About Third Party Pension Administration Software
A third-party pension administration software is an all-encompassing solution specially designed to help the third-party administrators, product providers, systems integrators, technology companies, and government state pension schemes as well as it is beneficial to their end-clients. The software enables the efficient management of all types of pension plans by giving administrators a holistic view of each member’s records.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United Kingdom Players will contribute the maximum growth to United Kingdom Third Party Pension Administration Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aquila, Capita, SAP, Procentia Inc, Barnett Waddingham LLP, XPS Pensions Group, Trafalgar House Pensions Administration Limited, Profund and Civica are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of United Kingdom Third Party Pension Administration Software market by Type (Public Pension and Private Pension) and Region.
On the basis of geography, the market of Third Party Pension Administration Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. Cloud will boost the Third Party Pension Administration Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Services, the sub-segment i.e. Pensions Administration will boost the Third Party Pension Administration Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-user, the sub-segment i.e. Pension Trust Administration will boost the Third Party Pension Administration Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Emerging Trend of Cloud-based Software Among the End-Users
Market Growth Drivers:
Increased Adoption of Digital Pension Platforms by the Third Party Service Providers to Provide More Efficient Service and Support and Growing Popularity of Self Service Portals to Automate the Process and Eliminate Human Errors
Challenges:
The Presence of Global Tech Giants in the United Kingdom Market Can Create Challenges
Restraints:
High Cost Associated with Software Licensing and Trainings May Hamper the Growth
Opportunities:
The Shifting Towards the Third Party Pension Administrators for the Management of Individual’s Pension Plans
Market Leaders and their expansionary development strategies
In 2019, BT Pension Scheme Management announced the acquisition of Procentia, a leading pensions software company.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Third Pension Administration Software Providers, Venture Capitalists and Private Equity Firms, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.