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Global WealthTech Solutions Industry Overview (2023-2033)

The global wealthtech solutions market is expected to record a CAGR of 17% during the forecast period ranging from 2023 to 2033. The wealthtech solutions market is projected to grow from US$ 5.42 billion in 2023 to US$ 26.1 billion in 2033.

New cutting-edge technological advancements and an increase in demand for digital tools are expected to increase the demand for wealthtech solutions. This provides a positive platform for wealthtech solutions in the market to grow in demand.

Data Points Key Statistics
Estimated Base Year Value (2022) US$ 4.8 billion
Expected Market Value (2023) US$ 5.42 billion
Anticipated Forecast Value (2033) US$ 26.1 billion
Projected Growth Rate (2023 to 2033) 17% CAGR

Among the factors supporting the market are:

  • A growing interest in digital financial services.
  • Improved customer service.
  • Continuous innovation and development in technologies.
  • Increased investments in blockchain technologies.
  • Sustainable investing is gaining traction.
  • Investment options with low costs and accessibility.
  • Financial regulations and government policies.
  • AI, ML, and Big Data are in high demand.

Millennials and Gen Z are fast becoming the primary consumers of financial products and services, resulting in a growing demand for innovative digital solutions, which wealthtech companies are poised to meet in the near future. A growing number of wealthtech solutions are offering ESG-focused investment options to suit the needs of investors who are increasingly concerned about environmental, social, and governance issues.

The Asia-Pacific region is expected to see a rise in demand for wealthtech solutions. Due to the growing adoption of digitization in developing countries such as India and China, as well as their high population levels, the countries are expected to grow their market for wealthtech solutions. Indian wealth tech industries have experienced robust growth as the adoption of digital technology and investor interest have grown. It is estimated that over 300 startups in India provide wealth-tech services, including money management, robo-advisory, investment services, and online brokerages.

India's wealth tech sector has grown rapidly. In recent years, India has seen an unprecedented amount of fintech development, becoming one of the fastest-growing markets ever for fintech, along with the United States. During the pandemic, internet penetration in India increased by 8.2%, resulting in greater adoption of digital technologies.

Compared to the simple predictive analysis of the past, WealthTech has evolved significantly. It has become common for companies to use data from several sources to improve their services, including data derived from client behavior.

Cryptocurrencies like blockchain are being extensively explored by investment and property management firms around the globe. Besides assisting with asset management, blockchains are also creating numerous new asset classes.

The use of artificial intelligence is gaining traction as a means of improving financial decision-making processes. By providing new methods of assessing active risks, delivering alternative models, and automating investment processes, Artificial Intelligence offers new possibilities in the realm of investment. Further, organizations provide customized investment advice that is tailored to an individual's specific financial goals, as well as the degree of risk that the individual is willing to take.

Through user-friendly interfaces and educational content, wealthtech solutions are educating users on financial planning, financial investment, and retirement planning. A more supportive environment is being created for fintech and wealthtech startups by the government and regulatory bodies, which is creating a more stimulating business environment for these solutions to grow in the market.

Wealthtech solutions have been experiencing a steady increase in demand for open-source banking systems as well as advanced security solutions to protect sensitive data and minimize the chances of data breaches, which have further enhanced the market for wealthtech solutions. With several key players, both in the small and medium-sized enterprise space, who are adopting SaaS and cloud-based technologies to develop cost-effective and highly customizable financial planning applications, the wealthtech market will be able to grow in the near future.

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WealthTech Solutions Market Overview

WealthTech solutions are active wealth planning management tools that can be used efficiently in serving ultrahigh-net-worth and high-net-worth clients. WealthTech solutions can help customers to achieve their financial goals efficiently.

It is also used for robo-advisory, digitizing retirement assets, automation of processes/outsourcing, digitized customer relationship management, and extensive financial data analysis. WealthTech solutions also provide strategic planning for integrated cash flows, employer stock modeling, complex tax planning, strategic estate planning, and legacy planning among others.

The WealthTech solutions provider strategy has been consistent with its more conservative approach to product innovation, which enables them to integrate newer technologies in an evolutionary manner. This strategy also helps the WealthTech solutions provider enhance its customer base and product offerings.

