The Latin America, Middle East and Africa Pension Administration Software Market would 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 market is 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.
Free Valuable Insights: The Worldwide Pension Administration Software Market is Projected to reach USD 8.6 Billion by 2028, at a CAGR of 12%
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
Market Segments Covered in the Report:
By Component
By Deployment
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
TABLE 1 LAMEA Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 2 LAMEA Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 3 LAMEA Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 4 LAMEA Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 5 LAMEA Solution Market by Country, 2018 - 2021, USD Million
TABLE 6 LAMEA Solution Market by Country, 2022 - 2028, USD Million
TABLE 7 LAMEA Services Market by Country, 2018 - 2021, USD Million
TABLE 8 LAMEA Services Market by Country, 2022 - 2028, USD Million
TABLE 9 LAMEA Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 10 LAMEA Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 11 LAMEA Cloud Market by Country, 2018 - 2021, USD Million
TABLE 12 LAMEA Cloud Market by Country, 2022 - 2028, USD Million
TABLE 13 LAMEA On-premise Market by Country, 2018 - 2021, USD Million
TABLE 14 LAMEA On-premise Market by Country, 2022 - 2028, USD Million
TABLE 15 LAMEA Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 16 LAMEA Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 17 LAMEA Public Pension Market by Country, 2018 - 2021, USD Million
TABLE 18 LAMEA Public Pension Market by Country, 2022 - 2028, USD Million
TABLE 19 LAMEA Private Pension Market by Country, 2018 - 2021, USD Million
TABLE 20 LAMEA Private Pension Market by Country, 2022 - 2028, USD Million
TABLE 21 LAMEA Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 22 LAMEA Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 23 LAMEA Government Agencies Market by Country, 2018 - 2021, USD Million
TABLE 24 LAMEA Government Agencies Market by Country, 2022 - 2028, USD Million
TABLE 25 LAMEA Pension Plan Administrators Market by Country, 2018 - 2021, USD Million
TABLE 26 LAMEA Pension Plan Administrators Market by Country, 2022 - 2028, USD Million
TABLE 27 LAMEA Employers Market by Country, 2018 - 2021, USD Million
TABLE 28 LAMEA Employers Market by Country, 2022 - 2028, USD Million
TABLE 29 LAMEA Others Market by Country, 2018 - 2021, USD Million
TABLE 30 LAMEA Others Market by Country, 2022 - 2028, USD Million
TABLE 31 LAMEA Pension Administration Software Market by Country, 2018 - 2021, USD Million
TABLE 32 LAMEA Pension Administration Software Market by Country, 2022 - 2028, USD Million
TABLE 33 Brazil Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 34 Brazil Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 35 Brazil Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 36 Brazil Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 37 Brazil Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 38 Brazil Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 39 Brazil Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 40 Brazil Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 41 Brazil Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 42 Brazil Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 43 Argentina Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 44 Argentina Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 45 Argentina Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 46 Argentina Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 47 Argentina Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 48 Argentina Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 49 Argentina Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 50 Argentina Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 51 Argentina Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 52 Argentina Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 53 UAE Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 54 UAE Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 55 UAE Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 56 UAE Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 57 UAE Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 58 UAE Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 59 UAE Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 60 UAE Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 61 UAE Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 62 UAE Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 63 Saudi Arabia Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 64 Saudi Arabia Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 65 Saudi Arabia Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 66 Saudi Arabia Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 67 Saudi Arabia Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 68 Saudi Arabia Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 69 Saudi Arabia Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 70 Saudi Arabia Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 71 Saudi Arabia Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 72 Saudi Arabia Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 73 South Africa Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 74 South Africa Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 75 South Africa Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 76 South Africa Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 77 South Africa Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 78 South Africa Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 79 South Africa Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 80 South Africa Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 81 South Africa Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 82 South Africa Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 83 Nigeria Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 84 Nigeria Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 85 Nigeria Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 86 Nigeria Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 87 Nigeria Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 88 Nigeria Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 89 Nigeria Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 90 Nigeria Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 91 Nigeria Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 92 Nigeria Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 93 Rest of LAMEA Pension Administration Software Market, 2018 - 2021, USD Million
TABLE 94 Rest of LAMEA Pension Administration Software Market, 2022 - 2028, USD Million
TABLE 95 Rest of LAMEA Pension Administration Software Market by Component, 2018 - 2021, USD Million
TABLE 96 Rest of LAMEA Pension Administration Software Market by Component, 2022 - 2028, USD Million
TABLE 97 Rest of LAMEA Pension Administration Software Market by Deployment, 2018 - 2021, USD Million
TABLE 98 Rest of LAMEA Pension Administration Software Market by Deployment, 2022 - 2028, USD Million
TABLE 99 Rest of LAMEA Pension Administration Software Market by Type, 2018 - 2021, USD Million
TABLE 100 Rest of LAMEA Pension Administration Software Market by Type, 2022 - 2028, USD Million
TABLE 101 Rest of LAMEA Pension Administration Software Market by End User, 2018 - 2021, USD Million
TABLE 102 Rest of LAMEA Pension Administration Software Market by End User, 2022 - 2028, USD Million
TABLE 103 Key Information – Equiniti Group plc
TABLE 104 Key Information – Civica
TABLE 105 Key Information – Capita plc.`
TABLE 106 Key Information – Aon plc
TABLE 107 Key Information – Zellis Holdings Limited
TABLE 108 Key Information – Congruent Solutions, Inc.
TABLE 109 Key Information – Levi, Ray & Shoup, Inc.
TABLE 110 Key Information – PensionSoft Corporation, LLC
TABLE 111 Key Information – Sagitec Solutions, LLC
TABLE 112 Key Information – TatvaSoft Software Development Company
List of Figures
FIG 1 Methodology for the research