Dublin, May 24, 2023 (GLOBE NEWSWIRE) — The report “Retirement Administration Software Market by Component, by Deployment Mode, by Type, by End User: Global Opportunity Analysis and Industry Forecast, 2021-2031” has been added to ResearchAndMarkets.coms to offer.
The pension administration software market was valued at $4 billion in 2021 and is estimated to reach $12.2 billion by 2031, growing at a CAGR of 12.3% from 2022 to 2031, due to increasing market demand from the financial sector.
Vendors focus on user experience and ease of use to attract customers and ensure customer satisfaction. The requirement for pension administration software to comply with regulations and industry standards is a major factor driving the market.
The key factors driving the growth of the pension administration software market include factors that help to reduce process turnaround time by automating pension processes that used to take a lot of time to perform manually. In addition, posting overdue fees, drafting and delivering notices of default, and calculating fines and fees are just some of the tasks performed through software management.
This retirement administration software also helps streamline many elements of day-to-day work, allowing the team to focus their efforts and energy on what is most critical and simply cut out less valuable, time-consuming tasks. In addition, the pension administration software is web-based, so administrators, employers, participants and pensioners have access to the information they need in a few clear screens. In addition, it offers integrated mobile and self-service portals that provide members with secure access to their personal benefits information, calculation functions and communications.
In addition, retirement administration software assists with modeling, planning, and calculation tools that enable members to be more proactive in planning for their future, providing a modern customer experience. On the other hand, technology or the use of the digital space in different sectors facilitates the task of streamlining and processing the collected data, but it can be a hindrance when technology is used in dealing with the older population.
The main reason is that the older generations are not familiar with the basic functions of a mobile phone. So one difficult task is to use technology to streamline work related to retirement and the other is to familiarize the elderly with it.
The market also offers growth opportunities for the key players in the market as there is significant opportunity for expansion into emerging markets. In addition, less processing time, automatic pension fund allocation, less paperwork and better innovative technology will boost the pension administration software market.
However, by providing advanced services such as fast and convenient retirement plans with less paperwork, the use of technology is aimed at fostering customer loyalty and increasing the company’s market position. These factors are therefore expected to provide lucrative growth opportunities for the pension administration software market in the coming years.
Key market insights
By component, the solutions segment led the pension administration software market in terms of revenue in 2021. By deployment mode, the on-premise segment accounted for the largest market share for pension administration software in 2021. By type, the public pension segment accounted for the highest market share for pension administration software in 2021 2021. According to end user, the employer segment accounted for the highest market share for pension administration software in 2021. By region, North America generated the highest revenue in 2021.
Market dynamics
Drivers
Modern customer experiencePension administration software helps reduce processing timeEfficiency and cost-effectiveness
limits
Technology restriction for elderly/old people
Possibilities
Technological advancements in administration
Mentioned companies
Capita plc.CivicaCongruent Solutions, Inc.PensionSoft Corporation, LLCSagitec SolutionsWTWEquinitiLevi, Ray & Shoup Inc.TatvaSoft Software Development CompanyZellis
Main market segments By part
By deployment mode
By species
Public Pension Private Pension
By end user
Employers Pension scheme administrators Government agencies
Per region
North AmericaUSCanadaEuropeUKGermanyFranceItalySpainRest of EuropeAsia PacificChinaJapanIndiaAustraliaSouth KoreaRest of Asia PacificLAMEALATIN AmericaMiddle EastAfrica
For more information on this report, please visit https://www.researchandmarkets.com/r/411r2u
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