Wealth Management Software Market By Advisory Model (Human Advisory, Robo Advisory, and Hybrid). By Business Function (Portfolio, accounting, Financial advice management, and trading management, Performance management, Risk and compliance management, Reporting, and Others (billing and benchmarking)). By Deployment Model (Cloud, and On-premises). By End-User Industry (Investment management firms, Banks, Trading and exchange firms, Brokerage firms, and Others (asset management firms, and custody and compliance providers)).
Report Code : BII948 Jan-2022 Information & Technology Format : PDF Pages : 213
Wealth Management Software Market Overview
The increasing number of global High Net Worth Individuals (HNWIs), digitalization and process automation, and compliance with stringent industry regulations are expected to be the key growth drivers of the wealth management platform market. Wealth Management is a financial planning and consulting business that provides financial planning, investment management, and other sorts of financial counseling. Clients that seek financial advice from a financial professional and often include all of the client's financial assets are typically provided with asset management services aimed at increasing their wealth.
The increasing number of global High Net Worth Individuals (HNWIs), digitalization and process automation, and compliance with stringent industry regulations are expected to be the key growth drivers of the wealth management platform market. Wealth Management is a financial planning and consulting business that provides financial planning, investment management, and other sorts of financial counseling. Clients that seek financial advice from a financial professional and often include all of the client's financial assets are typically provided with asset management services aimed at increasing their wealth. Over the forecast period, the growing need to automate the wealth management process is expected to drive market growth. Wealth management solutions can also help HNWIs structure their wealth management goals more efficiently by utilizing various analytical techniques. Machine Learning (ML) and Artificial Intelligence (AI) capabilities are particularly advantageous to financial advisers in terms of comprehending and analyzing enormous volumes of data and producing better investment plans for their clients.
Market Size
According to Business Intelligence Insights Wealth Management Software Market is expected to grow from USD 3.5 billion in 2021 to USD 9.7 billion by 2028, at a CAGR of 13.7% during the forecast period 2022-2030
Covid -19 Impact Analysis
The COVID-19 pandemic is likely to create new growth prospects for the market. Following the pandemic's breakout, a slew of social, political, and economic difficulties have emerged around the world. These difficulties affect both businesses and investors. Wealth management trends, on the other hand, are undergoing a paradigm shift, with financial advisers increasingly embracing wealth management solutions to manage accounting, estate planning, tax services, investment planning, and retirement planning, hence fueling market growth. Furthermore, wealth management organisations are aggressively changing to remote working models as part of their efforts to guarantee the health and safety of clients, partners, workers, and other parties, particularly in the aftermath of the pandemic's breakout. The remote-first strategy extends far beyond the financial workforce and emphasizes adequate investments in client communications, remote onboarding, and advising models.
Market Dynamics
• Drivers
o Wealth Management Practices are Improved by Digitalization and Process Automation.
o Observance of Strict Industry Regulations
• Restraints
o Increased Reliance on Traditional Methods
o Enterprise Professionals Have Inadequate Technical Knowledge and Are Unaware of Wealth Management Solutions
Segmentation Insights
Cloud category dominated the market with more than 56% of the market share
During the forecast period, the category is predicted to increase at the fastest CAGR, maintaining its lead. Many businesses around the world prefer cloud-based solutions because of the multiple benefits they may give, such as scalability, agility, and easy data access, among others. The cost-effectiveness and scalability of the cloud platform enable enterprises to more efficiently build unique wealth management products. Financial advisory businesses all across the world are likewise seeking to reduce operating expenses by deploying cloud-based solutions. The on-premise category is likely to grow significantly over the forecast period.
Banks category dominated the market with more than 28.5% of the market share
Banks are projected to play a major role in managing individuals' growing assets and wealth as the global economy improves. Banks are also adopting wealth management software to provide a client-centric strategy. Numerous wealth management software vendors are attempting to provide end-to-end wealth management and processing solutions to suit banks' growing needs, increase efficiency throughout banks' businesses, and help banks operate successfully in global markets.
By Advisory Model
• Human advisory
• Robo advisory
• Hybrid
By Business Function
• Financial advice management
• Portfolio, accounting, and trading management
• Performance management
• Risk and compliance management
• Reporting
• Others (billing and benchmarking)
By Deployment Model
• Cloud
• On-premises
By End-User Industry
• Banks
• Investment management firms
• Trading and exchange firms
• Brokerage firms
• Others (asset management firms, and custody and compliance providers)
By Region
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
• The Asia Pacific
o China
o India
o Japan
o Rest of Asia Pacific
• Latin America
o Brazil
o Mexico
o Rest of Latin America
• The Middle East and Africa
o UAE
o South Africa
o Rest of the Middle East and Africa (MEA)
Key Players
List of Key Players in the Global Wealth Management Software Market:
• SS&C Technologies, Inc. (US)
• Fiserv, Inc. (US)
• Fidelity National Information Services (US)
• Profile Software (UK)
• Broadridge Financial Solutions, Inc. (US)
• InvestEdge, Inc. (US)
• Temenos Group AG (Switzerland)
• Finantix S.p.A. (Italy)
• SEI Investments Company (US)
• Comarch SA (Poland)
• Objectway S.p.A. (Italy)
• Dorsum Ltd. (Hungary).
Regional Insights
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North America dominated the market with more than 36% of the market share
The United States has the world's largest economy and has been a major market for wealth management systems in the North American region. Several trends, including as the introduction of Blockchain, machine learning, natural language processing, digital process automation to eliminate exceptions, and a push toward digitization, are assisting the region's market expansion. Wealth management services are becoming increasingly important in the North American region in order to acquire and maintain profitable retail consumers. The region's industry is undergoing significant change, with a new generation of investors, whose expectations and preferences have been shaped by new technologies and their experiences during the last financial crisis, bringing new standards to the industry in terms of how investment products are delivered.
Table
Report Attributes |
Details |
|---|---|
| Report Attributes Details Market Size Value in 2021 | USD 3.5 billion |
| Market Size Value in 2027 | USD 9.7 billion |
| Growth Rate | +13.7% |
| Base Year | 2021 |
| Forecast Period | 2021-2030 |
| Historical Data | 2018-2020 |
| Forecast Units | (USD Billion) |
| Countries Covered | North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE |
| Segments Covered | By Advisory Model, By Business Function, By Deployment Model, By End-User Industry, By Region |
| Competitive landscape | Leading companies, Competitive strategies and Consumer engagement scope |
| Customization is available | If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions |