Overview and Scope
A wealth management platform is a digital tool or system that helps individuals
or institutions manage their financial assets and investments. They provide
users access to various investment products, including stocks, bonds, mutual
funds, exchange-traded funds (ETFs), and tools for analyzing and monitoring
their portfolios.
Sizing and Forecast
The wealth management platform market size has grown rapidly in recent years.
It will grow from $3.92 billion in 2023 to $4.45 billion in 2024 at a compound
annual growth rate (CAGR) of 13.5%. The
growth in the historic period can be attributed to an increase in the number of
HNWIs across the globe, growing digitalization across the financial sector,
growing concerns about data security and bank safety, use of blockchain
technology across wealth management solutions, stringent government compliances
related to the financial sector.
The wealth management platform market size is expected to see rapid growth in
the next few years. It will grow to $7.49 billion in 2028 at a compound annual
growth rate (CAGR) of 13.9%. The growth
in the forecast period can be attributed to the increased adoption of
cloud-based solutions, the need to provide improved experience in financial
firms, increased digitization, the high adoption of automation, and enhanced
security and protection for client data. Major trends in the forecast period
include innovative wealth management platforms, real-time analytics, adaptable
investment strategies, technological innovations, and amalgamating progressive
technologies and software.
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Segmentation & Regional Insights
The wealth management platform market covered in this report is segmented –
1) By Deployment Type: On-Premises, Cloud
2) By Advisory Mode: Human Advisory,
Robo Advisory, Hybrid
3) By Business Function: Financial Advice Management, Portfolio, Accounting,
And Trading Management, Performance Management, Risk And Compliance Management,
Reporting, Other Business Functions
4) By End-User: Banks, Trading Firms, Brokerage Firms, Investment Management
Firms, Other End-Users
North America was the largest region in the wealth management platform market
in 2023. Asia-Pacific is expected to be the fastest growing region in the
market. The regions covered in the wealth management platform market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South America,
Middle East and Africa.
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Major Driver Impacting Market Growth
The rising number of financial advisory firms is expected to propel the growth
of the wealth management platform market going forward. Financial advisory
firms refer to businesses that provide expert guidance and services to
individuals, businesses, and institutions regarding various aspects of
financial management. Financial advisory firms are rising due to demand for
personalized financial guidance including retirement planning, investment
management, tax optimization, and estate planning. Financial advisory firms use
wealth management platforms to streamline client interactions, enhance service
delivery, and efficiently manage client portfolios, aiming to provide
comprehensive financial solutions tailored to each client's needs. For
instance, in 2023, according to the Investment Adviser Industry Snapshot by the
Investment Adviser Association (IAA), a US-based non-profit organization, there
were 54.3 million clients in 2022 utilizing asset management advisory services,
a 2.1% rise from the previous year. Further, in 2021, there was a notable
increase in U.S. Securities and Exchange Commission (SEC)-registered investment
advisory firms, rising by 926 firms, or 6.7%, compared to the previous year,
reaching an all-time high of 14,806 firms. Therefore, the rising number of
financial advisory firms is driving the growth of the wealth management
platform market.
Key Industry Players
Major companies operating in the wealth management platform market are JPMorgan
Chase & Co, Bank of America Corporation, Tata Consultancy Services Ltd, NEC
Corporation, PNC Financial Services Group Inc, Infosys Limited, BlackRock Inc,
Fiserv Inc, Goldman Sachs Private Wealth Management, Fidelity Information
Services Inc, Vanguard Group Inc, Northern Trust Corporation, Broadridge
Financial Solutions Inc, SS&C Technologies Inc, Charles Schwab Investment
Management Inc, SEI Investments Company, Temenos AG, Comarch SA, Backbase BV,
Prometeia SpA, Crealogix AG, Profile Systems and Software SA, Dreamplug Technologies
Private Limited, Wells Fargo Investment Institute Inc , Tinwell Labs Inc
The wealth management platform market report table of contents includes:
1. Executive Summary
2. Wealth
Management Platform Market Characteristics
3. Wealth
Management Platform Market Trends And Strategies
4. Wealth
Management Platform Market - Macro Economic Scenario
5. Global
Wealth Management Platform Market Size and Growth
.
32. Global Wealth Management Platform Market Competitive Benchmarking
33. Global
Wealth Management Platform Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Wealth Management Platform Market
35. Wealth
Management Platform Market Future Outlook and Potential Analysis
36.
Appendix
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