Selbyville, Delaware,, Jan. 31, 2023 (GLOBE NEWSWIRE) --
The wealth management platform market valuation is estimated to cross USD 10 billion by 2032, as reported in a research study by Global Market Insights Inc.
Rapid utilization of digital channels by banks, financial institutions, and fintech to enhance consumer experience will support the wealth management platform market demand. Digital information fetched from these channels is used by wealth managers to make investment choices and develop intelligent customer engagement.
The emergence of advanced technologies, such as blockchain and AI, will aid companies to innovate new operating models to provide credit to several businesses and individuals. Customers refraining from the use of digital financial services and their reliance on conventional wealth management techniques are likely to restrict the market growth. Lack of awareness regarding appropriate tools and wealth management platforms is another factor that may impact the market revenue.
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The wealth management platform market from human advisory segment held around 60% revenue share in 2022. Mounting security concerns in the wealth management industry is enabling high-net-worth individuals (HNWIs) to shift toward human advisory services. This advisory model involves the use of dedicated data analysis tools that consider various financial credentials of the clients and provide analyzed results.
In terms of deployment model, the cloud segment is predicted to witness over 15% CAGR from 2023 to 2032. Cloud-based wealth management solutions are increasingly becoming popular among finance-based firms. It provides a simpler setup, the flexibility needed for remote work, and a lesser investment in infrastructure. Cloud-based computing also allows wealth management professionals to work from any device and OS. Companies are able to create cutting-edge wealth management solutions using cloud platforms as it provides scalability and affordability.
The wealth management platform market from risk & compliance management applications segment will expand at a CAGR of 10% through 2032. The need for effective risk management strategies that can integrate operational, IT, compliance, ESG practices, and third-party providers is considerably high in the business sector. It is projected that the implementation of Know Your Customer (KYC) and Know Your Product (KYP) compliance procedures, as well as the anti-fraud and Anti-Money Laundering (AML) system.
The banking end-use segment accounted for 30% of the wealth management platform market share in 2022. Wealth management platforms are becoming popular as a result of the demand for enhanced customer experience and personalized service for high-net-worth professionals. These platforms provide financial firms with data-driven analytics and the latest integrated tools that are needed to empower their advisors to offer smart solutions. Wealth management platforms also enable advisors to better understand the needs of clients and recommend appropriate portfolio allocations.
The Europe wealth management platform market will observe around 20% of the revenue share in 2032. The incorporation of Environmental, Social, and Governance (ESG) frameworks into investment strategies by wealth managers should assist this growth. Banks, wealth managers, and other financial institutions across the region are adopting wealth management platforms as the demand for AI-enabled investment solutions.
Some of the leading companies involved in the wealth management platform market include SS&C Technologies Holdings, Inc., Avaloq, Fiserv, Inc., Broadridge, FIS Global, Prometeia, and InvestCloud. These companies are focusing on innovative techniques to expand production capacity.
To cite an instance, in September 2022, iCapital1 and Ares Wealth Management Solutions (AWMS) expanded their partnership to offer registered independent advisors and financial advisors with greater access to a wider range of alternative investment solutions as well as a full suite of tools to assist them in creating client portfolios.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Wealth management platform industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market
2.3 Regional trends
2.4 Advisory mode trends
2.5 Deployment model trends
2.6 Application trends
2.7 End use trends
Chapter 3 Wealth Management Platform Market Insights
3.1 Introduction
3.1.1 Global outlook
3.1.2 North America
3.1.3 Europe
3.1.4 Asia Pacific
3.1.5 Latin America
3.1.6 Middle East & Africa
3.2 Impact of Russia-Ukraine conflict
3.3 Wealth management platform industry ecosystem analysis
3.3.1 Platfiorm provider
3.3.2 Cloud service providers
3.3.3 Government authorities
3.3.4 End users
3.3.5 Profit margin analysis
3.3.6 Vendor matrix
3.4 Industry evolution
3.5 Technology & innovation landscape
3.5.1 Predictive analytics
3.5.2 Blockchain
3.5.3 Human digital interface
3.6 Investment portfolio
3.7 Key initiatives and news
3.8 Regulatory landscape
3.8.1 North America
3.8.1.1 Gramm-Leach-Bliley Act of 1999, U.S.
3.8.1.2 The Sarbanes-Oxley Act of 2022
3.8.1.3 Federal Information Security Management Act (FISMA)
3.8.1.4 Dodd–Frank Wall Street Reform and Consumer Protection Act
3.8.2 Europe
3.8.2.1 The General Data Protection Regulation (GDPR) (EU)
3.8.2.2 European Market Infrastructure Regulation (EMIR)
3.8.2.3 Anti-Money Laundering Directive 2015/849/EU (AMLD)
3.8.3 Asia Pacific
3.8.3.1 Cybersecurity Law, China
3.8.4 LAMEA
3.8.4.1 Cyber Security Framework, Saudi Arabian Monetary Authority (SAMA)
3.9 Industry impact forces
3.9.1 Growth drivers
3.9.1.1 Increase in number of HNWIs across the globe
3.9.1.2 Growing digitalization across the financial sector
3.9.1.3 Rising adoption of AI and blockchain technology across wealth management solutions
3.9.1.4 Stringent government compliances related to financial sector
3.9.2 Industry pitfalls & challenges
3.9.2.1 Data safety & security issues
3.9.2.2 Higher dependency on traditional wealth management methods
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
