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Wealth Management Platform Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud, and On-premise), By Enterprise Size (Large Enterprise, and SMEs), By End-user (Banks, Trading Firms, Investment and Management Firms, Brokerage Firms, and Others), and Regional Forecast, 2022-2029

Region : Global | Format: PDF | Report ID: FBI106079

 

KEY MARKET INSIGHTS

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The global wealth management platform market size was valued at USD 2.37 billion in 2021. The market is projected to grow from USD 2.64 billion in 2022 to USD 6.29 billion by 2029, exhibiting a CAGR of 13.2% during the forecast period. Based on our analysis, the global market had exhibited an average growth of 10.5% in 2020, as compared to 2019.


Over the projected period, the wealth management platform market share is expected to rise due to the growing requirement to automate the wealth management process. These platforms may be a cost-effective option for consumers who want to automate operations and manage their assets. Affluent customers are focused aggressively on diversifying their investments, accomplishing personal goals, preserving financial stability, and protecting their money. However, a looming lack of basic investing expertise is preventing these wealthy individuals from completely realizing their financial objectives. As a result, wealth managers have begun to use wealth management platform to give more personalized and holistic investing services to their customers. This is emerging as one of the primary drivers of wealth management software usage. The market is expected to increase due to the rising desire for digital wealth management solutions among High-Net-Worth Individuals (HNWIs).



  • For instance, in September 2021, the India brand equity foundation (IBEF) quoted that the HNI and UHNWI categories in India have grown significantly in the previous decade, driving demand for wealth management services.


Using different analytical techniques, wealth management solutions may also assist HNWIs in better structuring their wealth management goals. The deployment of cutting-edge adviser technology is picking up steam.


COVID-19 IMPACT


Increased Adoption of Cloud-based Solutions to Aid Market Growth


The market is expected to show moderate growth amid pandemic. The market witnessed a steady growth rate of 11.0% in 2021 as compared to 10.5% in 2020. However, increasing adoption of cloud-based solutions is likely to grow the market towards a higher trajectory by 2022. The key players embraced various business strategies to streamline the business operations.



  • For instance, in December 2021, Temenos partnered with Microsoft to address the growing demand from banks for SaaS and financial services supplied by Temenos Banking Cloud. The goal of this collaboration is to create cloud-based financial services that will increase scalability, operational efficiency, and innovation.


As a result, the market seeks to recoup losses caused by the pandemic through increased investments in financial sector that will aid in the development of products and services on a global scale, attracting the requirement and interest of the target audience in various global regions.



  • According to Monetory Authority Singapore, the asset managers have adapted to remote working, with little impact on fundraising, new product development, and operational expansion plans. Despite the COVID-19 pandemic, Singapore’s AUM rose by 17% to USD 3.5 trillion in 2020.


Furthermore, a lack of awareness among enterprises about the benefits of wealth management software is expected to stifle end-user growth.


LATEST TREND


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Need to Provide Improved Experience in Financial Firms to Surge Demand for Wealth Management Platform


Financial organizations are primarily concerned with improving the client experience by offering integrated solutions via unified platforms. Banks have been replacing traditional, in-house core banking systems in order to provide next-generation banking and financial experience.


Wealth management platform boost bank clients' trust, leading to more robust engagement and increased investment willingness. The platform is expected to meet the high demand for advisory services while minimizing administrative and operational expenses, resulting in a effectiveness and efficiency across the advisory network. Wealth management tools have been launched by a number of banks.



  • For Instance, in January 2020, IndusInd Bank, private sector lender, introduced Pioneer Banking, a wealth management platform aimed largely at high-net-worth individuals. The new service, which is based on the bank's research capabilities, combines wealth management solutions with a variety of personal and commercial banking products.


DRIVING FACTOR


Increased Digitization and High Adoption of Automation to Propel Market Growth


The market is witnessing the adoption of digitalization and process automation that are in compliance with company rules, promising beneficial benefits to the market. Many firms throughout the world are working on speeding up digitalization, improving operational efficiency, and boosting client connections. As a result, the adoption of financial advisory and management solutions in many end-use sectors is likely to accelerate. Organizations may use wealth management tools to keep track of transactions and better manage their assets. Technological breakthroughs in blockchain and artificial intelligence (AI) are expected to drive market expansion throughout the forecast period. The AI system keeps track of the customer's spending and provides them with appropriate recommendations. The blockchain and AI follow the customer's spending and record trend and create estimations based on that information. The system generates advice and offers support to the consumer based on these estimations to help them manage their spending more efficiently.


