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.
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 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 in 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 aging 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 to its simplicity, 'the pen and paper medium is typically favoured for dealing with any pension-related issues. Therefore, one job is leveraging technology to simplify the labor related to pensions, and another is introducing the concept to the elderly.
Component Outlook
Based on components, 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.
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 a public pension and a 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 with 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.
Regional Outlook
Based on 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.
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 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
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 Global Pension Administration Software Market, by Component
1.4.2 Global Pension Administration Software Market, by Deployment
1.4.3 Global Pension Administration Software Market, by Type
1.4.4 Global Pension Administration Software Market, by End User
1.4.5 Global Pension Administration Software Market, by Geography
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. Global Pension Administration Software Market by Component
3.1 Global Solution Market by Region
3.2 Global Services Market by Region
Chapter 4. Global Pension Administration Software Market by Deployment
4.1 Global Cloud Market by Region
4.2 Global On-premise Market by Region
Chapter 5. Global Pension Administration Software Market by Type
5.1 Global Public Pension Market by Region
5.2 Global Private Pension Market by Region
Chapter 6. Global Pension Administration Software Market by End User
6.1 Global Government Agencies Market by Region
6.2 Global Pension Plan Administrators Market by Region
6.3 Global Employers Market by Region
6.4 Global Others Market by Region
Chapter 7. Global Pension Administration Software Market by Region
7.1 North America Pension Administration Software Market
7.1.1 North America Pension Administration Software Market by Component
7.1.1.1 North America Solution Market by Country
7.1.1.2 North America Services Market by Country
7.1.2 North America Pension Administration Software Market by Deployment
7.1.2.1 North America Cloud Market by Country
7.1.2.2 North America On-premise Market by Country
7.1.3 North America Pension Administration Software Market by Type
7.1.3.1 North America Public Pension Market by Country
7.1.3.2 North America Private Pension Market by Country
7.1.4 North America Pension Administration Software Market by End User
7.1.4.1 North America Government Agencies Market by Country
7.1.4.2 North America Pension Plan Administrators Market by Country
7.1.4.3 North America Employers Market by Country
7.1.4.4 North America Others Market by Country
7.1.5 North America Pension Administration Software Market by Country
7.1.5.1 US Pension Administration Software Market
7.1.5.1.1 US Pension Administration Software Market by Component
7.1.5.1.2 US Pension Administration Software Market by Deployment
7.1.5.1.3 US Pension Administration Software Market by Type
7.1.5.1.4 US Pension Administration Software Market by End User
7.1.5.2 Canada Pension Administration Software Market
7.1.5.2.1 Canada Pension Administration Software Market by Component
7.1.5.2.2 Canada Pension Administration Software Market by Deployment
7.1.5.2.3 Canada Pension Administration Software Market by Type
7.1.5.2.4 Canada Pension Administration Software Market by End User
7.1.5.3 Mexico Pension Administration Software Market
7.1.5.3.1 Mexico Pension Administration Software Market by Component
7.1.5.3.2 Mexico Pension Administration Software Market by Deployment
7.1.5.3.3 Mexico Pension Administration Software Market by Type
7.1.5.3.4 Mexico Pension Administration Software Market by End User
7.1.5.4 Rest of North America Pension Administration Software Market
7.1.5.4.1 Rest of North America Pension Administration Software Market by Component
7.1.5.4.2 Rest of North America Pension Administration Software Market by Deployment
7.1.5.4.3 Rest of North America Pension Administration Software Market by Type
7.1.5.4.4 Rest of North America Pension Administration Software Market by End User
7.2 Europe Pension Administration Software Market
7.2.1 Europe Pension Administration Software Market by Component
7.2.1.1 Europe Solution Market by Country
7.2.1.2 Europe Services Market by Country
7.2.2 Europe Pension Administration Software Market by Deployment
