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Pension Funds Market Outlook 2024-2033 - Size, Growth, Key Trends & Competitive Analysis
Pension Funds Market Outlook
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According to The Business Research Company's, The pension funds market size has grown strongly in recent years. It will grow from $63,806.67 billion in 2023 to $69,418.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to increasing aging populations, growing economic conditions and growth rates, fluctuating long-term interest rates, changing legislative and regulatory frameworks, rising stock and bond market performance, varying inflation rates, and shifting corporate profitability.
The pension funds market size is expected to see strong growth in the next few years. It will grow to $97,599.10 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to an increasing focus on sustainability and ESG investing, growing adoption of digital transformation and fintech, ongoing economic uncertainty, evolving regulatory frameworks, changing interest rate trends, rising longevity risk, and consolidating pension funds. Major trends in the forecast period include the rise of defined contribution (DC) plans, the integration of digital tools for retirement planning, growing interest in private equity and alternative investments, the shift towards liability-driven investment (LDI) strategies, and the and the impact of aging populations on fund management.
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Market Drivers and Trends:
A rise in demographic demand for aging populations is expected to propel the growth of the pension fund market going forward. The demographic demand for aging populations is increasing due to advancements in healthcare and medicine, prolonging life expectancy and declining birth rates, and reducing the proportion of younger generations to support elderly populations. Aging populations increasingly need pension funds to provide financial security and sustainable income during their retirement years as life expectancies rise and birth rates decline. For instance, in July 2022, according to a report by the United Nations, a US-based diplomatic and political international organization, the global population aged 65 and above is anticipated to grow from 10% in 2022 to 16% by 2050, with projections suggesting a significant rise in this age cohort worldwide by mid-century. Therefore, a surge in demographic demand for aging populations will drive the growth of the pension fund market.
Major companies operating in the pension funds market are improving pension portability solutions with advanced pension tracing services to enhance member experience and streamline the transfer of pension assets across different plans. Pension tracing offers a comprehensive service to help individuals locate, verify, and consolidate their various pension plans accumulated over their careers. For instance, in April 2024, Aviva plc, a UK-based insurance company, launched the UK's first 'find and combine' pension tracing, checking, and consolidation service. This service helps individuals locate their various pension schemes accumulated over their careers, assess and verify the details of these pensions, and combine them into a single, easily manageable plan. The service also leverages advanced tools and technology to ensure that users can maximize their retirement benefits and maintain better control over their financial future.
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Major Key Players of the Market:
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)
Pension Funds Market 2024 Key Insights:
• The pension funds market size is expected to see strong growth in the next few years. It will grow to $97,599.10 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Rising Aging Populations Demand To Boost Pension Fund Market Growth
• Enhancing Pension Portability With Innovations And Solutions In The Pension Funds Market
• North America was the largest region in the pension funds market in 2023
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