Uncategorized
Pension Administration Software Market to Reach $13 Billion, Globally, by 2032 at 11.4% CAGR: Allied Market Research
Allied Market Research published a report, titled, “Pension Administration Software Market by Component (Solution and Services), Deployment Mode (On-Premise and Cloud), Type (Public Pension and Private Pension), End User (Employers, Pension Plan Administrators, Government Agencies, and Others), and Pension Fund Size (Less Than $500 Million, $500 Million To $1 Billion, $1 Billion To $5 Billion, $5 Billion To $10 Billion, and $10 Billion and Above): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the pension administration software market was valued at $4.5 billion in 2022, and is estimated to reach $13 billion by 2032, growing at a CAGR of 11.4% from 2023 to 2032.
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182 – Tables62 – Charts330 – Pages
Drivers, Restraints, and Opportunities-
The pension administration software market is expected to witness notable growth owing to modern customer experience, in which pension administration software helps to reduce processing time, efficiency, and cost effectiveness. Moreover, technological advancements in the field of administration and integration of mobile technology in pension administration software are expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, technological limitations of the aged people and high implementation costs limit the growth of the pension administration software market.
Report Coverage
Details
Forecast Period
2023–2032
Base Year
2022
Market Size in 2022
$4.5 billion
Market Size in 2032
$13 billion
CAGR
11.4 %
No. of Pages in Report
330
Segments Covered
Component, Deployment Mode, Type, End user, Pension Fund Size, and Region
Drivers
Modern customer experience
Pension administration software helps to reduce processing time
Efficiency and cost effectiveness
Increase in demand for pension administration solutions
Opportunities
Technological advancements in the field of administration
Integration of mobile technology in pension administration software
Restraints
Technology limitations of the aged people
High implementation costs
The solution segment to maintain its leadership status throughout the forecast period
By component, the solution segment accounted for more than three-fifths of the global pension administration software market share in 2022 and is expected to remain dominant during the forecast period, owing to communication with participants, such as by sending out statements and alerts on plan modifications, which can enhance member satisfaction and communication. However, the services segment is expected to witness the highest CAGR of 13.1% in the upcoming years, owing to increase in the adoption of digital technologies across various industries and availability of desired information from anywhere at any time. Moreover, pension administration services help organizations in threat detection and risk management, which drives the growth of the market.
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The on-premise segment to maintain its leadership status throughout the forecast period
By deployment mode, the on-premise segment accounted for more than half of the global pension administration software market share in 2022 and is expected to dominate by 2032, owing to increase in the need to secure critical data from cyberattacks and monitor the influx of data within the organization. However, the cloud segment is expected to witness the highest growth of 12.8%, owing to being employed by many organizations to safeguard the level of security and compliance of their public and private cloud architecture.
The public pension segment to maintain its leadership status throughout the forecast period
By type, the public pension segment accounted for nearly two-thirds of the pension administration software market share in 2022 and is expected to dominate by 2032, owing to increasing demand for pension administration software from small and medium-sized businesses (SMBs) due to the growing awareness of the benefits of using such software. Moreover, the increasing use of cloud-based pension administration software has made it more affordable and easier to use than traditional on-premises software. However, the private pension segment would also display the fastest CAGR of 13.6% throughout the forecast period, owing to the rise in demand for pension administration software with customized models, and changes in consumer preferences toward pension plans. Moreover, the unexpected social and financial disruption caused by the pandemic has forced individuals and businesses across the world to rely on technology and IT services such as SaaS for documentation, wide-ranging set of account-centric business operations, repayment modes such as standing instructions, cash, and electronic payments, and to follow social distance, and others.
The employers segment to maintain its leadership status throughout the forecast period
By end user, the employers segment accounted for more than two-fifths of the global pension administration software market share in 2022 and is expected to rule the boost by 2032, owing to more automation of the pension administration process, including things such as contribution tracking and benefit calculations. In addition, many employers are providing employees with access to their own pension information through self-service portals, allowing them to make changes or updates to their accounts. However, the pension plan administrators segment is expected to display the fastest CAGR of 17.5% throughout the forecast period, owing to increase in demand for transparency and accountability from plan administrators. Pension administration software can help administrators to provide this by making it easier to track and report plan activities.