7.2.2.1 Europe Cloud Market by Country
7.2.2.2 Europe On-premise Market by Country
7.2.3 Europe Pension Administration Software Market by Type
7.2.3.1 Europe Public Pension Market by Country
7.2.3.2 Europe Private Pension Market by Country
7.2.4 Europe Pension Administration Software Market by End User
7.2.4.1 Europe Government Agencies Market by Country
7.2.4.2 Europe Pension Plan Administrators Market by Country
7.2.4.3 Europe Employers Market by Country
7.2.4.4 Europe Others Market by Country
7.2.5 Europe Pension Administration Software Market by Country
7.2.5.1 Germany Pension Administration Software Market
7.2.5.1.1 Germany Pension Administration Software Market by Component
7.2.5.1.2 Germany Pension Administration Software Market by Deployment
7.2.5.1.3 Germany Pension Administration Software Market by Type
7.2.5.1.4 Germany Pension Administration Software Market by End User
7.2.5.2 UK Pension Administration Software Market
7.2.5.2.1 UK Pension Administration Software Market by Component
7.2.5.2.2 UK Pension Administration Software Market by Deployment
7.2.5.2.3 UK Pension Administration Software Market by Type
7.2.5.2.4 UK Pension Administration Software Market by End User
7.2.5.3 France Pension Administration Software Market
7.2.5.3.1 France Pension Administration Software Market by Component
7.2.5.3.2 France Pension Administration Software Market by Deployment
7.2.5.3.3 France Pension Administration Software Market by Type
7.2.5.3.4 France Pension Administration Software Market by End User
7.2.5.4 Russia Pension Administration Software Market
7.2.5.4.1 Russia Pension Administration Software Market by Component
7.2.5.4.2 Russia Pension Administration Software Market by Deployment
7.2.5.4.3 Russia Pension Administration Software Market by Type
7.2.5.4.4 Russia Pension Administration Software Market by End User
7.2.5.5 Spain Pension Administration Software Market
7.2.5.5.1 Spain Pension Administration Software Market by Component
7.2.5.5.2 Spain Pension Administration Software Market by Deployment
7.2.5.5.3 Spain Pension Administration Software Market by Type
7.2.5.5.4 Spain Pension Administration Software Market by End User
7.2.5.6 Italy Pension Administration Software Market
7.2.5.6.1 Italy Pension Administration Software Market by Component
7.2.5.6.2 Italy Pension Administration Software Market by Deployment
7.2.5.6.3 Italy Pension Administration Software Market by Type
7.2.5.6.4 Italy Pension Administration Software Market by End User
7.2.5.7 Rest of Europe Pension Administration Software Market
7.2.5.7.1 Rest of Europe Pension Administration Software Market by Component
7.2.5.7.2 Rest of Europe Pension Administration Software Market by Deployment
7.2.5.7.3 Rest of Europe Pension Administration Software Market by Type
7.2.5.7.4 Rest of Europe Pension Administration Software Market by End User
7.3 Asia Pacific Pension Administration Software Market
7.3.1 Asia Pacific Pension Administration Software Market by Component
7.3.1.1 Asia Pacific Solution Market by Country
7.3.1.2 Asia Pacific Services Market by Country
7.3.2 Asia Pacific Pension Administration Software Market by Deployment
7.3.2.1 Asia Pacific Cloud Market by Country
7.3.2.2 Asia Pacific On-premise Market by Country
7.3.3 Asia Pacific Pension Administration Software Market by Type
7.3.3.1 Asia Pacific Public Pension Market by Country
7.3.3.2 Asia Pacific Private Pension Market by Country
7.3.4 Asia Pacific Pension Administration Software Market by End User
7.3.4.1 Asia Pacific Government Agencies Market by Country
7.3.4.2 Asia Pacific Pension Plan Administrators Market by Country
7.3.4.3 Asia Pacific Employers Market by Country
7.3.4.4 Asia Pacific Others Market by Country
7.3.5 Asia Pacific Pension Administration Software Market by Country
7.3.5.1 China Pension Administration Software Market
7.3.5.1.1 China Pension Administration Software Market by Component
7.3.5.1.2 China Pension Administration Software Market by Deployment
7.3.5.1.3 China Pension Administration Software Market by Type
7.3.5.1.4 China Pension Administration Software Market by End User
7.3.5.2 Japan Pension Administration Software Market
7.3.5.2.1 Japan Pension Administration Software Market by Component
7.3.5.2.2 Japan Pension Administration Software Market by Deployment
7.3.5.2.3 Japan Pension Administration Software Market by Type
7.3.5.2.4 Japan Pension Administration Software Market by End User
7.3.5.3 India Pension Administration Software Market
7.3.5.3.1 India Pension Administration Software Market by Component
7.3.5.3.2 India Pension Administration Software Market by Deployment
7.3.5.3.3 India Pension Administration Software Market by Type
