Wealth Management Platform Market size is set to surpass USD 7 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising number of high net worth individuals and rising income across geographies is likely to drive the wealth management platform industry growth. The wealth management platform helps financial enterprises to gain data-driven insights and offer effective wealth advises. The rising demand for maintaining enhanced client relationships and management of complex investment programs are fueling the adoption of platforms across enterprises. The rapid developments in financial technologies along with AI and ML are fostering to the platform developments.
The emergence of automated investments and technology innovations
The wealth management platform market from robo advisory is estimated to grow at 15% CAGR through 2027. The extensive technology developments have contributed to the emergence of robo advisors in the wealth management sector. The robot advisors in wealth management platform leverage algorithm-based systems to offer a variety of wealth management advises. The companies offering these services design the system in accordance with customer requirements. The lower financial costs and automation capabilities further enable enterprises to spur demand across the market.
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Extended performance and scalability are spurring the on-premise deployment market growth
The on-premise deployment market is predicted to capture above 40% of the wealth management platform market share by 2027. The on-premise deployment of wealth management platform offers enhanced data control and higher level of data security. The platform is deployed across in-house infrastructure and offers extended protection against potential cyberthreats. In addition, it eliminates the need to connect to a cloud infrastructure. Multiple security and cost benefits from the on-premise deployment of wealth management platform to propel the market revenue.
Browse key industry insights spread across 250 pages with 276 market data tables and 34 figures & charts from the report, “Wealth Management Platform Market Size By Advisory Mode (Human Advisory, Robo Advisory, Hybrid), By Deployment Model (On-premise, Cloud), By Application (Financial Advice & Management, Portfolio, Accounting, & Trading Management, Performance Management, Risk & Compliance Management, Reporting), By End-use (Banking, Investment Management Firms, Trading & Exchange Firms, Brokerage Firms), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Industry-wide focus on personalized wealth management services is enhancing the popularity of financial advice & management in the wealth management platform market
The financial advice & management segment in the market is anticipated to witness an exponential growth rate of around 15% till 2027. The financial advice & management application is widely used by wealth managers to gain in-depth insights related to client requirements. It also helps them in formulating investment strategies according to the individual goal. The advanced functional capabilities related to investment proposal generation, integrated account opening, etc., are fueling to the market outlook.
The banking segment to observe significant growth in the global market
In the end-use segment, banking is expected to grow significantly during 2021 to 2027. The need for enhanced customer experience and personalized service to high net worth professionals is contributing to the growing popularity of wealth management platforms. In January 2021, Schroders, an asset management company, deployed Wealth Front office solution from Temenos AG. This deployment enabled the company to offer a wide array of advisory services to the customers.
The growing digital adoption and rising number of high net worth individuals across Asia Pacific are supporting the market demand
Asia Pacific wealth management platform market size is set to account for more than USD 1 billion by 2027 owing to the growing wealth of high net worth individuals and digital technology adoption across the BFSI industry. The regional enterprises are also deploying advanced platforms across their existing infrastructure.
Focus on strategic partnerships and platform development by key players to augment market share
The companies operating in the wealth management platform market are focusing on platform developments to cater to enterprise-wide demand. For instance, in February 2021, Vistrata, a technology startup company, launched its wealth management platform. Prior to the platform launch, the company raised approximately USD 4 million in an investment round. This enabled the company to ensure consistent technology developments and cater to demand across geographies.
Some of the key players operating in the market are Addepar, Inc., Avaloq Group AG, Backbase B.V., Broadridge Financial Solutions, Inc., Comarch SA, Dorsum Limited, Fidelity National Information Services, (FIS) Inc., Fiserv Inc., InvestCloud, Inc., InvestEdge, Inc., Miles Software, ObjectWay, PROFILE SOFTWARE S.A, Prometeia, SEI, SS&C Technologies Holdings, Inc., Refinitiv, RobustWealth, and Temenos AG..