The adoption of the wealth management platform market is expected to record a CAGR of 10.0% during the forecast period. The wealth management platform market size is anticipated to rise from USD 3.3 billion in 2023 to USD 8.56 billion in 2033.
Various Factors Propelling Wealth Management Platform Market are:
The adoption of DevOps and rising influence of technologies around consumer approach are expected to fuel the market growth.
| Attribute | Details |
|---|---|
| Wealth Management Platforms Market Estimated Size (2023) | USD 3.3 billion |
| Wealth Management Platforms Market CAGR (2023 to 2033) | 10.0% |
| Wealth Management Platforms Market Forecasted Size (2033) | USD 8.56 billion |
In contrast to the 13.2% CAGR observed between 2017 and 2022, the demand for the wealth management platforms market is anticipated to register a 10.0% CAGR between 2023 and 2033. In line with corporate policies, the market is seeing the adoption of digitalization and process automation, both of which promise to be profitable.
Many businesses are seeking to hasten digitization, increase operational effectiveness, and strengthen client relationships. As a result, several end-use sectors are likely to speed up the adoption of financial consulting and management solutions.
Wealth management tools are assisting companies to track transactions and manage their assets more effectively. Advancements in AI and Blockchain holds the potential to expand the market during forecasting period. The artificial intelligence system monitors the customer's spending and makes relevant recommendations. The blockchain and AI track client spending patterns, keep track of trends and make estimates based on data.
Interventions of AI Technologies are Stimulating Market Growth
The incorporation of AI is expanding across all industries. Strategically, businesses have emphasized AI in their initiatives to transform business. The idea of wealth management artificial intelligence is revolutionary in terms of AI technology for software and application development.
The platform attracts investment from many businesses due to its wide application and potential advantages. Businesses can profit from improved data analytics, user experience, cost savings, quick development, and more. As a result, it is projected that the market for wealth management may continue to increase due to the growing trend of low-code AI.
Current Trend
Improved Financial Firm Experience is Essential to Meet Growing Demand for Wealth Management Platforms
The main goal of financial firms is to enhance the client experience by providing integrated solutions through unified platforms. To offer a next-generation banking and financial experience, banks have started replacing conventional, internal core banking systems.
Increased client trust in banks results in more robust engagement and great investment willingness thanks to wealth management platforms. As long as administrative and operational costs are kept to a minimum, the platform should be able to accommodate the rising demand for advisory services while improving effectiveness and efficiency across the advisory network. Several banks have introduced wealth management solutions.
For instance, private sector lender, IndusInd Bank launched Pioneer Banking in January 2020. This wealth management platform is primarily targeted at high-net-worth individuals. Based on the bank's research skills, the new service combines wealth management options with a range of personal and business banking products.
Key Restraints
Based on the Advisory Mode, a strong CAGR of 15.00% is predicted for the Robo advisory segment during the projected period. When compared to other ways, robo advisors are more accessible and reliable.
Robo advisers have several advantages, including a considerably simpler onboarding procedure, a low investment threshold, and a variety of automated features. Customers can access the portfolio of business services directly through the software.
In 2022, the human advice segment of the market for wealth management platforms retained a revenue share of over 60%. High-net-worth individuals (HNWIs) are moving away from automated wealth management systems and towards human advisory services due to growing security concerns in the sector.
This advisory model uses specialized data analysis technologies that take into account the customers' diverse financial backgrounds and provide outcomes after being analyzed.
Between 2023 and 2033, the cloud segment is expected to grow at a rate of over 15% for deployment. Financial services firms are increasingly adopting cloud-based wealth management solutions. It offers a less complicated setup, the flexibility required for remote work, and less infrastructure investment.
Wealth management experts may operate from any device and OS thanks to cloud computing. Cloud platforms enable businesses to develop cutting-edge wealth management solutions since they are scalable and cost-effective.
Through 2033, the risk & compliance management applications segment's wealth management platform market is likely to expand at a CAGR of 10%.
There is huge need for good ways to manage risk in the business sector. This might involve combining things like how a business operates, its IT systems, following rules, considering environmental and social impact, and using outside companies. The installation of Know Your Customer (KYC), Know Your Product (KYP), and anti-fraud and anti-money laundering (AML) compliance procedures are anticipated.
North America contributed USD 1.0 billion to the global market in 2022. In North America, the importance of wealth management services is rising as retailers look to draw in and retain successful customers. For instance, a sizeable portion of the net income of retail banks in the region comes from wealthy mass consumers.
Numerous diversified financial service companies in the area are expanding their wealth management operations. Moreover, the market is expanding due to the presence of leading players in the country.
With a CAGR of 8.4%, the Asia Pacific wealth management platform market demand is predicted to increase at a significant rate during the projected period and reach USD 289.22 billion by 2028.
Asia Pacific regional market is anticipated to expand at a prominent rate due to the increased usage of digital platforms in the region and prospects for private wealth management are expected to develop. Technologically knowledgeable customers can use robo advising solutions to effectively meet their investing needs by combining creative data and cutting-edge algorithms.
