Home > Media & Technology > Information Technology > IT Software > Pension Administration Software Market

Pension Administration Software Market Trends

  • Report ID: GMI9573
  • Published Date: May 2024
  • Report Format: PDF

Pension Administration Software Market Trends

The increasing demand for pension administration software is driven by organizations' heightened focus on optimizing retirement benefits management. As companies strive to enhance efficiency, ensure regulatory compliance, and provide seamless user experiences for employees or members, the adoption of sophisticated software solutions tailored to pension administration needs becomes imperative.

For instance, in February 2024, Nuveen partnered with Morningstar Retirement to introduce the TIAA Secure Income Account (SIA) through the Morningstar Retirement Manager platform. This collaboration seeks to integrate a deferred fixed annuity, the TIAA SIA, into managed accounts programs to safeguard and augment retirement funds. Tailored retirement guidance and secure income choices provided by TIAA SIA aim to elevate participants' retirement planning approaches.

The growth of cloud-based solutions revolutionizes the pension administration software landscape. Organizations embrace cloud platforms for their scalability, flexibility, and cost-effectiveness. Cloud-based pension administration software offers enhanced accessibility, allowing users to manage pension plans remotely. Moreover, it facilitates seamless collaboration and integration with other business systems. With the ability to store and process vast amounts of data securely, cloud-based solutions enable organizations to adapt to evolving regulatory requirements and efficiently manage complex pension portfolios, driving further market growth.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Pension administration software industry size was worth USD 3.6 billion in 2023 and is projected to expand at over 8% CAGR from 2024 to 2032, owing to the aging population, complex regulatory requirements, rising need for efficient fund management, and the adoption of digital solutions for streamlined administration processes.

The software component segment in the pension administration software industry accounted for 71% revenue share in 2023 and is projected to grow at significant CAGR between 2024 and 2032, due to the increasing adoption of modular solutions by the organizations to select and integrate specific features according to their needs.

The corporate pension funds end-user segment in the pension administration software industry accounted for 36% market share in 2023 and is estimated to record significant growth between 2024 and 2032, led by the increasing prioritization of sustainable investing, integrating environmental, social, and governance (ESG) factors into the corporate pensions funds investment strategies.

North America pension administration software market accounted for over 35% revenue share in 2023 and is estimated to grow at substantial rate between 2024 and 2032, on account of the rising aging population, and high demand for efficient pension management tools.

Pension Administration Software Market Scope

Buy Now

Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 330
  • Countries covered: 21
  • Pages: 280
 Download Free Sample