New York, USA, Oct. 27, 2021 (GLOBE NEWSWIRE) -- As per a report published by Research Dive, the global wealth management market is expected to generate a revenue of $850.90 billion and grow at a healthy CAGR of 7.1% during the analysis period from 2021-2028.
As per our analysts, with the emergence of technological advancements, the global wealth management market is projected to witness significant growth during the forecast timeframe. The increased investment in the implementation of new technologies like chatbots, IoT, AI, and many more, enables wealth management organizations to gather real-time information by interacting with people and helps them to increase operational efficiency by knowing the needs and expectations of the clients. Besides, focusing on health advisory is expected to increase major growth opportunities for the market. However, the lack of pricing transparency and trust may impede the growth of the market during the forecast period.
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Segments of the Market
The report has divided the market into various segments based on advisory type, services, providers, and region.
Advisory Type: Human Advisory Sub-Segment to be Most Lucrative
The human advisory sub-segment is estimated to generate a revenue of $516.67 billion and is predicted to hold the largest market share throughout the forecast period. Human advisors assist clients with emotional sensitivity, flexibility, customized services and provide several other advantages, this further is expected to aid the growth of the wealth management market sub-segment during the analysis period.
Services: Asset Management Sub-Segment to be Most Profitable
The asset management sub-segment is anticipated to generate a revenue of $224.92 billion and is expected to hold the highest market size over the estimated timeframe. With increasing digitization, the asset-intensive firms are investing more in advanced and creative solutions to improve client relationships and to modify operational processes, this further is expected to bolster the market sub-segment during the forecast period.
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Providers: Bank Sub-Segment Anticipated to Hold the Largest Market Share
The bank sub-segment is predicted to garner a revenue of $439.6 billion over the forecast period. This is mainly because bank plays a vital role in managing individuals’ growing assets and wealth. Moreover, the role of private banking in providing a client-centric strategy is further expected to boost the growth of the wealth management market sub-segment during the analysis period.
Region: Asia-Pacific Region Estimated to Hold Extensive Growth Opportunities
The Asia-Pacific region is expected to generate a revenue of $289.22 billion and is predicted to witness steady growth during the forecast period. This is due to the increasing number of users of smart devices and the adoption of digital platforms across various industries in this region. The growing transformation of small and medium businesses in developing countries is further projected to amplify the growth of the market over the analysis period.
Covid-19 Impact on the Market
Because of the economic recession caused by the Covid-19 pandemic, the unpredictable market scenario and unstable global financial sectors, are the factors that caused a negative impact on the wealth management market. Furthermore, the organizations having a large customer base and more relying on technological means have faced various challenges to engage their clients during the novel coronavirus pandemic worldwide.
The Key Players of the Market
The major key players of the market include
- Goldman Sachs
- CREDIT SUISSE GROUP AG
- JPMorgan Chase & Co
- Citigroup Inc.
- Julius Baer Group
- Charles Schwab & Co., Inc.
- Morgan Stanley
- BNP Paribas
- UBS
- Bank of America Corporation, and many others.
These players are working on developing numerous business strategies such as product development, merger and acquisition, partnerships, and collaborations to support market growth and to gain a leading position in the global industry.
For instance, in September 2021, Shenwan Hongyuan Securities (HK), a Hong Kong-based investment holding company, which is majorly involved in financial businesses has introduced a wealth management operation named, Wynner in Hong Kong. This platform is mainly developed for high-net-worth people who are highly interested in overseas asset allocation and market investments. Furthermore, this operation is also aiming to offer the best economic solutions to expert investors globally.
In addition, the report also presents a variety of aspects of the fertilizer market, such as SWOT analysis, product portfolio, key strategic moves, and business and financial performance.
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More about Wealth Menagement Market:
- Wealth Management Industry to be the Backbone of High Net-Worth Individuals (HNIs)
- How does Wealth Management Become a Functional Tool for Wealthy Clients to Meet Their Financial Goals?