Additionally, the region's surging small and medium-sized businesses are expected to assist wealth management software companies in developing nations like China and India.
Wealthy, a wealth management platform, announced a USD 7.5 million funding round led by Alpha Wave Incubation on Wednesday (AWI). AWI is managed by Alpha Wave Global and is backed by Abu Dhabi investment vehicle ADQ's venture platform (formerly Falcon Edge Capital).
The Savrola Group joined the round as a new investor, joining existing backers Venture Highway, Good Capital, and Emphasis Ventures.
Wealthy may use the funds to expand globally, including in the Middle East, according to a statement issued by the Bengaluru-based company.
The core businesses involved in the sector are frequently observed utilizing a variety of tactics to strengthen their position as market leaders. Among many potential options, businesses are actively utilizing measures like buying rival businesses to boost brand value among customers. Another essential tactic is routinely releasing ground-breaking items after doing a thorough analysis of the market and its users.
Latest Developments
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 10.0% from 2022 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Advisory Mode, Application, End User, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | 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 |
| Customization & Pricing | Available upon Request |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Global Market Value (US$ Million) Forecast by Deployment Type, 2018 to 2033
Table 3: Global Market Value (US$ Million) Forecast by End-user Industry, 2018 to 2033
Table 4: North America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 5: North America Market Value (US$ Million) Forecast by Deployment Type, 2018 to 2033
Table 6: North America Market Value (US$ Million) Forecast by End-user Industry, 2018 to 2033
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 8: Latin America Market Value (US$ Million) Forecast by Deployment Type, 2018 to 2033
Table 9: Latin America Market Value (US$ Million) Forecast by End-user Industry, 2018 to 2033
Table 10: Europe Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 11: Europe Market Value (US$ Million) Forecast by Deployment Type, 2018 to 2033
Table 12: Europe Market Value (US$ Million) Forecast by End-user Industry, 2018 to 2033
Table 13: Asia Pacific Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 14: Asia Pacific Market Value (US$ Million) Forecast by Deployment Type, 2018 to 2033
Table 15: Asia Pacific Market Value (US$ Million) Forecast by End-user Industry, 2018 to 2033
Table 16: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 17: Middle East and Africa Market Value (US$ Million) Forecast by Deployment Type, 2018 to 2033
Table 18: Middle East and Africa Market Value (US$ Million) Forecast by End-user Industry, 2018 to 2033
Figure 1: Global Market Value (US$ Million) by Deployment Type, 2023 to 2033
Figure 2: Global Market Value (US$ Million) by End-user Industry, 2023 to 2033
Figure 3: Global Market Value (US$ Million) by Region, 2023 to 2033
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 7: Global Market Value (US$ Million) Analysis by Deployment Type, 2018 to 2033
Figure 8: Global Market Value Share (%) and BPS Analysis by Deployment Type, 2023 to 2033
Figure 9: Global Market Y-o-Y Growth (%) Projections by Deployment Type, 2023 to 2033
Figure 10: Global Market Value (US$ Million) Analysis by End-user Industry, 2018 to 2033
Figure 11: Global Market Value Share (%) and BPS Analysis by End-user Industry, 2023 to 2033
Figure 12: Global Market Y-o-Y Growth (%) Projections by End-user Industry, 2023 to 2033
Figure 13: Global Market Attractiveness by Deployment Type, 2023 to 2033
Figure 14: Global Market Attractiveness by End-user Industry, 2023 to 2033
Figure 15: Global Market Attractiveness by Region, 2023 to 2033
Figure 16: North America Market Value (US$ Million) by Deployment Type, 2023 to 2033
Figure 17: North America Market Value (US$ Million) by End-user Industry, 2023 to 2033
Figure 18: North America Market Value (US$ Million) by Country, 2023 to 2033
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 22: North America Market Value (US$ Million) Analysis by Deployment Type, 2018 to 2033
Figure 23: North America Market Value Share (%) and BPS Analysis by Deployment Type, 2023 to 2033
Figure 24: North America Market Y-o-Y Growth (%) Projections by Deployment Type, 2023 to 2033
Figure 25: North America Market Value (US$ Million) Analysis by End-user Industry, 2018 to 2033
Figure 26: North America Market Value Share (%) and BPS Analysis by End-user Industry, 2023 to 2033
Figure 27: North America Market Y-o-Y Growth (%) Projections by End-user Industry, 2023 to 2033
Figure 28: North America Market Attractiveness by Deployment Type, 2023 to 2033
Figure 29: North America Market Attractiveness by End-user Industry, 2023 to 2033
Figure 30: North America Market Attractiveness by Country, 2023 to 2033
Figure 31: Latin America Market Value (US$ Million) by Deployment Type, 2023 to 2033
Figure 32: Latin America Market Value (US$ Million) by End-user Industry, 2023 to 2033
Figure 33: Latin America Market Value (US$ Million) by Country, 2023 to 2033
