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Pension Administration Software Market to Reach $13 Billion, Globally, by 2032 at 11.4% CAGR: Allied Market Research

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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.

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AI should be trained to respect a regulatory ‘constitution’ says BofE policy maker

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Innovative AI models should be trained to respect a ‘constitution’ or a set of regulatory rules that would reduce the risk of harmful behaviour, argues a senior Bank of England policy maker.
In a speech at CityWeek in London, Randall Kroszner, an external member of the Bank of England’s financial policy committee, outlined the distinction between fundamentally disruptive versus more incremental innovation and the different regulatory challenges posed.
“When innovation is incremental it is easier for regulators to understand the consequences of their actions and to do a reasonable job of undertaking regulatory actions that align with achieving their financial stability goals,” he says.
However, in the case of AI, innovation comes thick and fast, and is more likely to be a disruptive force, making it “much more difficult for regulators to know what actions to take to achieve their financial stability goals and what the unintended consequences could be for both stability and for growth and innovation.”
Kroszner suggests that the central bank’s up-and-coming Digital Securities Sandbox, that will allow firms to use developing technology, such as distributed ledger technology, in the issuance, trading and settlement of securities such as shares and bonds, may no longer be an applicable tool for dealing with artifical intelligence technology.
“Fundamentally disruptive innovations – such as ChatGPT and subsequent AI tools – often involve the potential for extraordinarily rapid scaling that test the limits of regulatory tools,” he notes. “In such a circumstance, a sandbox approach may not be applicable, and policymakers may themselves need to innovate further in the face of disruptive change.”
He points to a recent speech by FPC colleague Jon Hall that highlighted the potential risks emerging from neural networks becoming what he referred to as ‘deep trading agents’ and the potential for their incentives to become misaligned with that of regulators and the public good. This, he argued, could help amplify shocks and reduce market stability.
One proposal to mitigate this risk was to train neural networks to respect a ‘constitution’ or a set of regulatory rules.
Kroszner suggests that the idea of a ‘constitution’ could be combined with, and tested in, a sandbox as way of shepherding new innovation in a way that supports financial stability.
“In the cases where fundamentally disruptive change scales so rapidly that a sandbox approach may not be applicable, a ‘constitutional’ approach may be the most appropriate one to take,” he says.
Source: finextra.com
 
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OpenAI apologizes to Johansson, denies voice based on her

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OpenAI chief Sam Altman apologized Tuesday to Scarlett Johansson after the movie star said she was “shocked” by a new synthetic voice released by the ChatGPT-maker, but he insisted the voice was not based on hers.
At issue is “Sky,” a voice OpenAI featured last week in the release of its more humanlike GPT-4o artificial intelligence technology.
In a demo, Sky was at times flirtatious and funny, seamlessly jumping from one topic to the next, unlike most existing chatbots.
The technology — and sound of the voice — quickly drew similarities to the Johansson-voiced AI character in the 2013 film “Her.”
Altman has previously pointed to the Spike Jonze-directed movie — a cautionary tale about the future in which a man falls in love with an AI chatbot — as inspiration for where he would like AI interactions to go.
He furthered speculation last week with a single-word post on X, formerly Twitter, saying “her.”
“The voice of Sky is not Scarlett Johansson’s, and it was never intended to resemble hers,” Altman said in a statement on Tuesday in a response to the controversy.
“We cast the voice actor behind Sky’s voice before any outreach to Ms. Johansson.
“Out of respect for Ms. Johansson, we have paused using Sky’s voice in our products. We are sorry to Ms. Johansson that we didn’t communicate better.”
The statement came after Johansson on Monday expressed outrage, saying she was “shocked, angered, and in disbelief that Mr Altman would pursue a voice that sounded so eerily similar to mine that my closest friends and news outlets couldn’t tell the difference.”
She said Altman had offered in September to hire her to work with OpenAI to create a synthetic voice, saying it might help people engaging with AI, but she declined.
Risk team disbanded
In a blogpost, the company explained that it began working to cast the voice actors in early 2023, “carefully considering the unique personality of each voice and their appeal to global audiences.”
Some of the characteristics sought were “a voice that feel timeless” and “an approachable voice that inspires trust,” the company said.
The five final actors were flown to San Francisco to record in June and July, it said, with their voices launched into ChatGPT last September.
“To protect their privacy, we cannot share the names of our voice talents,” OpenAI said.
“We believe that AI voices should not deliberately mimic a celebrity’s distinctive voice.”
So far in the AI frenzy, most tech giants have been reluctant to overly humanize chatbots and some observers expressed concern that OpenAI’s demo last week had gone too far.
Microsoft Vice President Yusuf Mehdi cautioned that AI “should not be human.”
“It shouldn’t breathe. You should be able to…understand (it) is AI,” he told AFP.
The Johansson dispute came just days after OpenAI admitted it disbanded a team devoted to mitigating the long-term dangers of artificial intelligence.
OpenAI began dissolving the so-called “superalignment” group weeks ago, integrating members into other projects and research.
Source: france24.com
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India’s next big focus: Artificial Intelligence

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Have you heard about ChatGPT? It’s an AI software that has become quite famous. Chances are, if you’ve been reading stories online, it has been involved in some way.
In today’s fast-changing world, where AI plays a big role, India has a great opportunity to grow. Rajeev Chandrashekhar, Minister of State for the Ministry of Information and Technology, believes India is ready to boost its tech economy. The plan is to invest in both public and private capital flows into the digital space in the real economy space. Chandrashekhar highlights key areas of focus for the next 5-7 years: electronics and microelectronics, telecom, high-performance computing semiconductors, cybersecurity, the future of the internet, automotive and EVs.
Investing in Innovation: Fueling the IndiaAI Mission
Prime Minister Narendra Modi has allocated $12 billion as seed capital into the research and innovation fund that will finance R&D and invest in the next wave of startups, including deep tech, AI, and other similar endeavors.
The government has recently approved over Rs 10,300 crore for the IndiaAI Mission, set to be invested over the next five years. This investment aims to drive various initiatives like building AI computing capacity, establishing innovation centers, creating datasets platforms, and supporting AI startups. The goal is to build cutting-edge AI computing infrastructure, benefiting from collaborations with over 10,000 GPUs.
Tailored Solutions for India: The IndiaAI Approach
India’s approach to AI is tailored to its specific needs. The IndiaAI mission aims to empower states like Kerala, which have untapped potential in the tech sector. By investing in such regions, the government hopes to unlock opportunities for young Indians and increase economic growth.
S Krishnan, secretary of the Ministry of Electronics and Information Technology (MeitY), notes the importance of developing AI models specific to India. While foreign models like ChatGPT 4 can handle Indian languages, they may carry biases due to the data they’re trained on.
Safe & Secure India: Learning from Global Experiences
India’s stance on AI regulation is practical. By observing and learning from other countries’ experiences, India aims to develop effective regulations without hindering innovation. Krishnan also said that India might hold an advantage over other nations by entering AI regulations later, as it can study and learn from the mistakes made by other countries.
The MeitY secretary also raised concerns regarding the potential job losses due to AI. However, he pointed out that India might not be as heavily affected due to its substantial pool of engineers already familiar with the technology. Nonetheless, he underscored the necessity for significant efforts in retraining and upskilling. India’s prioritisation of technology, particularly AI, reflects its ambition to drive progress and prosperity in the digital age.
Source: ddnews.gov.in
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