Furthermore, enhanced security and protection for client data allows organizations to preserve customer relationships, which are some of the other reasons projected to fuel the worldwide market growth.


RESTRAINING FACTOR


Lack of Awareness and Trust to Hamper Growth of Market


The market faces growth challenges during the forecast period due to a lack of understanding among the target audience about the need for wealth management and the benefits that market operations have in store for the target audience and potential consumers. Also, one of the most significant criteria is to establish trust, which the potential customers are taking time to develop and render important information.



  • According to a survey conducted by the executive search agency Kathy Freeman Company, two-thirds of executives in the wealth management, fintech industries, and asset management "need a fundamental knowledge of how to attract the next generation of personnel."


Therefore, aforementioned factors are hampering the global wealth management platform market growth.


SEGMENTATION


By Deployment Analysis


Steady Obtainability and Availability Features of Cloud-based Model to Upsurge its Deployment among Enterprises


Based on the deployment, the market has been divided into cloud and on premises. Out of these, the cloud seizes largest market share as it allows organizations to carefully monitor their applications and services positioned in the cloud, offering indispensable valued data, insights and alerts as well as probable forthcoming commotions or concerns. It also involves accessing tracking queries, reviewing processes, data integrity, charting cloud-database resource usage and tracking obtainability.


The key advantage of a cloud-based solution is that it is easy to handle and that the organization does not have to worry about installation, maintenance, and configuration tasks. The cloud provider is in charge of everything. The cloud-based concept is ideal for businesses that want the flexibility to grow at any time. On the other hand, corporations managing massive internal infrastructure, banks and financial institutions, and organizations with a devoted internal monitoring staff choose the on-premise option.


By Enterprise Size Analysis


Accpetance of Digitization by SMEs to Drive Market Growth during Forecast Period


Based on enterprise size, the market has been classified as large enterprises and SMEs.  The large enterprises accounts for largest market share as they create and store huge amount of data in databases, which requires to be observed recurrently and proficiently. Likewise, database monitoring is vital for large enterprises those are seeking to maximize database uptime, preserve high yield and deliver database enquiries quickly.


SMEs are predicted to grow at highest CAGR during forecast period. Groundbreaking and technology-based SMEs are attaining attention from tech giants in terms of capitalization. They have begun amalgamating progressive technologies and software in their businesses procedures for smooth working.


By End-user Analysis


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Requirement to Administer Huge Data in Bank and Economic Institutes to Bolster Market Growth


Healthcare, government, banks and monetary institutes, IT and telecom, retail, among others (education, airlines and others) are some of the end use industries of wealth management software. Among these, banks and financial institute’s holds maximum share in the market; while retail is anticipated to be the quickest-developing sector during the mentioned period.


Banks and financial institutes generates huge unmanageable data as millions of customer access mobile apps and banking websites from manifold devices. The wealth management software allows financial services companies and banks to administer transactions and manage their wealth.


REGIONAL INSIGHTS


North America Wealth Management Platform Market Size, 2021 (USD Million)

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The market is divided into five primary regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific. They are further classified into countries.


North America holds the largest market share and is estimated to preserve its dominance over forecast period. Wealth management services are becoming increasingly important in North America in order to attract and keep successful retail customers. For example, rich mass customers in the region account for a sizable share of retail banks' net income. Many of the region's diverse financial service organizations are growing their wealth management activities. Besides, the existence of prime players in the nation is driving the growth of the market.


Asia Pacific is likely to be the fastest-growing market throughout the forecast period. The region is expected to provide more chances for financial advisers owing to the rising usage of digital platforms.


Europe to hold significant market share in coming years. Europe's high net worth individual population and wealth have increased rapidly, putting it third behind North America, which ranks second owing to its high net worth person population and wealth.


Middle East and Africa is expected to have a steady growth in the coming period, this is because a number of western banks with wealth management businesses are focusing on making the region a World’s financial hub. This will further lead the region to attract new investors, which will help the market to grow steadily.


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South America is also anticipated to grow at a moderate rate as family owned companies are making use of this technology in their daily operations.


