Study Period | 2019-2032 |
Base Year | 2023 |
Forcast Year | 2023-2032 |
CAGR | 6.26 |
Annuity Platform Market Analysis Report 2023-2032: The Annuity Platform Market is poised to experience substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 6.85% between 2022 and 2032. The market size is anticipated to witness a surge of USD 11,247.89 million during this period. The expansion of the market hinges on several influential factors, including increasing aging populations, a shift towards retirement planning, and the need for guaranteed income solutions. An annuity platform refers to a technological infrastructure that facilitates the management, distribution, and administration of annuity products. It integrates a range of functions related to annuity services, such as product offerings, underwriting, policy management, and customer communication, into a unified digital framework. The platform streamlines processes, enhances customer experiences, and enables financial institutions to efficiently offer annuity-based solutions to their clients, catering to their retirement and financial security needs.
Annuity Platform Market Overview: Drivers:
Moreover, the trend towards personalized financial planning is contributing to the expansion of the annuity platform market. Consumers are increasingly seeking tailored retirement solutions that align with their individual financial goals and risk tolerance. Annuity platforms offer the capability to customize annuity products based on customer preferences, risk profiles, and retirement objectives. This flexibility enhances customer satisfaction and widens the market's appeal.
Trends:
Furthermore, the rising adoption of hybrid annuity products is contributing to the market's expansion. Hybrid annuities combine elements of both traditional annuities and investment-linked products, providing clients with a balance of guaranteed income and potential market-linked returns. Annuity platforms equipped to handle complex hybrid products are poised to gain a competitive edge in the market, as they cater to the demand for diversified retirement solutions.
Restraints:
Additionally, the consolidation of legacy systems and modern technology within annuity platforms can be intricate. Many financial institutions have existing systems that need to be integrated into these platforms, which can lead to compatibility issues and hinder smooth implementation. The transition from legacy systems to integrated digital platforms requires careful planning and execution to avoid disruptions.
Annuity Platform Market Segmentation by Functionality: The policy administration segment is projected to witness substantial growth during the forecast period. Annuity platforms streamline the administration of annuity policies, including policy issuance, premium collection, claims processing, and policyholder communications. This functionality enhances operational efficiency for insurance companies and financial institutions while ensuring accurate and timely management of annuity contracts.
Additionally, the investment management aspect within annuity platforms is gaining prominence. With the increasing demand for investment-linked annuity products, platforms that facilitate dynamic portfolio management, investment tracking, and risk analysis are becoming essential. These functionalities enable financial advisors to tailor annuity solutions that align with clients' investment preferences and retirement objectives.
Annuity Platform Market Segmentation by Deployment: Cloud-based annuity platforms are poised to experience significant adoption and growth. Cloud deployment offers scalability, cost-efficiency, and accessibility, allowing financial institutions to offer annuity products to a broader client base. The cloud-based approach reduces the need for extensive IT infrastructure investments and provides the flexibility to scale resources based on demand, optimizing operational efficiency.
Regional Overview:
Download the report summary now!
Request pdf Sample
During the economic uncertainties brought about by the COVID-19 pandemic, the annuity platform market experienced a temporary slowdown in 2020 due to disruptions in financial markets and shifting priorities. However, as economies stabilize and individuals seek secure retirement options, the demand for annuity products and the platforms that facilitate their distribution are expected to rebound.
Annuity Platform Market Customer Landscape: The annuity platform market report includes a comprehensive analysis of customer adoption trends, ranging from early adopters to late-stage adopters. It examines adoption rates across different regions and delves into key purchase criteria and price sensitivity drivers. These insights assist companies in developing targeted growth strategies and refining their offerings to meet evolving customer preferences.
Major Annuity Platform Market Companies: Companies in the annuity platform market are strategically employing alliances, acquisitions, technological partnerships, and product innovations to enhance their market presence.
The competitive landscape analysis within the market report highlights 15 major market players, including:
The qualitative and quantitative assessment of these companies aids in understanding the market dynamics, industry context, and strengths and weaknesses of key players. The analysis categorizes companies based on their specialization, focus, and market influence, providing a holistic view of the competitive landscape.
