In 2024, the global Pension Administration software market grew to $289 million, marking a 6.6% year-over-year increase. The top 10 vendors accounted for 79.9% of the total market. Milliman Marc led the pack with a 15.5% market share, followed by Oracle, Alight Solutions, and Sagitec Solutions.
Through our forecast period, the Pension Administration applications market size is expected to reach $414 million by 2029, compared with $289 million in 2024 at a compound annual growth rate of 7.5%.
Top 10 Pension Administration Software Vendors in 2024 and their Market Shares
Source: Apps Run The World, July 2025
Other Pension Administration software providers included in the report are 2Interact, Inc., Avenu Insights & Analytics, CentralSquare Technologies, Cornerstone OnDemand, Culture Amp, Hilan, HITS Solutions, LRS Retirement Solutions, Lynchval Systems Worldwide, Inc., Malam PayRoll, O.C. Tanner, PDS, Reward Gateway, an Edenred Company, PlanSource, Paycom, SYNEL, SS&C Technologies, TotalSoft, UNIT4, UKG, Visma, Version Systems, Workhuman, Workday, Zellis (ex NGA Human Resources UK & Ireland), and others.
Vendor Snapshot: Pension Administration Market Leaders
Milliman Marc
Milliman’s Actuarial Retirement Calculator has long been a cornerstone in pension administration, offering robust tools for defined benefit and cash balance plans. Recent advancements have seen it evolve into a more dynamic platform, incorporating intelligent automation to streamline benefit calculations and projections. While specific details on agentic AI integrations are limited, the platform’s continuous updates suggest a strategic alignment towards more autonomous and AI-driven capabilities in pension administration.
Oracle
Oracle’s PeopleSoft Pension Administration is undergoing a significant transformation with the integration of Oracle Fusion AI Agents. The introduction of Oracle AI Agent Studio enables the design and deployment of AI agents across enterprise applications, enhancing workflows and decision-making processes. These advancements indicate a strategic shift towards embedding agentic AI into pension administration, aiming to improve efficiency and user experience.
Alight Solutions
Alight’s Retirement Benefits platform is embracing AI-powered enhancements, as evidenced by the Worklife 2025 release. This update introduces AI-driven reporting and Microsoft Teams integration, aiming to provide more personalized and efficient retirement planning services. These innovations reflect Alight’s commitment to integrating intelligent automation into their pension administration solutions.
Sagitec Solutions
Sagitec’s Neospin platform offers a comprehensive, browser-based solution for pension administration. While specific details on agentic AI integrations are not explicitly mentioned, the platform’s adaptability and comprehensive functionality suggest a foundation that could support future AI-driven enhancements. Sagitec’s focus on flexibility positions Neospin well for incorporating autonomous agents and intelligent automation in the future.
Vitech Systems Group
Vitech’s V3locity Retirement Administration platform is at the forefront of integrating AI into pension administration. The Fall 2024 update introduced AI-powered analytics and advanced digital servicing capabilities, reflecting Vitech’s strategic focus on intelligent automation. Furthermore, Vitech’s exploration of agentic AI indicates a forward-thinking approach to incorporating autonomous agents into their product roadmap.
Equiniti Group
Equiniti’s proprietary administration platform, Compendia, serves as the backbone of their pension administration services. Designed to support various pension schemes, including Defined Benefit (DB), Defined Contribution (DC), Career Average Revalued Earnings (CARE), and Hybrid models, Compendia offers comprehensive functionality such as automated benefit calculations, document management, and member self-service portals. The platform’s emphasis on automation and efficiency reflects Equiniti’s commitment to providing scalable and future-ready solutions for pension administrators
Paycom
Paycom’s Benefits Administration module is part of its comprehensive Human Capital Management (HCM) suite, built on a single-database architecture. This integration allows for seamless data flow across various HR functions, reducing manual errors and enhancing efficiency. While specific details on agentic AI integrations are not explicitly mentioned, the platform’s focus on automation and data integration suggests a foundation that could support future enhancements incorporating intelligent automation and autonomous agents in pension administration.