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 37: Latin America Market Value (US$ Million) Analysis by Deployment Type, 2018 to 2033
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Deployment Type, 2023 to 2033
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Deployment Type, 2023 to 2033
Figure 40: Latin America Market Value (US$ Million) Analysis by End-user Industry, 2018 to 2033
Figure 41: Latin America Market Value Share (%) and BPS Analysis by End-user Industry, 2023 to 2033
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End-user Industry, 2023 to 2033
Figure 43: Latin America Market Attractiveness by Deployment Type, 2023 to 2033
Figure 44: Latin America Market Attractiveness by End-user Industry, 2023 to 2033
Figure 45: Latin America Market Attractiveness by Country, 2023 to 2033
Figure 46: Europe Market Value (US$ Million) by Deployment Type, 2023 to 2033
Figure 47: Europe Market Value (US$ Million) by End-user Industry, 2023 to 2033
Figure 48: Europe Market Value (US$ Million) by Country, 2023 to 2033
Figure 49: Europe Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 50: Europe Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 51: Europe Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 52: Europe Market Value (US$ Million) Analysis by Deployment Type, 2018 to 2033
Figure 53: Europe Market Value Share (%) and BPS Analysis by Deployment Type, 2023 to 2033
Figure 54: Europe Market Y-o-Y Growth (%) Projections by Deployment Type, 2023 to 2033
Figure 55: Europe Market Value (US$ Million) Analysis by End-user Industry, 2018 to 2033
Figure 56: Europe Market Value Share (%) and BPS Analysis by End-user Industry, 2023 to 2033
Figure 57: Europe Market Y-o-Y Growth (%) Projections by End-user Industry, 2023 to 2033
Figure 58: Europe Market Attractiveness by Deployment Type, 2023 to 2033
Figure 59: Europe Market Attractiveness by End-user Industry, 2023 to 2033
Figure 60: Europe Market Attractiveness by Country, 2023 to 2033
Figure 61: Asia Pacific Market Value (US$ Million) by Deployment Type, 2023 to 2033
Figure 62: Asia Pacific Market Value (US$ Million) by End-user Industry, 2023 to 2033
Figure 63: Asia Pacific Market Value (US$ Million) by Country, 2023 to 2033
Figure 64: Asia Pacific Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 65: Asia Pacific Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 66: Asia Pacific Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 67: Asia Pacific Market Value (US$ Million) Analysis by Deployment Type, 2018 to 2033
Figure 68: Asia Pacific Market Value Share (%) and BPS Analysis by Deployment Type, 2023 to 2033
Figure 69: Asia Pacific Market Y-o-Y Growth (%) Projections by Deployment Type, 2023 to 2033
Figure 70: Asia Pacific Market Value (US$ Million) Analysis by End-user Industry, 2018 to 2033
Figure 71: Asia Pacific Market Value Share (%) and BPS Analysis by End-user Industry, 2023 to 2033
Figure 72: Asia Pacific Market Y-o-Y Growth (%) Projections by End-user Industry, 2023 to 2033
Figure 73: Asia Pacific Market Attractiveness by Deployment Type, 2023 to 2033
Figure 74: Asia Pacific Market Attractiveness by End-user Industry, 2023 to 2033
Figure 75: Asia Pacific Market Attractiveness by Country, 2023 to 2033
Figure 76: Middle East and Africa Market Value (US$ Million) by Deployment Type, 2023 to 2033
Figure 77: Middle East and Africa Market Value (US$ Million) by End-user Industry, 2023 to 2033
Figure 78: Middle East and Africa Market Value (US$ Million) by Country, 2023 to 2033
Figure 79: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 80: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 81: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 82: Middle East and Africa Market Value (US$ Million) Analysis by Deployment Type, 2018 to 2033
Figure 83: Middle East and Africa Market Value Share (%) and BPS Analysis by Deployment Type, 2023 to 2033
Figure 84: Middle East and Africa Market Y-o-Y Growth (%) Projections by Deployment Type, 2023 to 2033
Figure 85: Middle East and Africa Market Value (US$ Million) Analysis by End-user Industry, 2018 to 2033
Figure 86: Middle East and Africa Market Value Share (%) and BPS Analysis by End-user Industry, 2023 to 2033
Figure 87: Middle East and Africa Market Y-o-Y Growth (%) Projections by End-user Industry, 2023 to 2033
Figure 88: Middle East and Africa Market Attractiveness by Deployment Type, 2023 to 2033
Figure 89: Middle East and Africa Market Attractiveness by End-user Industry, 2023 to 2033
Figure 90: Middle East and Africa Market Attractiveness by Country, 2023 to 2033
Growing demand for digital wealth management, a rising number of high-net-worth individuals, and increasing adoption of robo-advisors.
Security, compliance, and data privacy.
There are two main types of wealth management platforms: on-premise and cloud-based.
The key players in the wealth management platform market are Avaloq, FIS, Temenos, Prometeia, Backbase, and Tata Consultancy Services.
The trends in the wealth management platform market include the increasing adoption of cloud-based platforms, the integration of artificial intelligence and machine learning, and the focus on personalization.
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Wealth Management Platform Market
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