Annuity Platform Market Size, Revenue Growth Factors & Trends, Key Player Strategy Analysis 2028
Increasing cost of compliance management, increasing strategic developments such as partnerships and agreements are key factors contributing to high CAGR of Annuity Platform market during forecast period.
According to the current analysis of Reports and Data, the global Annuity Platform market was valued at USD 5,132.5 Million in 2020 and is expected to reach USD 16.61 Billion by year 2028, at a CAGR of 15.60%.
Annuity Platform market highlights the solutions and services used by the banking and insurance companies for annuity management. Annuity is a series of payments which is made at equal intervals. These payments can be on a regular basis, weekly, monthly, quarterly or yearly. The deployment mode that is considered in the annuity platform market consists of cloud deployment, on-premise deployment, and hybrid deployment. It is deployed on the cloud provides flexibility, scalability, and availability which can be deployed on any cloud environment such as Azure or AWS. The on-premise deployment of the annuity platform provides added security with the presence of data centre and virtual network deployed. The hybrid deployment mode offers the best of both clod and on-premise deployment mode. The changing nature of annuity and the rising cost of the compliance management is the driving the growth for the market.
Steady revenue growth of the global information and communications technology (ICT) market is driven by factors such as growing penetration of mobile devices like smartphones, tablets, laptops, and smart watches, and rapid digitalization across a wide range of industries, including the banking & finance, healthcare, education, automotive, agriculture, oil & gas, buildings & construction, and power & energy industries. Rapid adoption of state-of-the-art technologies such as artificial intelligence (AI), machine learning (ML), Internet of Things (IoT), big data analytics, and cloud computing, and higher affordability and accessibility of the Internet for people across the globe are other key factors driving the global ICT market revenue growth. Emergence of the 5G technology, growing use of advanced Wi-Fi systems, growing need for faster Internet services for rapid data transfer and processing, and rising concerns of data security and user safety are factors expected to further drive market revenue growth.
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Regional Outlook of the Annuity Platform Market:
On the basis of region, the global Annuity Platform market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. This section of the report throws light on the presence of the global Annuity Platform market across the major regions of the world. Market size, sales statistics, revenue growth contribution, and other important factors related to each regional market have been discussed in this section. Additionally, the report studies other key aspects of these regional markets, such as revenue growth drivers and restraints, supply & demand graphs, changing consumer preferences, production & consumption patterns, and stringent regulatory policies.
Major Regions Highlighted in the Global Annuity Platform Market Report:
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia Pacific
· Latin America
o Brazil
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of Middle East & Africa
Top Companies Profiled in the Report:
Annuity Platform market are Accenture plc., Andesa Services, Capgemini SE, Oracle Corporation, Concentrix Corporation, DXC Technology Company, Infosys Limited, EXL, FAST Technology, InsPro Technologies LLC, and Mphasis Wyde.
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