TELUS Health (including LifeWorks)
TELUS Health’s LifeWorks platform offers an end-to-end solution for benefits management, including retirement plan administration. The platform is designed to integrate seamlessly into organizations, providing eligibility determination, enrollment, billing, and ongoing support. While specific implementations of agentic AI are not detailed, the platform’s emphasis on integration and employee experience suggests a potential for future enhancements incorporating intelligent automation and autonomous agents to support pension administration services.
SAP
SAP SuccessFactors Employee Central Global Benefits module facilitates the management of various benefits, including retirement plans, through automation and seamless integrations. The Intelligent Service Center (ISC) within the platform enables automatic creation of benefit enrollments and deduction records based on employee eligibility and life events. This automation reduces manual effort and simplifies the user experience, aligning with SAP’s strategy to leverage intelligent automation in benefits administration.
LRS Retirement Solutions
LRS Retirement Solutions’ PensionGold software is a comprehensive, web-based solution designed for public sector defined benefit plans. Built upon the Enterprise Solutions Foundation (ESF) platform, PensionGold offers a service-oriented architecture that supports robust pension administration features. While specific details on agentic AI integrations are not explicitly mentioned, the platform’s configurable architecture and focus on efficient implementation suggest a readiness to incorporate intelligent automation and autonomous agents in future updates.
ARTW Technographics Platform: Pension Administration customer wins
Since 2010, our research team has been studying the patterns of Pension Administration software purchases, analyzing customer behavior and vendor performance through continuous win/loss analysis. Updated quarterly, the ARTW Technographics Platform provides deep insights into thousands of Pension Administration customer wins and losses, helping users monitor competitive shifts, evaluate vendor momentum, and make informed go-to-market decisions.
List of Pension Administration customers Â
Source: ARTW Buyer Insights Technographic Database
Custom data cuts related to the Pension Administration Applications market are available:
- Top Pension Administration Applications Vendors and Market Forecast 2024-2029
- 2024 Pension Administration Applications Market By Vertical Market (21 Industry)
- 2024 Pension Administration Applications Market By Country (USA + 45 countries)
- 2024 Pension Administration Applications Market By Region (Americas, EMEA, APAC)
- 2024 Pension Administration Applications Market By Revenue Type (License, Services, Hardware, Support and Maintenance, Cloud)
- 2024 Pension Administration Applications Market By Customer Size (revenue, employee count, asset)
- 2024 Pension Administration Applications Market By Channel (Direct vs Indirect)
- 2024 Pension Administration Applications Market By Product
Through our forecast period, the HCM applications market is expected to reach $81.1 billion by 2029, compared with $58.7 billion in 2024 at a compound annual growth rate of 11.7%.
Through our forecast period, the Core HR and Talent Management applications market, which is comprised of nine subsegments, is expected to reach $48.6 billion by 2029, compared with $35.5 billion in 2024 expanding at a compound annual growth rate of 11.6%. For the Top 10 vendors in each of the nine subsegments, please check their own index page by following the link below.
Through our forecast period, the Talent Acquisition applications market, which is comprised of six subsegments, is expected to reach $20.3 billion by 2029, compared with $14.5 billion in 2024 expanding at a compound annual growth rate of 11.7%. For the Top 10 vendors in each of the six subsegments, please check their own index page by following the link below.
Through our forecast period, the Workforce Management applications market, which is comprised of six subsegments, is expected to reach $12.1 billion by 2029, compared with $8.7 billion in 2024 expanding at a compound annual growth rate of 12.1%. For the Top 10 vendors in each of the six subsegments, please check their own index page by following the link below.
Our HCM Top 500 research team also tracks Time Clock Hardware vendors separately by zeroing in on their embedded software as well as their extensive use of OEM and distribution partners.
Exhibit 3: Worldwide HCM Software Market 2024-2029 Forecast, $M
Source: Apps Run The World, July 2025
Exhibit 4 shows our projections for the HCM enterprise applications market by HCM sub-segment, based on the buying preferences and the customer propensity to invest in new software within those industries as they continue to upgrade and replace many legacy industry-specific applications that have been identified and tracked in our Buyer Insight Database.
