New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pension Fund Management Software Global Market Report 2023" - https://www.reportlinker.com/p06486643/?utm_source=GNW
, Heywood Limited., The Civica Group, Oracle Corporation, SAP SE, LRS Retirement Solutions, Morneau Shepell Inc., Version Systems Pvt Ltd., and Exaxe Limited.
The global pension fund management software market is expected to grow from $4.86 billion in 2022 to $5.34 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pension fund management software market is expected to reach $7.51 billion in 2027 at a CAGR of 8.9%.
The pension fund management software market consists of sales of claim settlement, pension calculation, and pension-related transactions software.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the pension fund management software market in 2022. The regions covered in the pension fund management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main pension fund management software deployment modes are cloud, hybrid, and on-premise.Cloud deployment refers to using one or more cloud-based hosting models, such as software as a service (SaaS), platform as a service (PaaS), and/or infrastructure as a service (IaaS).
The various enterprise sizes are small and medium-sized firms, and large firms applied to android, web-based, and iPhone. The end users are banking, credit unions, and financial institutions.
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.
In December 2022, Lumera, a Sweden-based pension funds software company acquired AxyWare for an undisclosed amount.The acquisition expanded Lumera’s footprint in the Dutch life and pensions market.
AxyWare is a Netherlands-based pension fund management software provider.
The countries covered in the pension fund management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pension fund management software market research report is one of a series of new reports that provides pension fund management software market statistics, including pension fund management software industry global market size, regional shares, competitors with a pension fund management software market share, detailed pension fund management software market segments, market trends and opportunities, and any further data you may need to thrive in the pension fund management software industry. This pension fund management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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