October 12, 2021
According to the study report titled, ‘Wealth Management Platform Market Size By Advisory Mode (Human Advisory, Robo Advisory, Hybrid), By Deployment Model (On-premise, Cloud), By Application, 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’, available with MarketStudyReport, wealth management platform market is anticipated to witness robust growth during the forecast period 2021-2027.
As per the report findings, surging demand for efficient solutions for managing wealth, increasing number of high-net-worth individuals, and rising digitalization in financial sector are driving global wealth management platform market growth. Moreover, adoption of advanced technologies like AI and blockchain in this field, and stringent government compliances are positively impacting the industry.
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For the uninitiated, wealth management systems provide financial businesses with up-to-date integrated tools and data-driven analytics to enable their advisors understand client needs better and deliver smart solutions by recommending appropriate portfolio allocations.
Taking COVID-19 into account, the financial sector has been severely disrupted, resulting in high demand for digital wealth management products.
Companies are implementing a variety of strategic initiatives such as new product development and launches to obtain a solid foothold in this dynamic environment, subsequently improving the global business landscape. Taking Refinitiv as example, the company in June 2021 debuted its new platform created to assist wealth management firms in providing fast data and insights.
Refinitiv’s technology was designed to retain brand identities by providing a customizable look and is claimed to make trading more efficient with its ability to be easily linked to a company's existing order management system. Such innovations will continue to enhance the overall industry growth.
In terms of application, wealth management platform market is split into portfolio, accounting, trading management, financial advice & management, risk & compliance management, performance management, reporting and others. Among these, the performance management sub-segment is estimated to grow at a CAGR of over 10% through the assessment period owing to rising demand of analytics tools worldwide.
Considering end-use, the market is divided into investment management businesses, banks, brokerage firms, trading & exchange organizations, and others. The market size from the brokerage firms segment is anticipated to grow vigorously at 15% CAGR throughout the analysis period. This can be ascribed to escalating product demand on account of rapid digitalization across brokerage businesses.
Considering geographical aspect, global wealth management platform industry size spans across North America, Latin America, Europe, Asia Pacific, and MEA. Among these, Latin America accounted for more than 5% of the market share in 2020 and is expected to increase significantly over 2021-2027. Accelerated digitalization of financial industry is expected to support regional market expansion in the upcoming years.
Furthermore, the MEA market is anticipated to develop at a CAGR of 10% over the forecast period, owing to increased need for secure asset management solutions.
Elaborating on the competitive landscape, Backbase B.V., Addepar, Inc., Dorsum Limited, Comarch SA, investedge, Inc., Fiserv Inc., objectway, Profile Software S.A, SEI Investments Co., SS&C Technologies Holdings, Inc., and Temenos AG. are some of the leading companies in wealth management platform market.