Future of Pension Fund Management Software: Global Trends and 2024 Forecast

"The Business Research Company recently released a comprehensive report on the Global Pension Fund Management Software Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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..

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Market Drivers and Trends:

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.

Product innovation is the key trend gaining popularity in the pension fund management software market. Major companies operating in the pension fund management software market are focusing on developing platforms that make the pension fund management process more efficient throughout various applications and companies, especially during mergers. For instance, in January 2022, Smart Pension Ltd., a UK-based retirement technology company, launched Keystone, a new technology platform for the retirement savings sector. Keystone is a powerful new tool for employers to create workplace pension schemes. Keystone is a stand-alone workplace retirement savings platform that integrates with various financial services and retirement software, as well as payroll and HR administration. Users of existing pension services can also smoothly transition to Keystone's technology, saving both companies and employees time and money. Keystone, a flexible, agile, and cloud-native platform built on a single global code base, also provides radical efficiency to major data migrations, allowing consolidation and M&A initiatives that traditionally took years with legacy systems to be completed in weeks or even days.

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Major Key Players of the Market:

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

Pension Fund Management Software Market 2024 Key Insights:

• The pension fund management software market will grow to $8.21 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%.
• Growing Investments Fuel Expansion In Fund Management Software Market
• Product Innovations Reshape Pension Fund Management Software Market
• North America was the largest region in the pension fund management software market in 2023

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