Methodology
Similar to any of the hundreds of reports that we have published since 2010, HCM Top 500 is a labor of love. Since 2013, our team of researchers have been conducting rigorous research on thousands of HCM vendors, surveying them quarterly, reviewing their products at even shorter intervals because of the compressed Cloud release cycle, and discussing HR vision with their customers to better understand user needs as well as different paths to upgrade and replace their existing systems.
Each year we also attend many industry-wide and vendor-specific user conferences – HR Tech, Dreamforce, SAPPHIRENOW, Oracle Open World, just to name a few, to gauge what customers are looking for.
Throughout this process comes a rich database of more than 2,000 HCM vendors as well as over 50,000 HCM customers that have been touched one form or another through regular surveys, phone and in-person interviews, email exchanges, and social media interactions, etc.
On a proactively basis, we contact the vendors directly to tabulate their latest quarterly and annual revenues by HCM segment, vertical market, revenue type, region, country and customer size.
We supplement their written responses with our own primary research to determine quarterly and yearly growth rates in each of the 22 segments and 21 verticals, in addition to customer wins to ascertain whether these are net new purchases or expansions of existing implementations.
Another dimension of our quantitative research process is through continuous improvement of our customer database, which stores more than one million records on the enterprise software landscape of over 100,000 organizations around the world.
The database provides customer insight and contextual information on what types of HCM, enterprise software systems and other relevant technologies are they running and their propensity to invest further with their current or new suppliers as part of their overall HCM and IT transformation projects to stay competitive, fend off threats from disruptive forces, or comply with internal mandates to improve overall enterprise efficiency.
The result is a combination of supply-side data and demand-generation customer insight that allows our clients to better position themselves in anticipation of the next wave that will reshape the HCM marketplace for years to come.
HCM Market Taxonomy
Definition of Human Capital Management (HCM) Applications
Core HR and Performance Management
| Core HR and Performance Management | Description |
|---|---|
| Personnel and Organization Management | Core human resource management system, personnel records, HR master file, accruals, organizational development, org chart visualization |
| Payroll | Payroll processing, tax filing, language support, country-level updates, payslip calculations, automatic deductions and other government requirements for proper disbursement of employee compensation. |
| Benefits Administration | Benefits and health administration. Plan and design benefits lifecycle, billing and payment. Carrier solutions are also included for integration purposes. |
| Pension Administration | Pension and retirement fund(401K) administration as well as software that helps manage profit sharing plan, defined benefit plan, or cash balance plan. |
| Compliance | Compliance, regulatory updates and reporting including such laws as Affordable Care Act, Overtime Regulations, Fair Labor Standards Act |
| Performance and Goal Management | HR performance management applications are designed to automate the aggregation and delivery of information pertinent to the linking of job roles and the mission and goals of the organization. More specifically, the system allows users to automate the performance review process by using mechanisms such as training and key performance indicators to continuously track and monitor the progress of an individual employee, work team, and division. Some of the key features include: Assessment of individual career objectives and organizational skills gaps that impede performance and job advancement. Continuous reviews and establishing milestones. 360-degree evaluation and real-time feedback. Performance appraisal automation. Goal setting and tracking. Employee surveys. Alignment of human assets to corporate objectives. Fast tracks for top performers. |
| Learning and Development | Learning management systems refer to applications that automate the administration, tracking, and reporting of training events. Other tools may include courseware and other delivery, management, tracking, or integrated solutions whose focus is on the learning environment, including learning content management systems. Career development tools include apps for coaching, mentoring, employee development planning, and diagnosing of development needs. |
| Succession and Leadership Planning | Identify and address current and potential talent gaps to create succession management reporting. Develop and maintain a continuous supply of internal talent to fill critical job roles. Improve employee engagement through digital tools to advance career path development opportunities. |
