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Wealth Management Platform Market Size By Advisory Mode (Human Advisory, Robo Advisory, Hybrid), By Deployment Model, By Application (Financial Advice & Management, Portfolio, Accounting, & Trading Management, Performance Management, Risk & Compliance Management, Reporting), By End-use & Forecast, 2023 – 2032
- Report ID: GMI3995
- Published Date: Mar 2023
- Report Format: PDF
Wealth Management Platform Market size exceeded USD 3 billion in 2022 and is anticipated to witness 10% CAGR from 2023 to 2032. The market growth can be attributed to the increasing preference for digital investment management by High-Net-Worth Individuals (HNWIs) around the globe. Wealth management platforms offer HNWIs more control & greater transparency over their wealth and help them to plan their wealth goals with the aid of various analytics tools.
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Increasing cyber-attacks and data breaches in financial institutions and growing concerns about data security and bank safety over the past few years are major factors restraining the market demand. Such incidents have created a need for wealth management companies to maintain a high level of confidentiality of customer financial data and account information.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 3 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 10% |
| 2032 Value Projection: | USD 10 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 270 |
| Tables, Charts & Figures: | 310 |
| Segments covered: | Advisory Mode, Deployment Model, Application, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Requirement to administer huge data supports the deployment of human advisory platforms
The wealth management platform market from human advisory mode segment is slated to observe 55% growth between 2023 and 2032. Due to security concerns, human advisory remains the first choice for many HNWIs around the world. Furthermore, human advisory services assist in strengthening client relationships as well as conveying and communicating wealth management strategies & plans. However, trends are gradually shifting and clients are beginning to prefer the hybrid advisory model over the human advisory model.
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Consistent obtainability and availability will boost the cloud-based model deployment in enterprises
Several businesses around the world prefer cloud-based solutions owing to the numerous benefits they provide such as scalability, agility, and easy access to data. The cost-effectiveness and scalability of cloud platforms enable businesses to develop innovative wealth management platforms more efficiently. Financial advisory firms around the world are also focusing on adopting cloud-based solutions to reduce operational costs.
Requirement for effective portfolio, accounting, and trading management solution strategies to boost platform demand
Portfolio, accounting, and trading management solutions segment hold over 25.5% wealth management platform market share in 2022 and is predicted to expand at 10% CAGR during the forecasted time-period. The market is growing as the solution allow trading managers to focus on collaborative activities and better serve their customers at a time when the demand for portfolio management & trading solutions is increasing. Portfolio, accounting, and trading managers are under intense pressure to effectively manage the data of their existing customers. As a result, they are aggressively adopting wealth management solutions. Wealth managers are also using portfolio, accounting, and trading management platforms to manage the financial data of clients and effectively support them in making the most profitable decisions.
Increasing use of wealth management platforms in investment management firms
The investment management firm segment will register a growth rate of 13% through 2032. Several developments, such as digitalization and automation, have resulted in significant changes in the investment management industry over the years. Low yields and increased volatility have pushed portfolio managers to implement sophisticated strategies that have put their existing infrastructure to test. The use of derivatives has increased significantly but most firms are concerned about their ability to handle them. Firms are also being pushed to modernize their processes and replace legacy systems owing to new reporting, clearing & margin requirements.
Rising number of SMEs across the Asia Pacific market
Asia Pacific wealth management platform market will gain remarkable momentum during the forecast timeline. As the adoption of digital platforms increases, the region typically holds promising growth opportunities for robo-advisors. The combination of innovative analytics and advanced algorithms is encouraging tech-savvy customers to use robo-advisor tools to meet their investment needs more efficiently. Furthermore, the growing number of SMEs in emerging economies such as China and India is expected to drive market growth. Furthermore, the adoption of cutting-edge IT infrastructures by SMEs in the region is set to drive the demand for digital financial services and subsequently improve their business capabilities.
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Strategic expansion activities to augment industry outlook
The major players in the wealth management platform market are SS&C Technologies Holdings, Inc., Fiserv, Inc., Broadridge, FIS Global, Avaloq, Prometeia, and InvestCloud. These firms place a strong emphasis on the strategic acquisition of leading financial technology solution providers. They are also focusing on technological expansion throughout international borders. For instance, in October 2022, Mintus teamed up with Amergeris Wealth Management (Switzerland) AG to broaden its presence internationally. The cooperation with Amergeris Wealth Management (Switzerland) AG, a division of Amicorp Group, will dramatically extend its exposure to investors throughout Europe, the Middle East, and Asia.
The wealth management platform market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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Market, By Advisory Mode
- Human Advisory
- Robo Advisory
- Hybrid
Market, By Deployment Model
- Cloud
- On-premises
Market, By Enterprise Size
- Large Enterprises
- SMEs
Market, By Application
- Financial Advice & Management
- Portfolio, Accounting & Trading Management
- Performance Management
- Risk & Compliance Management
- Reporting
- Others
Market, By End-use
- Banking
- Investment Management Firms
- Trading & Exchange Firms
- Brokerage Firms
- Others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- Saudi Arabia
- South Africa