KEY INDUSTRY PLAYERS


Companies are Launching New Products to Expand Their Product Offerings and Business


The market players anticipate to magnify their customer base by procuring novel customer, expand their prevailing customer base, launching new products, expand their technology guidance through constant capitalizations in research and development, and expand internationally through partnerships and collaborations.


June 2021– BMO Harris Bank expanded its relationship with FIS, a financial service technology provider, to transform its core banking systems to aid the bank’s growth vision in the U.S.


January 2021 – D-fine collaborated with Avaloq's to implement and upgrade projects in Switzerland and Germany, by leveraging d-fine’s profound expertise in banking regulation and strong technical capabilities.


List of the Key Companies Profiled:



  • SS & C Technologies, Inc. (U.S)

  • Fiserv Inc. (U.S.)

  • FIS (U.S.)

  • Profile Software (Europe)

  • Broadridge Financial Solutions, Inc. (U.S.)

  • InvestEdge, Inc. (U.S.)

  • Temenos Headquarters SA (Europe)

  • InvestCloud (U.S.)

  • SEI Investments Company (U.S.)

  • Comarch SA (Europe)

  • Dorsum Limited (Europe)

  • Avaloq Group AG (Europe)


KEY INDUSTRY DEVELOPMENTS:



  • August 2020 Prometeia, an Italian wealth-tech management firm, has announced the launch of a Zurich office, which will serve as an operating headquarters for the Swiss market. For self-service users, Prometeia's digital wealth management platform offers HNWI-focused advice models.

  • July 2020 – Avaloq has introduced a new core-independent, stand-alone digital asset management services. Avaloq intends to launch two other stand-alone platforms to deliver cost-efficient end-to-end digital solutions with a level of simplicity that will clear the way for wealth management accessibility.


REPORT COVERAGE


An Infographic Representation of Wealth Management Platform Market

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The wealth management platform market report provides an in-depth analysis of the market. It focuses on key aspects such as leading companies, product Industry, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several key factors that have contributed to the market's growth over recent years.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



Segmentation



Deployment; Enterprise Size; End-user; and Region



By Deployment




  • Cloud

  • On-premise



By Enterprise Size




  • Large Enterprise

  • SMEs



By End-user




  • Banks

  • Trading Firms

  • Investment and Management Firms

  • Brokerage Firms

  • Others (Asset Management Firms, and Others)



By Region




  • North America (By Deployment, By Enterprise Size, By End-user, and By Region)



    • U.S. (By End-user)

    • Canada (By End-user)

    • Mexico (By End-user)





  • South America (By Deployment, By Enterprise Size, By End-user, and By Region)





    • Brazil (By End-user)

    • Argentina (By End-user)

    • Rest of South America





  • Europe (By Deployment, By Enterprise Size, By End-user, and By Region)





    • U.K. (By End-user)

    • Germany (By End-user)

    • France (By End-user)

    • Italy (By End-user)

    • Spain (By End-user)

    • Russia (By End-user)

    • Benelux (By End-user)

    • Nordics (By End-user)

    • Rest of Europe





  • Middle East & Africa (By Deployment, By Enterprise Size, By End-user, and By Region)





    • Turkey (By End-user)

    • Israel (By End-user)

    • GCC (By End-user)

    • North Africa (By End-user)

    • South Africa (By End-user)

    • Rest of the Middle East & Africa





  • Asia Pacific (By Deployment, By Enterprise Size, By End-user, and By Region)




    • China (By End-user)

    • India (By End-user)

    • Japan (By End-user)

    • South Korea (By End-user)

    • ASEAN (By End-user)

    • Oceania (By End-user)

    • Rest of Asia Pacific




Frequently Asked Questions

The market is projected to reach USD 6.29 billion by 2029.

In 2020, the market size stood at USD 2.37 billion.

Cloud segment is likely to lead the market share over 2022-2029.

The rising desire for digital wealth management solutions among High-Net-Worth Individuals (HNWIs).

SS & C Technologies, Inc., Fiserv Inc., FIS, Profile Software, Broadridge Financial Solutions, Inc., InvestEdge, Inc., Temenos Headquarters SA, InvestCloud, SEI Investments Company, Comarch SA, Dorsum Limited, Avaloq Group AG

North America region is expected to hold the highest market share.

Asia Pacific is expected to grow with the highest CAGR.

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