The pension funds market has demonstrated substantial growth, increasing from $63,806.67 billion in 2023 to $69,418.63 billion in 2024, reflecting a CAGR of 8.8%. This expansion is driven by an aging population and improved economic conditions. The market is anticipated to reach $97,599.10 billion by 2028, with a CAGR of 8.9%. Trends such as a focus on sustainability and digital transformation in fintech are pivotal for future growth.
Major Driver In The Pension Funds Market
The growth in demographic demand for aging populations is expected to drive the pension fund market. This demand is rising due to advances in healthcare and medicine, increased life expectancy, and declining birth rates, which reduce the proportion of younger generations supporting elderly populations. Aging populations require pension funds to ensure financial security and sustainable income in retirement. For instance, in July 2022, the United Nations projected that the global population aged 65 and above would increase from 10% in 2022 to 16% by 2050, indicating a significant rise in this age group worldwide by mid-century. Therefore, the growing demographic demand for aging populations will drive the pension fund market.
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Pension Funds Market Competitive Landscape
Allianz SE, JPMorgan Chase & Co., Bank of America Corporation, Prudential Financial Inc, The Goldman Sachs Group Inc., UBS Group AG, Deutsche Bank AG, FMR LLC (Fidelity Investments), UTI Retirement Solutions Limited, Aegon NV, The Bank of New York Mellon Corporation, BlackRock Inc, State Street Corporation, HDFC Life Insurance Company Limited, The Vanguard Group Inc, Northern Trust Corporation, California Public Employees’ Retirement System (CalPERS), Mercer LLC, Reliance Nippon Life Insurance Company Limited, National Railroad Retirement Investment Trust, National Electrical Benefit Fund, ICICI Prudential Pension Funds Management Company Limited, SBI Pension Funds Private Limited, Tata AIA Life Insurance Company Limited, Legal & General Group PLC, Pacific Investment Management Company LLC (PIMCO)
Key Pension Funds Market Trend
Companies in the pension funds market are enhancing member experiences by improving pension portability solutions through advanced tracing services. This comprehensive service assists individuals in locating, verifying, and consolidating their various pension plans accumulated throughout their careers. In April 2024, Aviva plc launched the UK’s first 'find and combine' pension tracing and consolidation service. This innovative service helps users assess their pension details and seamlessly combine them into a single plan, maximizing retirement benefits and empowering individuals to take control of their financial futures.
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Pension Funds Market Segmentation
The pension funds market covered in this report is segmented –
1) By Type: Distributed Contribution, Distributed Benefit, Reserved Fund
2) By Application: Low Income Group, High Income Group
3) By End User: Government, Corporate, Individuals
By Geography:The regions covered in the pension funds market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the pension funds market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Pension Funds Global Market Report 2024 furnishes information about the global pension funds market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
