The Latin America, Middle East and Africa Pension Administration Software Market should witness market growth of 14.0% CAGR during the forecast period (2022-2028).
The pension administration software was created with the express intent of meeting the unique requirements of pension fund managers. By immediately importing employee contributions from an employee's file, Pension Administration Software - which was developed to make it easier to record defined-contribution plans - reduces the number of tasks that require a significant amount of human labour. In addition to saving time and reducing manual labour, pension administration software offers a secure, centralised system for retirement benefits data, boosts team productivity, decreases overall pension administration expenses, and enhances accuracy and minimises mistakes. As a result, demand for pension admission software will rise throughout the course of the projection year.
Moreover, the use of technology aims to strengthen customer loyalty and strengthen the company's position in the market by providing cutting-edge services, such as fast and simple pension plans with less paper work. Additionally, it is anticipated that as a consequence of government legislation that makes pension plans necessary, the pension administration industry would grow.
Additionally, the usage of artificial intelligence (AI) has grown quickly, with AI-capable gadgets becoming more and more prevalent in households all over the globe. Additionally, by detecting customised requirements and interacting with consumers via hyper-personalized one-to-one interactions, pension administration software assists the financial sector in reinventing the client relationships. As a result, these elements will provide profitable potential for the expansion of the pension administration software sector.
In the UAE, there are several pension funds with a range of missions. The General Pension and Social Security Authority (GPSSA) is in charge of providing pension-related services to residents working in all seven emirates in both the public and private sectors. In accordance with Federal Law No. 7 of 1999 for Pensions and Social Security and its revisions, a monthly payment to GPSSA in the amount of 20% of the employee's wage is required. Employees are required to contribute 5% of their salaries, while employers are required to match 15% of employee salaries. On behalf of UAE citizens who reside in Abu Dhabi and have employment there, the Abu Dhabi Retirement Pensions and Benefits Fund oversees pensions. In light of all of this, the pension administration software marketis projected to expand significantly in the area.
The Brazil market dominated the LAMEA Pension Administration Software Market by Country in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $153 million by 2028. The Argentina market is experiencing a CAGR of 14.6% during (2022-2028). Additionally, The UAE market would showcase a CAGR of 13.7% during (2022-2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment, the market is segmented into Cloud and On-premises. Based on Type, the market is segmented into Public Pension and Private Pension. Based on End-user, the market is segmented into Government Agencies, Pension Plan Administrators, Employers and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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.
The pension administration software was created with the express intent of meeting the unique requirements of pension fund managers. By immediately importing employee contributions from an employee's file, Pension Administration Software - which was developed to make it easier to record defined-contribution plans - reduces the number of tasks that require a significant amount of human labour. In addition to saving time and reducing manual labour, pension administration software offers a secure, centralised system for retirement benefits data, boosts team productivity, decreases overall pension administration expenses, and enhances accuracy and minimises mistakes. As a result, demand for pension admission software will rise throughout the course of the projection year.
Moreover, the use of technology aims to strengthen customer loyalty and strengthen the company's position in the market by providing cutting-edge services, such as fast and simple pension plans with less paper work. Additionally, it is anticipated that as a consequence of government legislation that makes pension plans necessary, the pension administration industry would grow.
Additionally, the usage of artificial intelligence (AI) has grown quickly, with AI-capable gadgets becoming more and more prevalent in households all over the globe. Additionally, by detecting customised requirements and interacting with consumers via hyper-personalized one-to-one interactions, pension administration software assists the financial sector in reinventing the client relationships. As a result, these elements will provide profitable potential for the expansion of the pension administration software sector.
In the UAE, there are several pension funds with a range of missions. The General Pension and Social Security Authority (GPSSA) is in charge of providing pension-related services to residents working in all seven emirates in both the public and private sectors. In accordance with Federal Law No. 7 of 1999 for Pensions and Social Security and its revisions, a monthly payment to GPSSA in the amount of 20% of the employee's wage is required. Employees are required to contribute 5% of their salaries, while employers are required to match 15% of employee salaries. On behalf of UAE citizens who reside in Abu Dhabi and have employment there, the Abu Dhabi Retirement Pensions and Benefits Fund oversees pensions. In light of all of this, the pension administration software marketis projected to expand significantly in the area.
The Brazil market dominated the LAMEA Pension Administration Software Market by Country in 2021 and would continue to be a dominant market till 2028; thereby, achieving a market value of $153 million by 2028. The Argentina market is experiencing a CAGR of 14.6% during (2022-2028). Additionally, The UAE market would showcase a CAGR of 13.7% during (2022-2028).
