Major players in the retirement 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.
New York, Aug. 25, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of its “Pension Fund Management Software Global Market Report 2023” report – 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 war between Russia and Ukraine 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 resulted in economic sanctions against multiple countries, a rise in commodity prices and supply chain disruptions, causing inflation in goods and services and affecting many markets around the world. The pension fund management software market is expected to reach $7.51 billion by 2027, at a CAGR of 8.9%.
The pension fund management software market consists of the sale of software for claims handling, pension calculation and pension-related transactions. Values in this market are “factory gate” values, that is, the value of goods sold by the manufacturers or makers of the goods. either 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 makers of the goods.
Pension fund management software refers to a software platform that provides simple and reliable investment management for employees’ pension funds that support them after retirement. They are used to manage information that is necessary to efficiently implement the DB pension scheme.
North America was the largest region in the retirement 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 deployment modes for retirement fund management software are cloud, hybrid, and on-premise. Cloud deployment refers to the use of 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 different company sizes are small and medium companies, and large companies use Android, web-based and iPhone. The end users are banks, credit unions and financial institutions.
The growing investment in pension fund schemes is a major contributor to the future growth of the pension fund management software market. Retirement fund plans refer to a fund that collects 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 the results of pension fund plans for the benefit of the employee and simplify the process for the employers. According to March 2023 data released by Statistics Canada, a Canada-based government agency responsible for providing data on Canada, its population, resources, economy, and so on, the value of assets owned by retirement plans has risen 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 main trend gaining popularity in the retirement 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 in various applications and companies, especially during mergers.
In January 2022, Smart Pension Ltd., a UK-based pension technology company launched, for example, Keystone, a new technology platform for the pension savings industry. Keystone is a powerful new tool for employers to create workplace retirement plans. Keystone is a standalone workplace retirement savings platform that integrates with various financial services and retirement software, as well as payroll and HR administration. In addition, users of existing retirement services can transition smoothly 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 efficiencies in large data migrations, enabling consolidation and M&A initiatives that traditionally took years while older systems can be deployed in weeks or even days could be completed.
In December 2022, Lumera, a Sweden-based pension fund software company, acquired AxyWare for an undisclosed sum. The acquisition increased Lumera’s footprint in the Dutch life and pension 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, and US.
Market Value is defined as the income that companies receive from the sale of goods and/or services within the specified market and geography through sales, subsidies or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified region are consumption values which are revenues generated by organizations in the specified region within the market, regardless of where they are produced. It excludes resale revenues along the supply chain, downstream 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 global market size of the pension fund management software industry, regional stocks, competitors with market share for pension fund management software, detailed pension fund management software market segments for fund management software, market trends and opportunities, and all further data you may need to thrive in the retirement fund management software industry. This retirement fund management software market research report provides a complete perspective of everything you need, with an in-depth analysis of the industry’s current and future scenario.
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