7.3.5.3.4 India Pension Administration Software Market by End User
7.3.5.4 South Korea Pension Administration Software Market
7.3.5.4.1 South Korea Pension Administration Software Market by Component
7.3.5.4.2 South Korea Pension Administration Software Market by Deployment
7.3.5.4.3 South Korea Pension Administration Software Market by Type
7.3.5.4.4 South Korea Pension Administration Software Market by End User
7.3.5.5 Singapore Pension Administration Software Market
7.3.5.5.1 Singapore Pension Administration Software Market by Component
7.3.5.5.2 Singapore Pension Administration Software Market by Deployment
7.3.5.5.3 Singapore Pension Administration Software Market by Type
7.3.5.5.4 Singapore Pension Administration Software Market by End User
7.3.5.6 Malaysia Pension Administration Software Market
7.3.5.6.1 Malaysia Pension Administration Software Market by Component
7.3.5.6.2 Malaysia Pension Administration Software Market by Deployment
7.3.5.6.3 Malaysia Pension Administration Software Market by Type
7.3.5.6.4 Malaysia Pension Administration Software Market by End User
7.3.5.7 Rest of Asia Pacific Pension Administration Software Market
7.3.5.7.1 Rest of Asia Pacific Pension Administration Software Market by Component
7.3.5.7.2 Rest of Asia Pacific Pension Administration Software Market by Deployment
7.3.5.7.3 Rest of Asia Pacific Pension Administration Software Market by Type
7.3.5.7.4 Rest of Asia Pacific Pension Administration Software Market by End User
7.4 LAMEA Pension Administration Software Market
7.4.1 LAMEA Pension Administration Software Market by Component
7.4.1.1 LAMEA Solution Market by Country
7.4.1.2 LAMEA Services Market by Country
7.4.2 LAMEA Pension Administration Software Market by Deployment
7.4.2.1 LAMEA Cloud Market by Country
7.4.2.2 LAMEA On-premise Market by Country
7.4.3 LAMEA Pension Administration Software Market by Type
7.4.3.1 LAMEA Public Pension Market by Country
7.4.3.2 LAMEA Private Pension Market by Country
7.4.4 LAMEA Pension Administration Software Market by End User
7.4.4.1 LAMEA Government Agencies Market by Country
7.4.4.2 LAMEA Pension Plan Administrators Market by Country
7.4.4.3 LAMEA Employers Market by Country
7.4.4.4 LAMEA Others Market by Country
7.4.5 LAMEA Pension Administration Software Market by Country
7.4.5.1 Brazil Pension Administration Software Market
7.4.5.1.1 Brazil Pension Administration Software Market by Component
7.4.5.1.2 Brazil Pension Administration Software Market by Deployment
7.4.5.1.3 Brazil Pension Administration Software Market by Type
7.4.5.1.4 Brazil Pension Administration Software Market by End User
7.4.5.2 Argentina Pension Administration Software Market
7.4.5.2.1 Argentina Pension Administration Software Market by Component
7.4.5.2.2 Argentina Pension Administration Software Market by Deployment
7.4.5.2.3 Argentina Pension Administration Software Market by Type
7.4.5.2.4 Argentina Pension Administration Software Market by End User
7.4.5.3 UAE Pension Administration Software Market
7.4.5.3.1 UAE Pension Administration Software Market by Component
7.4.5.3.2 UAE Pension Administration Software Market by Deployment
7.4.5.3.3 UAE Pension Administration Software Market by Type
7.4.5.3.4 UAE Pension Administration Software Market by End User
7.4.5.4 Saudi Arabia Pension Administration Software Market
7.4.5.4.1 Saudi Arabia Pension Administration Software Market by Component
7.4.5.4.2 Saudi Arabia Pension Administration Software Market by Deployment
7.4.5.4.3 Saudi Arabia Pension Administration Software Market by Type
7.4.5.4.4 Saudi Arabia Pension Administration Software Market by End User
7.4.5.5 South Africa Pension Administration Software Market
7.4.5.5.1 South Africa Pension Administration Software Market by Component
7.4.5.5.2 South Africa Pension Administration Software Market by Deployment
7.4.5.5.3 South Africa Pension Administration Software Market by Type
7.4.5.5.4 South Africa Pension Administration Software Market by End User
7.4.5.6 Nigeria Pension Administration Software Market
7.4.5.6.1 Nigeria Pension Administration Software Market by Component
7.4.5.6.2 Nigeria Pension Administration Software Market by Deployment
7.4.5.6.3 Nigeria Pension Administration Software Market by Type
7.4.5.6.4 Nigeria Pension Administration Software Market by End User
7.4.5.7 Rest of LAMEA Pension Administration Software Market
7.4.5.7.1 Rest of LAMEA Pension Administration Software Market by Component
7.4.5.7.2 Rest of LAMEA Pension Administration Software Market by Deployment
7.4.5.7.3 Rest of LAMEA Pension Administration Software Market by Type
7.4.5.7.4 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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