New York, Aug. 27, 2021 (GLOBE NEWSWIRE) -- WealthTech Solution Market: Key Insights
According to our new research study on “WealthTech Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, End User, Organization Size, Deployment Mode, and Geography,” the WealthTech Solution Market is projected to reach US$ 137.44 million by 2028 from US$ 54.62 million in 2021; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.
WealthTech Solution Market: Competitive Landscape and Key Developments
FinMason, Inc.; aixigo AG; InvestCloud, Inc.; WealthTechs Inc.; Valuefy Solutions Private Limited; 3rd-eyes analytics AG; BlackRock, Inc.; Synechron; Wealthfront Inc.; and InvestSuite are a few key players operating in the global wealthtech solution market. The leading companies are focusing on the expansion and diversification of their market presence and the acquisition of new customer base, thereby tapping prevailing business opportunities.
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In March 2021, FinMason was selected by Informa Financial Intelligence’s Zephyr business, an analytics and visualization leader in the advisor space, to deliver ESG data from OWL Analytics via the FinRiver API to their Zephyr platform. This will combine FinMason’s API delivery system and OWL’s ESG Ratings for streamlined and accelerated deployment of holistic sustainable investing data across Portfolio Analytics & Performance.
With the digital transformation, the use of the cloud-based platform as these platforms deployed with simplicity in less time and at low deployment costs. Further, developed countries have matured internet infrastructure, while it is flourishing in several developing countries, which is a major factor contributing to the enhanced access of cloud-based platforms to end users. Financial analytics helps banking sectors to provide enhanced customer experience and risk management assistance. Cloud is emerging as a better alternative for banking and other financial service providers to store data and applications, and access advanced software applications through the internet. It helps synchronize enterprise operations and break down operational and data silos. Moreover, cloud-based financial analytics helps build resilient operations, drive business innovation, enhance IT security, and scale computing costs as needed. Therefore, the growing need of cloud-based financial analytics in the banking sector and other financial firms is bolstering the demand for WealthTech solutions. The companies offering financial analytics include FinMason, Inc.; WealthTechs Inc.; BlackRock, Inc.; and Synechron.
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WealthTech solutions provide real-time data that assists organizations to make better investment decisions, which, in turn, helps enhance managerial efficiency and operational agility. The rising expansion of businesses in North America and the increasing use of technologies in banks would boost the demand for the WealthTech solutions during the forecast period.
The WealthTech solution market in APAC is predicted to grow at the fastest rate during the forecast period. The financial industry is becoming digitalized as internet access rises in emerging nations across the region. WealthTech solutions deliver relevant data and regulatory compliance. Investors and investment managers are searching for digital communication tools that can allow them to access their portfolios quickly.
Organizations use financial analytics tools to gain insights into key present and future trends for improving their business performance. Financial analytics services include financial data quality analysis and data layout, client analytics, predictive analytics, principal component analysis, and financial data collection. These analytics require thorough financial and other relevant data to identify patterns; based on these predictions, enterprises may make predictions regarding what their customers would buy, how long their employees' tenures might be, and so on. Thus, financial analytics services help organizations improve the profitability, cash flow, and business value. They may use the insights gained through these analytics to improve their revenues and business processes.
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Accenture PLC provides the newest data and analytics solutions for financial service providers, along with assisting them in deploying the same. Its services for these firms include cost analytics and enterprise performance analytics. With a prime focus in income statements, balance sheets, and cash flow statements, financial analysis is employed to evaluate economic trends, set financial policies, formulate long-term business plans, and pinpoint projects or companies for investments. Financial service providers, including investment banks, generate and store more data than any other businesses, as finance is a transaction-heavy industry. The banks used data to estimate risks for improving the overall profitability in the subsequent years. Therefore, with multiple benefits in banks and investment firms, the demand for financial analytics services increasing significantly, thus boosting the WealthTech solutions market growth.
WealthTech Solution Market: End User Overview
Based on end user, the wealthtech solution market is segmented into banks, wealth management firms, and others. In 2020, the wealth management firms segment accounted for the largest market share.
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