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The $1 billion to $5 billion segment to maintain its leadership status throughout the forecast period
By pension fund size, the $1 billion to $5 billion segment accounted for more than one-third of the global pension administration software market share in 2022 and is expected to remain dominant by 2032, owing to the increasing demand for integrated pension administration and financial management software suites. Pension funds in this category seek comprehensive solutions that streamline operations, improve efficiency, and enable better decision-making processes. In addition, there is a growing emphasis on data security and compliance features to protect sensitive member information and adhere to regulatory requirements. However, the $500 million to $1 billion segment is expected to display the fastest CAGR of 15.4% throughout the forecast period, owing to growth in demand for solutions offering advanced analytics and reporting functionalities to help administrators gain deeper insights into fund performance and member trends. Companies such as SunGard and Sapiens have developed comprehensive software suites tailored to medium-sized pension funds’ needs, providing a range of features and scalability options.
North America garnered the major share in 2022
Region-wise, the pension administration software market was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to fund management and investment management that are increasing in the U.S. for which customers demand a robust pension settlement procedure. Therefore, companies in this region are adopting pension administration software to do the work fast and efficiently. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the use of pension administration software in the banking and financial institution industry for better decisions, better customer experiences, and significant cost savings. Furthermore, as a result of the coronavirus disease (COVID-19) outbreak, financial institutions all over the world are increasingly turning to digital/automation channels to provide pension- related services and deal with pandemic challenges.
Leading Market Players-
Capita Plc.
Civica
Congruent Solutions, Inc.
Pensionsoft Corporation, LLC
Sagitec Solutions
WTW
Equiniti
Levi, Ray and Shoup Inc.
Tatvasoft Software Development Company
Zellis
The report analyzes these key players in the global pension administration software market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player..
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Key Benefits For Stakeholders
This report provides a quantitative analysis of the pension administration software market segments, current trends, estimations, and dynamics of the pension administration software market analysis from 2022 to 2032 to identify the prevailing pension administration software market opportunities.
The pension administration software market forecast research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the pension administration software market growth assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the pension administration software market opportunity.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the pension administration software market outlook.
The report includes the analysis of the regional as well as global pension administration software market trends, key players, market segments, application areas, and retirement administration strategies.
Key Market Segments
Component
Solution
Services
Deployment Mode
On-Premises
Cloud
Type
Public Pension
Private Pension
End User
Pension Plan Administrators
Government Agencies
Others
Employers
Pension Fund Size
Less Than $500 Million
$500 Million To $1 Billion
$1 Billion To $5 Billion
$5 Billion To $10 Billion
$10 Billion and Above
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
WTW
Capita plc.
Zellis
Civica
Sagitec Solutions
Levi, Ray & Shoup Inc.
Congruent Solutions, Inc.
PensionSoft Corporation, LLC
Equiniti
TatvaSoft Software Development Company
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The post Pension Administration Software Market to Reach $13 Billion, Globally, by 2032 at 11.4% CAGR: Allied Market Research appeared first on HIPTHER Alerts.
In today’s world, the realm of artificial intelligence (AI) presents us with fascinating possibilities and unsettling dilemmas. From engaging in nuanced conversations with humanoid robots to grappling with the consequences of deepfake technology, the advancements in AI have far-reaching implications that extend into the realm of human psychology, as noted by Joel Pearson, a cognitive neuroscientist at the University of New South Wales.
While AI holds the promise of simplifying our lives, Pearson emphasizes that these developments can also have profound effects on our mental well-being, challenging our perceptions and emotional responses in ways we may not fully comprehend. Despite our fears of killer robots and rogue self-driving cars, Pearson suggests that the psychological impacts of AI are equally if not more significant, albeit less tangible.
One area of concern highlighted by Pearson is the tendency for humans to anthropomorphize AI entities, attributing human-like qualities to non-human agents such as chatbots. This phenomenon can lead to emotional attachments and vulnerabilities, as evidenced by individuals who develop romantic feelings for AI companions like Replika. Pearson underscores the need for further research into the implications of these human-AI relationships, particularly regarding their impact on interpersonal dynamics and emotional health.
Furthermore, Pearson raises alarm about the proliferation of deepfake technology, which has the potential to distort our perception of reality and erode trust in media. Deepfake images and videos, often used for nefarious purposes like non-consensual pornography, can leave lasting impressions on our psyche, even after their falsity is exposed. Pearson warns of the long-term effects of exposure to such content, particularly on vulnerable populations like teenagers whose developing brains may be more susceptible to manipulation.
