by Polaris Market Research. The report “Pension Administration Software Market Share, Size, Trends, Industry Analysis Report, By Component (Solution and Services); By Type; By Application; By Region; Segment Forecast, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Rapid advancements in technology such as cloud computing, artificial intelligence, and mobile applications, that are driving innovation in the market, as these technologies are making pension management solutions more accessible, efficient, and user-friendly to consumers is driving the global market at significant pace. Employers are increasingly recognizing the importance of providing comprehensive employee benefits including pensions that led to higher adoption of these solutions in order to effectively manage pension plans and incorporation of these techniques by major organizations, is further likely to create lucrative growth opportunities for the market. For instance, in October 2022, Vitech Systems, announced that the V3locity, Vitech’s cloud-native administration, and analytics solutions has been selected by University Pension Plan Ontario for the full spectrum of the pension administration capabilities.

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Some of the major pension administration software providers across the globe are exploring the use of blockchain technology to enhance security and transparency in pension transactions and also to reduce the risk of fraud and errors. Now, it further includes advanced analytics capabilities that allow pension providers to analyze user data and provide insights to improve their services. Thus, it enables pension providers to identify trends and make informed decisions about their pension plans.

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There has been a significantly growing demand for personalized pension services in the recent years, and that is resulting in rapid development of pension administration software that can be tailored to meet the needs of individual pension plan participants. This includes features such as personalized benefit calculations, retirement planning tools, and investment advice that are likely to push the market growth forward in the near future.

Pension Administration Software Market Report Highlights

  • The solution segment accounted for major global market share in 2022, which is mainly driven by growing popularity and adoption for improving the productivity and minimizing costs with the help of automation
  • Public pension segment held the significant market share in 2022, on account of growing focus on pension administrators towards the utilization of the solution to manage growing pensioners data and volume
  • Large enterprise segment is expected to grow at a healthy higher CAGR during the forecast period, mainly due to rising requirements of large companies for advanced analytical solutions
  • Asia Pacific region dominated the global with substantial market share in 2022, owing to rise in the old aged population and widespread adoption of these solutions among small and medium companies
  • The global key market players include PensionSoft Corporation, Congruent Solutions, Zellis Holdings, Capita Inc., Oracle Corporation, and TatvaSoft Software

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Key Features and Drivers:

Efficient Record Keeping: Pension administration software provides robust databases for managing member records, including personal details, contribution histories, employment records, and beneficiary information. These platforms offer centralized data storage and retrieval capabilities, ensuring accurate and up-to-date record keeping.

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Compliance and Regulatory Support: Pension software solutions help pension administrators comply with regulatory requirements and industry standards governing pension plans. These platforms automate compliance monitoring, ensure adherence to legal guidelines, and facilitate reporting to regulatory authorities.

Automation and Workflow Optimization: Pension administration software streamlines administrative workflows by automating repetitive tasks, such as data entry, calculations, and communications. Workflow optimization features enhance efficiency, reduce manual errors, and free up resources for strategic decision-making.

Applications:

Corporate Pension Plans: Pension administration software is utilized by organizations to manage their corporate pension plans, including defined benefit (DB) and defined contribution (DC) schemes. These platforms facilitate enrollment, contributions, vesting, and distribution of pension benefits to employees.

Public Sector Pension Funds: Government agencies and public sector organizations use pension administration software to oversee pension programs for public sector employees, retirees, and beneficiaries. These platforms support complex pension structures, multiple benefit options, and diverse member populations.

Third-Party Administrators (TPAs): TPAs and pension consultants leverage pension administration software to provide outsourced pension administration services to clients. These platforms offer customizable solutions, white-label branding options, and scalable infrastructure to support TPAs’ diverse client base.

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Polaris Market Research has segmented the pension administration software market report based on component, type, application, and region:

Pension Administration Software, Component Outlook (Revenue – USD Billion, 2019 – 2032)

  • Solution
  • Service

Pension Administration Software, Type Outlook (Revenue – USD Billion, 2019 – 2032)

  • Public Pension
  • Private Pension

Pension Administration Software, Application Outlook (Revenue – USD Billion, 2019 – 2032)

  • SMEs
  • Large Enterprises
  • Government
  • Others
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Pension Administration Software, Regional Outlook (Revenue – USD Million, 2019 – 2032)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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