Based on Component, the market is segmented into Solution and Services. Based on Deployment, the market is segmented into Cloud and On-premises. Based on Type, the market is segmented into Public Pension and Private Pension. Based on End-user, the market is segmented into Government Agencies, Pension Plan Administrators, Employers and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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
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 Country
- 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
Unique Offerings
- Exhaustive coverage
- The highest number of market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 LAMEA Pension Administration Software Market, by Component
1.4.2 LAMEA Pension Administration Software Market, by Deployment
1.4.3 LAMEA Pension Administration Software Market, by Type
1.4.4 LAMEA Pension Administration Software Market, by End User
1.4.5 LAMEA Pension Administration Software Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition & Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. LAMEA Pension Administration Software Market by Component
3.1 LAMEA Solution Market by Country
3.2 LAMEA Services Market by Country
Chapter 4. LAMEA Pension Administration Software Market by Deployment
4.1 LAMEA Cloud Market by Country
4.2 LAMEA On-premise Market by Country
Chapter 5. LAMEA Pension Administration Software Market by Type
5.1 LAMEA Public Pension Market by Country
5.2 LAMEA Private Pension Market by Country
Chapter 6. LAMEA Pension Administration Software Market by End User
6.1 LAMEA Government Agencies Market by Country
6.2 LAMEA Pension Plan Administrators Market by Country
6.3 LAMEA Employers Market by Country
6.4 LAMEA Others Market by Country
Chapter 7. LAMEA Pension Administration Software Market by Country
7.1 Brazil Pension Administration Software Market
7.1.1 Brazil Pension Administration Software Market by Component
7.1.2 Brazil Pension Administration Software Market by Deployment
7.1.3 Brazil Pension Administration Software Market by Type
7.1.4 Brazil Pension Administration Software Market by End User
7.2 Argentina Pension Administration Software Market
7.2.1 Argentina Pension Administration Software Market by Component
7.2.2 Argentina Pension Administration Software Market by Deployment
7.2.3 Argentina Pension Administration Software Market by Type
7.2.4 Argentina Pension Administration Software Market by End User
7.3 UAE Pension Administration Software Market
7.3.1 UAE Pension Administration Software Market by Component
7.3.2 UAE Pension Administration Software Market by Deployment
7.3.3 UAE Pension Administration Software Market by Type
7.3.4 UAE Pension Administration Software Market by End User
7.4 Saudi Arabia Pension Administration Software Market
7.4.1 Saudi Arabia Pension Administration Software Market by Component
7.4.2 Saudi Arabia Pension Administration Software Market by Deployment
7.4.3 Saudi Arabia Pension Administration Software Market by Type
7.4.4 Saudi Arabia Pension Administration Software Market by End User
7.5 South Africa Pension Administration Software Market
7.5.1 South Africa Pension Administration Software Market by Component
7.5.2 South Africa Pension Administration Software Market by Deployment
7.5.3 South Africa Pension Administration Software Market by Type
7.5.4 South Africa Pension Administration Software Market by End User
7.6 Nigeria Pension Administration Software Market
7.6.1 Nigeria Pension Administration Software Market by Component
7.6.2 Nigeria Pension Administration Software Market by Deployment
7.6.3 Nigeria Pension Administration Software Market by Type
7.6.4 Nigeria Pension Administration Software Market by End User
7.7 Rest of LAMEA Pension Administration Software Market
7.7.1 Rest of LAMEA Pension Administration Software Market by Component
7.7.2 Rest of LAMEA Pension Administration Software Market by Deployment
7.7.3 Rest of LAMEA Pension Administration Software Market by Type
7.7.4 Rest of LAMEA Pension Administration Software Market by End User
Chapter 8. Company Profiles
8.1 Equiniti Group plc (Siris Capital Group LLC)
8.1.1 Company Overview
8.1.2 Recent strategies and developments:
8.1.2.1 Acquisition and Mergers:
8.2 Civica (Camelia Investment Limited)
8.2.1 Company Overview
8.2.2 Financial Analysis
8.2.3 Regional Analysis
8.2.4 Recent strategies and developments:
8.2.4.1 Acquisition and Mergers:
8.3 Capita plc.
8.3.1 Company Overview
8.3.2 Financial Analysis
8.3.3 Segmental and Regional Analysis
8.4 Aon plc
8.4.1 Company Overview
8.4.2 Financial Analysis
8.4.3 Regional Analysis
8.5 Zellis Holdings Limited
8.5.1 Company Overview
8.5.2 Financial Analysis
8.6 Congruent Solutions, Inc.
8.6.1 Company Overview
8.7 Levi, Ray & Shoup, Inc.
8.7.1 Company Overview
8.8 PensionSoft Corporation, LLC
8.8.1 Company Overview
8.9 Sagitec Solutions, LLC
8.9.1 Company Overview
8.10. TatvaSoft Software Development Company
8.10.1 Company Overview
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
Methodology
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