In response to these challenges, Pearson calls for a nuanced understanding of AI’s psychological impact and advocates for a proactive approach to addressing its potential harms. He stresses the importance of prioritizing human connection and well-being in the face of technological uncertainty, urging individuals to reflect on their values and embrace activities that foster genuine human interaction.
Ultimately, Pearson’s message serves as a reminder that while AI offers immense potential, we must remain vigilant about its unintended consequences and prioritize our mental and emotional resilience in navigating an increasingly AI-driven world. By acknowledging the psychological implications of AI and engaging in thoughtful dialogue, we can work towards harnessing its benefits while mitigating its risks.
Source: abc.net.au
The post Unveiling the Complex Psychological Implications of Artificial Intelligence appeared first on HIPTHER Alerts.
Uncategorized
US official calls on China and Russia to affirm human, not AI, control over nuclear weapons
Senior U.S. Official Urges China and Russia to Affirm Human Control Over Nuclear Weapons
In a recent online briefing, Paul Dean, an arms control official from the State Department, called on China and Russia to align their declarations with those of the United States and other nations. He stressed the importance of ensuring that only humans, not artificial intelligence, are responsible for decisions regarding the deployment of nuclear weapons.
Dean highlighted Washington’s firm commitment to maintaining human control over nuclear weapons, a commitment echoed by France and Britain. He expressed the hope that China and Russia would issue similar statements, emphasizing the significance of this norm of responsible behavior, especially within the context of the five permanent members of the United Nations Security Council.
These remarks coincide with efforts by the administration of U.S. President Joe Biden to engage in separate discussions with China on nuclear weapons policy and the development of artificial intelligence.
While the Chinese defense ministry has yet to respond to these comments, discussions on artificial intelligence emerged during recent talks between U.S. Secretary of State Antony Blinken and China’s Foreign Minister Wang Yi in Beijing. Both parties agreed to hold their first bilateral talks on artificial intelligence in the coming weeks, aiming to address concerns about the technology’s risks and safety.
Although U.S. and Chinese officials resumed nuclear weapons discussions in January as part of efforts to normalize military communications, formal arms control negotiations are not expected in the near future. Meanwhile, China, amid its expansion of nuclear capabilities, previously suggested that the largest nuclear powers should prioritize negotiating a no-first-use treaty between each other.
Source: reuters.com
The post US official calls on China and Russia to affirm human, not AI, control over nuclear weapons appeared first on HIPTHER Alerts.
The widespread adoption of artificial intelligence (AI) has been remarkable, but it has come at a significant cost.
R K Anand, co-founder and chief product officer at Recogni, highlighted the exponential growth in data and compute power required to train modern AI systems. He emphasized that firms must invest substantial resources, both in terms of time and money, to train some of today’s largest foundational models.
Moreover, the expenditure doesn’t end once the models are trained. Meta, for instance, anticipates spending between $35 billion and $40 billion on AI and metaverse development this fiscal year. This substantial investment underscores the ongoing financial commitment necessary for AI development.
Given these challenges, Anand stressed the importance of developing next-generation AI inference solutions that prioritize performance and power efficiency while minimizing total ownership costs. He emphasized that inference is where the scale and demand of AI will be realized, making efficient technology essential from both a power cost and total cost of operations perspective.
AI inference, which follows AI training, is crucial for real-world applications of AI. Anand explained that while training builds the model, inference involves the AI system producing predictions or conclusions based on existing knowledge.
However, inference also represents a significant ongoing cost in terms of power and computing. To mitigate these expenses, Anand suggested methods such as weight pruning and precision reduction through quantization to design more efficient models.
Since a large portion of an AI model’s lifespan is spent in inference mode, optimizing inference efficiency becomes crucial for lowering the overall cost of AI operations.
Anand highlighted the importance of efficient inference for enterprises, noting that it enables higher productivity and returns on investment. However, he cautioned that without favorable unit economics, the AI industry could face challenges, especially considering the increasing volume of data.
Ultimately, Anand emphasized the need for AI solutions that increase productivity without significantly increasing operating costs. He predicted a shift towards allocating a larger portion of computing resources to inference as AI becomes more integrated into day-to-day work.
Source: pymnts.com
The post Enterprise AI Faces Looming Energy Crisis appeared first on HIPTHER Alerts.
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