What Has Been the Growth of the Pension Fund Management Software Market So Far?
The pension fund management software market has seen considerable growth due to a variety of factors.
•The market for pension fund management software has experienced marked growth in the past few years. It is projected to increase from $5.83 billion in 2024 to $6.37 billion in 2025, with a compound annual growth rate (CAGR) of 9.3%.
Factors contributing to this growth during the historic period include the necessity for regulatory compliance, growing intricacy in managing funds, the push for greater precision and accuracy, the requirement for clear reporting, and the transition towards digital transformation.
What Are the Future Growth Projections for the Pension Fund Management Software Market?
The pension fund management software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for pension fund management software is set to expand significantly in the coming years, anticipating to rise to "$9.06 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 9.2%.
The increase during the forecast period can be credited to the ongoing modifications in regulations, the growing emphasis on risk management, the surging demand for analytics and insights, the expansion of global pension fund assets, as well as the emphasis on cost-effectiveness and operational efficiency. Key trends for the forecast period encompass mobile integration, enhancement of customer experience, fluctuations in economy and market, integration of Environmental, Social, and Governance (ESG), and partnerships with external platforms.
What Are The Core Factors Supporting Growth In The Pension Fund Management Software Market?
The market for pension fund management software is experiencing a significant upswing due to an increase in investments in pension fund schemes. These schemes accumulate funds to provide pensions to employees after retirement. Both corporations and employees utilise pension fund management software for monitoring and handling the results of these schemes, making it simpler for the employers and advantageous for the employees. Take for example, the data released in March 2023 by Statistics Canada - a governmental agency responsible for delivering Canadian data regarding population, resources, economy etc. It indicated that the assets accumulated by pension schemes rose from $2,079 billion in Q2 2022 to $2.129 billion in Q3 2022, marking an increase of 2.3%. As such, the surge in investments in pension fund schemes is propelling the growth of the pension fund management market.
What Are The Major Segments Within The Global Pension Fund Management Software Market?
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
Subsegments:
1) By Cloud: Public Cloud Solutions, Private Cloud Solutions, Multi-Tenant Cloud Solutions
2) By Hybrid: Combination Of On-Premise And Cloud Solutions, Cloud-Enabled On-Premise Solutions
3) By On-Premise: Traditional On-Premise Software, Customizable On-Premise Solutions, Server-Based On-Premise Solutions
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Which Trends Are Expected To Transform The Pension Fund Management Software Market?
The leading trend emerging in the pension fund management software market is product innovation. Numerous principal firms in the pension fund management software market are honing in on the creation of platforms aimed at streamlining the pension fund management process across assorted applications and businesses, particularly during corporate consolidations. For example, Smart Pension Ltd., a pension technology firm located in the UK, unveiled a novel technology platform designated as Keystone for the retirement savings industry in January 2022. Keystone is an influential new mechanism that empowers employers to establish workplace pension plans. As a standalone platform for workplace retirement savings, Keystone merges with a variety of financial services, retirement software, along with payroll and HR administration. Users of existing pension services can seamlessly shift to Keystone's technology, resulting in time and cost savings for both companies and employees. As a flexible, agile, and cloud-based platform constructed on a singular global code foundation, Keystone also introduces significant efficiencies to large-scale data migrations, enabling consolidation and merger projects, which would have normally taken years with traditional systems, to be concluded in weeks or even days.
Who Are the Key Players in the Pension Fund Management Software Market?
Major companies operating in the pension fund management software market include:
• 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
What Is The Most Dominant Region In The Pension Fund Management Software Market?
North America was the largest region in the pension fund management software market in 2024. 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
