Hyderabad, July 06, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Wealth Management Platform Market Report (2023-2028)," the market is estimated at USD 4.66 billion in 2023. It is expected to register a CAGR of 14.04% during the forecast period.
Wealth management platforms offer a complete wealth overview of a client, including financial goal planning, compliance with regulations, risk profiling, etc., with portfolio management capabilities. The demand for automation in the wealth management process using smartphones, tablets, and browsers is enabling more efficient operations, which is expected to drive the market forward in the coming years. Technologies like artificial intelligence are also entering this space, and market players are paying close attention to these emerging technologies.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 4.66 billion |
| Market Size (2028) | USD 8.99 billion |
| CAGR (2023-2028) | 14.04% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growing demand for automation. |
| Digitized client onboarding and improved security. |
Who are the Top Companies in the Global Wealth Management Platform Market?
New wealth management players are entering the global market, making the industry more competitive. Multiple start-ups have recently been targeting emerging markets like India, giving market incumbents considerable competition. Players must constantly track technological advancements and regulatory dynamics to sustain.
The notable players in the global wealth management platform market with significant market shares in 2023 are:
- Avaloq Group AG
- Fidelity National Information Services Inc. (FIS)
- Temenos Headquarters SA
- Prometeia SpA
- Backbase Inc.
- Tata Consultancy Services Limited
- Fiserv Inc.
- InvestCloud Inc.
- EdgeVerve Systems Limited
- Crealogix AG
- Broadridge Financial Solutions Inc.
Other Reports That Might Be of Your Interest:
- Financial Advisory Services Market Report - The global financial advisory services market generated a revenue of USD 105 billion in 2023. It is expected to register a CAGR of 6% over the next five years.
- Finance Cloud Market Report - The global finance cloud market is expected to register a CAGR of 22.3% over the next five years.
Key Highlights from the Global Wealth Management Platform Market Report:
Investment Management Companies Driving the Market
- Investment management firms provide professionals to handle financial assets and execute trades within a portfolio. Trends like digitalization and automation are positively impacting this sector.
- Compliance challenges due to global regulations, low yields, and increased volatility are creating concerns for investment managers. Investment management firms are strategically turning to wealth management solutions to tackle these challenges.
North America Leading in Front
- The largest economy in the world, the United States, is also a significant market for wealth management platforms. Blockchain, machine learning, natural language processing, and digital process automation are driving the market in the country.
- Customers in the North American region are shifting toward outcome-based planning. A new generation of investors is entering the space with different expectations and preferences. Market players need to stay on top of these trends to sustain their market shares.
What are the Latest Developments in the Global Wealth Management Platform Market?
- In July 2022, FIS, a financial technology company, enhanced its wealth management solutions by expanding its self-invested personal pension (SIPP) servicing in the United Kingdom.
- In April 2022, HCL Technologies (HCL) expanded its global partnership with Avaloq, a provider of digital banking solutions, to develop a lifecycle management center for digital wealth management.
Mordor Intelligence has Segmented the Global Wealth Management Platform Market Based on Deployment Type, End-User Industry, and Geography.
- By Deployment Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- On-premise
- Cloud
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Banks
- Trading Firms
- Brokerage Firms
- Investment Management Firms
- Other End-user Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Wealth Management Platform Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Asia-Pacific Wealth Management Market Report - The Asia-Pacific wealth management market generated more than USD 300 billion in 2023. The market is poised to register a CAGR of more than 12% over the next five years.
- China Trade Finance Market Report - The Chinese trade finance market is estimated to be worth more than USD 1.5 billion in 2023. It is expected to register a growth rate of more than 4% over the next five years.
- Asia-Pacific Life and Non-Life Insurance Market Report - The life and non-life insurance market in Asia-Pacific is estimated to register a CAGR greater than 4.5% over the next five years.
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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