  • For instance, in December 2019, HSBC launched wealth-tech solutions in Singapore to enhance support for its retail banking proposition. It offers such institutional analytical capabilities to retail investors in Singapore.

Increasing Adoption of WealthTech Solutions amid the COVID-19 Pandemic outbreak

The COVID-19 pandemic outbreak has created disruption in many industries, including the WealthTech solutions market. WealthTech solutions help to conform to growing demands for fairness and transparency that, post-COVID-19 crisis, will certainly increase as people call for better omnichannel advice and greater value-add in managing their commercial and financial affairs.

As many struggle to meet the challenge of remote working and the stress of fast-declining margins, there are some market players that see this as a real opportunity.

Historically, the WealthTech Solutions market increased by 15% market growth in 2019 as compared to the year 2018, which could further rise to more than 21% in 2020 due to increasing usage of AI in the financial sector, Digital Wallets, and Robo-Advisory services.

The need for providing a greater degree of flexibility for customers seeking to better manage their wealth during the COVID-19 period drives the WealthTech solutions market.

Sudip Saha
Sudip Saha

Principal Consultant

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WealthTech Solutions Market: Drivers and Challenges

Drivers

The demand for WealthTech solutions is increasing due to capabilities such as financial data analytics, machine learning capabilities, and portfolio rebalancing. Such factors are driving the growth of the WealthTech solutions market during the forecast period.

These WealthTech solutions fulfill new-age customer needs such as automated rebalancing, tech-enabled financial solutions, and portfolio construction, for large banks and small advisory firms. WealthTech key players are focusing on transforming the industry by identifying inefficiencies along the entire financial services value chain.

This WealthTech solution offers different benefits such as more effective portfolio management, improved customer experience, better assets liquidity, cost transparency, and, improved advice. The reliability of such benefits drives the WealthTech solutions market growth. 

Challenges

The WealthTech solutions are more expensive and the lack of process, methodology, and resources affects the market growth, to a certain extent. Furthermore, lack of financial investment awareness, and poor transaction infrastructure network, are some factors hampering the WealthTech solutions market growth.

WealthTech Solutions Market: Competition Landscape

Some of the prominent players providing WealthTech Solutions are

  • WealthTechs Inc.
  • Wealthfront Corporation
  • Aixigo AG.
  • Valuefy
  • BlackRock, Inc., among others.

These vendors are focusing on product up-gradation and feature enhancements to fulfill the unique financial needs of the customers. Moreover, these vendors also offer financial advisory services to their clients, which helps them to sustain market competition.

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WealthTech Solutions Market: Regional overview

On the basis of geography, North America followed by Europe accounted for the largest market share as many WealthTech solutions providers are present in these regions due to advancements in financial services technology and high business growth rate in this region.

Moreover, emerging countries such as India, GCC countries, and Southeast Asian countries offer lucrative growth opportunities for high-net-worth customers and clients, to manage their financial investments and wealth generation.

The WealthTech solutions market report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain.

The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segment. The WealthTech solutions market report also maps the qualitative impact of various market factors on market segments and geographies.

The report covers exhaustive analysis on

  • WealthTech Solutions Market Segments
  • WealthTech Solutions Market Dynamics
  • WealthTech Solutions Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the WealthTech Solutions Market
  • Technology Landscape
  • Value Chain of the WealthTech Solutions Market
  • WealthTech Solutions Market Drivers and Restraints

Regional analysis includes

  • North America (USA, Canada)
  • Latin America (Mexico, Brazil, & Rest of Latin America)
  • Europe (Germany, Italy, United Kingdom Spain, France, BENELUX, Russia, Rest of Europe)
  • East Asia (China, South Korea, and Japan)
  • South Asia & Pacific (India, ASEAN, and  Australia & New Zealand, Rest of South Asia)
  • Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)

WealthTech Solutions Market: Segmentation

 Component :

  • WealthTech Solutions
  • Services
    • System Integration
    • Consulting Services
    • Support & Maintenance

End User:

  • Banks
  • Investment Firms
  • Wealth Management Firms
  • Others

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