Global Pension Fund Management Software Market Size 2024, Forecast To 2033
6 Mar, 2024
The pension fund management software market size has grown strongly in recent years. It will grow from $5.34 billion in 2023 to $5.85 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to regulatory compliance demands, increased complexity in fund management, need for enhanced accuracy and precision, demand for transparent reporting, shift toward digital transformation. The pension fund management software market size is expected to see strong growth in the next few years. It will grow to $8.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to continued regulatory evolution, rising emphasis on risk management, increasing demand for analytics and insights, growing global pension fund assets, focus on cost efficiency and operational excellence. Major trends in the forecast period include mobile accessibility, customer experience enhancement, economic and market volatility, ESG integration, collaboration with external platforms.
Global Pension Fund Management Software Market Key Driver
Growing investment in pension fund schemes is significantly contributing to the growth of the pension fund management software market going forward. Pension fund schemes refer to a fund that accumulates money to be paid out as a pension to employees at the end of their employment. Employees and organizations use pension fund management software to track and manage outcomes of pension fund schemes to benefit the employee and make the process easier for the employers. For instance, according to March 2023 data released by Statistics Canada, a Canada-based government agency responsible for providing data related to Canada, its population, resources, economy, and so on, the value of assets owned by pension schemes increased from $2,079 billion in the second quarter of 2022 to $2.129 billion in the third quarter of 2022, an increase of 2.3 percent. Therefore, the growing investment in pension fund schemes will drive the pension fund management market. The market size of the pension fund management software market in 2023 was [insert 2023 market size], and it is projected to reach [insert 2024 market size] by 2024 and [insert 2028 market size] by 2028.
Get A Free Sample Of The Global Pension Fund Management Software Market ReportGlobal Pension Fund Management Software Market Segments
The pension fund management software market covered in this report is segmented –
1) By Deployment Mode: Cloud, Hybrid, On-Premise
2) By Enterprise Size: Small And Medium-Sized Firms, Large Firms
3) By Application: Android, Web-based, iPhone
4) By End-User: Banking, Credit Unions, Financial Institutions
By Geography:The regions covered in the pension fund management software 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 fund management software market in 2023. The regions covered in the pension fund management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Pension Fund Management Software Industry Players
Workday Inc., Vitech Systems Group, Sagitec Solutions Private Limited, Visma Group, Lynchval Systems Worldwide Inc., Acquila Business Consulting LLP, LifeWorks Inc., Heywood Limited., The Civica Group, Oracle Corporation, SAP SE, LRS Retirement Solutions, Morneau Shepell Inc., Version Systems Pvt. Ltd., Exaxe Limited, Akridata Technologies Inc., Asset Management Systems Inc., Avaloq Holding AG, Backstop Solutions Inc., Calypso Technology Partners L.P., Cognizant Technology Solutions Corporation, DST Global Solutions LLC, Finastra Americas Corporation, Frontario Inc., Linedata Services S.A., Lumata Decision Ltd., Man AHL Holdings Ltd., Mercer LLC, Morningstar Inc., Pershing LLC, Princeton Financial Systems LLC, SS&C Technologies Holdings Inc., Thomson Reuters Corporation
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Pension Fund Management Software Market Overview
Pension fund management software refers to a software platform that offers simple and reliable investment management for employee pension funds that support them after their retirement. They are used to manage information required to help in achieving the DB pension scheme efficiently.
Pension Fund Management Software Global Market Report 2023 provides data on the global pension fund management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The pension fund management software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.