Segment Overview:
TABLE OF CONTENTS: GLOBAL ANNUITY PLATFORM MARKET
Chapter 1. MARKET SYNOPSIS
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. EXECUTIVE SUMMARY
2.1. Summary Snapshot, 2016 – 2027
Chapter 3. INDICATIVE METRICS
3.1. Macro Indicators
Chapter 4. ANNUITY PLATFORM MARKET SEGMENTATION & IMPACT ANALYSIS
4.1. Annuity Platform Segmentation Analysis
4.2. Industrial Outlook
4.3. Price Trend Analysis
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.5.1. Power Of Suppliers
4.5.2. Power Of Buyers
4.5.3. Threat Of Substitutes
4.5.4. Threat Of New Entrants
4.5.5. Competitive Rivalry
Chapter 5. ANNUITY PLATFORM MARKET BY Component INSIGHTS & TRENDS
5.1. Segment 1 Dynamics & Market Share, 2019 & 2027
5.2. Platform
5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
5.3. Services
5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
Chapter 6. ANNUITY PLATFORM MARKET BY End user INSIGHTS & TRENDS
6.1. Segment 2 Dynamics & Market Share, 2019 & 2027
6.2. Banking
6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
6.3. Insurance companies
6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
Chapter 7. ANNUITY PLATFORM MARKET REGIONAL OUTLOOK
7.1. Annuity Platform Market Share By Region, 2019 & 2027
7.2. NORTH AMERICA
7.2.1. North America Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.2. North America Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.3. North America Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.4. North America Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.2.5. U.S.
7.2.5.1. U.S. Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.5.2. U.S. Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.5.3. U.S. Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.5.4. U.S. Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.2.6. CANADA
7.2.6.1. Canada Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.6.2. Canada Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.6.3. Canada Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.6.4. Canada Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3. EUROPE
7.3.1. Europe Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.2. Europe Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.3. Europe Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.4. Europe Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.5. GERMANY
7.3.5.1. Germany Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.5.2. Germany Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.5.3. Germany Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.5.4. Germany Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.6. FRANCE
7.3.6.1. France Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.6.2. France Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.6.3. France Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.6.4. France Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.7. U.K.
7.3.7.1. U.K. Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.7.2. U.K. Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.7.3. U.K. Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.7.4. U.K. Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4. ASIA-PACIFIC
7.4.1. Asia Pacific Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.2. Asia Pacific Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.3. Asia Pacific Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.4. Asia Pacific Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.5. CHINA
7.4.5.1. China Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.5.2. China Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.5.3. China Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.5.4. China Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.6. INDIA
7.4.6.1. India Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.6.2. India Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.6.3. India Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.6.4. India Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.7. JAPAN
7.4.7.1. Japan Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.7.2. Japan Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.7.3. Japan Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.7.4. Japan Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.8. AUSTRALIA
7.4.8.1. Australia Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.8.2. Australia Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.8.3. Australia Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.8.4. Australia Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.5. MIDDLE EAST AND AFRICA (MEA)
7.5.1. Mea Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.5.2. Mea Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.5.3. Mea Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.5.4. Mea Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.6. LATIN AMERICA
7.6.1. Latin America Annuity Platform Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.6.2. Latin America Annuity Platform Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.6.3. Latin America Annuity Platform Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.6.4. Latin America Annuity Platform Market Estimates And Forecast By Production Process, 2016 –2027, (USD Million)
7.6.5. Latin America Annuity Platform Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
Chapter 8. COMPETITIVE LANDSCAPE
8.1. Market Share By Manufacturers
8.2. Strategic Benchmarking
8.2.1. New Product Launches
8.2.2. Investment & Expansion
8.2.3. Acquisitions
8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures
8.3. Vendor Landscape
8.3.1. North American Suppliers
8.3.2. European Suppliers
8.3.3. Asia-Pacific Suppliers
8.3.4. Rest Of The World Suppliers
Chapter 9. COMPANY PROFILES
9.1. Accenture plc
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Insights
9.1.4. Strategic Initiatives
9.2. Andesa Services
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Insights
9.2.4. Strategic Initiatives
9.3. Capgemini SE
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Insights
9.3.4. Strategic Initiatives
9.4. Oracle Corporation
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Insights
9.4.4. Strategic Initiatives
9.5. Concentrix Corporation
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Insights
9.5.4. Strategic Initiatives
9.6. DXC Technology Company
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Insights
9.6.4. Strategic Initiatives
9.7. Infosys Limited
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Insights
9.7.4. Strategic Initiatives
9.8. EXL
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Insights
9.8.4. Strategic Initiatives
9.9. FAST Technology
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Insights
9.9.4. Strategic Initiatives
9.10. InsPro Technologies LLC
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Insights
9.10.4. Strategic Initiatives
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
"Find new revenue generation opportunities"