| Compensation Management | Compensation management applications are designed to automate the process of providing cash, noncash, variable and nonvariable compensation to employees through advanced modeling, reporting, and built-in interfacing to payroll processing systems. Other key features include seamlessly manage compensation budgets and allocation in a single, shared tool. Streamline pay recommendation workflows and approvals. Support multiple pay and incentive practices. Ensure budget compliance and adherence to compensation guidelines. Quota and territory management. Calculation and distribution of commissions, spiffs, royalties, incentives to employees, and channel and business partners. Compensation analysis using internal and external data for retention risk analysis. Linking salary, commission and incentives — cash and noncash — to business objectives. Payroll and payment engine interfaces. Account payables integration. |
Talent AcquisitionÂ
| Talent Acquisition | Description |
|---|---|
| Applicant Tracking | Applicant tracking software automates such functions as management of resumes, applicant information, scoring, workflow, matching, search, interview scheduling, job descriptions, EEOC reporting, job postings and notifications |
| Recruiting | Recruiting applications are designed to automate the recruitment process of salaried and hourly employees through screening and skills assessment, as well as automated selection processes to improve hiring pipeline by identifying talent inside or outside the organization. Other key features include: Manage skills inventories. Create and manage job requisitions. Coordinate team collaboration within hiring processes. Video Interviewing, team building and digital coaching. |
| Candidate Relationship Management | Applications designed to attract and engage candidates and employees. Other tasks automate functions such as candidate relationship management apps, career site technology, social recruiting, employee referrals, branding, video engagement, campus recruiting and internal hiring |
| Contingent Labor Management | Processing of hiring of contingent labor, search, skills matching, assessment, interview scheduling, negotiation of rates, approvals, project milestone payments, project completion tracking, performance ratings |
| Sourcing | Facilitate resource planning for staffing firms as well as vendor managed system, allowing for front office integration for employment agencies as well as talent acquisition apps designed for staffing firms. |
| Onboarding | Applications designed to deploy workers to appropriate jobs, projects, or teams for accelerated on-boarding. |
Workforce Management
| Workforce Management | Description |
|---|---|
| Absence and Leave Management | Absence management applications offer automated features to support employee leave management, employer authorized leave, Short-Term-Disability/Workers’ Comp coordination, federal and state compliance, customized leave correspondence, medical certification processing, insurance premium payment tracking as well as employee self-service capabilities. Leave Management supports compliance activities related to government regulations such as the Family and Medical Leave Act in the United States and other local leave laws in different countries. |
| Workforce analytics | Workforce analytics are used to analyze compensation, benefits, and other employee variables. These applications can also be used to analyze and optimize labor allocation for particular projects. |
| Fatigue Management | Fatigue Management apps help automate key facets of fatigue risk mitigation, enforcing employee work-hour limits and aligning with fitness for duty best practices. Similar apps may act as electronic work diaries for real-time reporting and compliance with transportation laws. |
| Hardware (Time Clock) | Time capture is the hardware platform that provides authentication features for clock-in and clock-out times, meal and rest breaks, as well as timesheet and payroll reporting and compliance. |
| Scheduling | Products are designed to Increase forecasting accuracy by factoring in a variety of methods and historical patterns. Create optimal schedules to meet customer demands, while reducing costs and maximizing resources |
| Task Management | Task Management offers labor management capabilities such as task-based and project-based activity tracking as well as measurement and reporting functions against performance standards like engineered labor standards, team standards and reflective standards. |
| Time & Attendance | Time and Attendance applications are designed to automate employee time tracking in different locations, help reduce overtime expenses, improve payroll accuracy, eliminate pay errors and adjustments, along with the need to simplify and optimize administrative tasks and complex rate calculations by making available accurate and current labor data and full audit trail of payroll data. |
- Silversmith Capital Partners, a United States based Banking and Financial Services organization with 70 Employees
- Internet Archive, a United States based Non Profit company with 169 Employees
- Maine Public Employees Retirement System, a United States based Government organization with 100 Employees
| Logo | Company | Industry | Employees | Revenue | Country | Evaluated |
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