Global Pension Fund Management Software Market Share Is Projected To Reach USD 11.9 Billion by 2030, At a CAGR Of 6.1%

Washington, DC, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Pension Fund Management Software Market By Application (Android, Web-Based, And IPhone), By Deployment Mode (Cloud, Hybrid, And On-Premise), By Enterprise Size (Small & Medium-Sized Firms And Large Firms), By End-User (Banking, Credit Unions, And Financial Institutions), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Pension Fund Management Software Market size & share in terms of revenue was valued at USD 6.5 billion in 2022 and it is expected to surpass around USD 11.9 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 6.1% during the forecast period 2023 to 2030.”

What is Pension Fund Management Software? How big is the Pension Fund Management Software Industry?

Pension Fund Management Software Report Coverage & Overview:

A pension fund management software is a completely integrated system, designed for providing updated asset, liability, and risk information regularly to the end-users. Through this software, the end-users have in-depth information as to how they can aptly manage their pension plans and proficiently handle their direct benefit pension scheme. For example, the Asset Liability Suite Direct Benefit pension fund management software provides the best results for pension programs. A large number of elderly populations face huge pressure in controlling costs and risks associated with direct benefit (DB) pension programs, and the Asset Liability Suite Direct Benefit pension fund management software assists them in effectively handling the planning and reporting of their pension plans.

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Global Pension Fund Management Software Market: Growth Dynamics

The need for reducing workload and less availability of workforce will boost the global pension fund management software market trends. Growing need for reducing maintenance and implementation costs will expand the scope of the growth of the global market. Massive penetration of cloud hosting solutions in the software industry has contributed notably towards the expansion of the pension fund management software market across the globe. Moreover, there is a large number of firms creating pension fund management software across the globe. This, in turn, is likely to translate into immense growth in the size of the global pension fund management software industry in the years to come.

However, fluctuating laws pertaining to pension funds and the easy availability of alternative software can impede the expansion of the global pension fund management software industry. Nevertheless, the huge allocation of funds for software automation activities along with the introduction of new software products will open new opportunities for growth for the global industry.

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Report Scope

Pension Fund Management Software Market: Segmentation Analysis

The global pension fund management software market is divided into application, deployment mode, enterprise size, end-user, and region.

Based on the enterprise size, the global pension fund management software market is divided into small & medium-sized firms and large firms segments. Moreover, the large firms segment is predicted to contribute majorly towards the global market share over the forecast timeline with giant software manufacturers adding new features to their products for helping large firms continuously handle their big data.

In terms of end-user, the global pension fund management software industry is bifurcated into credit unions, banking, and financial institutions segments. In addition to this, the banking segment, which held a major share of the global industry in 2022, is anticipated to dominate the end-user segment during the forecast period. The growth of this segment from 2023 to 2030 can be ascribed to the massive use of pension fund management software in banks with the surge in online banking activities.

On basis of deployment mode, the global pension fund management software market is sectored into hybrid, cloud, and on-premise segments. Moreover, the cloud segment is predicted to register large-scale growth over 2023-2030 due to the integration of cloud and pension fund management software. Furthermore, the huge demand for data security has led to the immense use of cloud in the pension fund management software market across the globe.

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The global Pension Fund Management Software market is segmented as follows:

By Enterprise Size

• Small & Medium-sized firms
•  Large firms

By Deployment Mode

• Cloud
• Hybrid
• On-Premise

By End-User

• Banking
• Credit Unions
• Financial Institutions

By Application

• Android
• Web-based
• iPhone

Browse the full “Pension Fund Management Software Market By Application (Android, Web-Based, And IPhone), By Deployment Mode (Cloud, Hybrid, And On-Premise), By Enterprise Size (Small & Medium-Sized Firms And Large Firms), By End-User (Banking, Credit Unions, And Financial Institutions), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/pension-fund-management-software-market

Competitive Landscape

Some of the main competitors dominating the global Pension Fund Management Software market include - 

• Workday Inc.
• Vitech Systems Group
• Sagitec Solutions Private Limited
• Visma
• Lynchval Systems Worldwide Inc.
• Acquila Business Consulting LLP
• LifeWorks
• Heywood Pension Technologies
• The Civica Group
• Oracle Corporation
• SAP SE
• LRS Retirement Solutions

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Pension Fund Management Software market is likely to expand at a CAGR of around 6.1% during the forecast period (2023-2030).
• In terms of revenue, the Pension Fund Management Software market size was valued at around US$ 6.5 billion in 2022 and is projected to reach US$ 11.9 billion by 2030.
• The global market is anticipated to record massive growth over the forecast period due to a growing requirement for less workload, adaption to online banking tools, less workforce needs, and low maintenance costs.
• Based on end-user, the banking segment contributed to a major share of the global market in 2022
• Based on deployment mode, the cloud segment contributed to a major share of the global market in 2022
• In terms of application, the web-based segment is set to contribute lucratively towards the overall market revenue during the predicted timespan.
• Region-wise, the North American region is projected to be the key regional revenue driver of the global market during the projected timeframe.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Pension Fund Management Software industry?
• What are the main driving factors propelling the Pension Fund Management Software Market forward?
• What are the leading companies in the Pension Fund Management Software Industry?
• What segments does the Pension Fund Management Software Market cover?
• How can I receive a free copy of the Pension Fund Management Software Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Enterprise Size, By Deployment Mode, By End-User, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

The North American pension fund management software industry is anticipated to register a remarkable surge over the forecast timespan. The regional market expansion over the forecast timeline can be owing to a surge in the elderly population in the countries such as Canada and the U.S. Apart from this, the thriving software sector in these countries will further contribute to the regional market growth. Increase in retirement savings in the U.S. will prompt regional market growth trends.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In the last month of 2022, Milliman, an industry leading consulting & actuarial company, launched the latest version of Arius insurtech software solution, a complete solution for examining casualty reserves & determining loss costs. The tool will help insurance analysts and actuaries locate reports in the system and will provide flexibility to them when they perform actual versus expected analysis. The new software will offer Milliman’s Arius Enterprise system easy access to more data for using it in reporting, analytics, and drivers for change analysis. The move will contribute lucratively towards the growth of the pension fund management software market in the U.S.                          
• In the second half of 2022, Smart, the key provider of retirement technology tools across the globe, introduced a technology tool referred to as Keystone by Smart. The new tool will be offered to the clients of private and public sectors in the global pensions industry. Reportedly, Its platform as a service offering will be provided to regional governments, banks, national governments, pension providers, trade associations, affinity groups, and asset managers across the UK. The initiative will generate a strong base for the pension fund management software market in the UK and Europe.

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FREQUENTLY ASKED QUESTIONS

• What is pension fund management software?
• Which key factors will influence global pension fund management software market growth over 2023-2030?
• What will be the value of the global pension fund management software market during 2023-2030?
• What will be the CAGR value of the global pension fund management software market during 2023-2030?
• Which region will record the fastest growth in the pension fund management software industry globally?
• Which are the major players leveraging the global pension fund management software market growth?

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