Pune, July 15, 2024 (GLOBE NEWSWIRE) -- Wealth Management Platform Market Size & Growth Analysis:
“According to SNS Insider Research, The Wealth Management Platform Market size was recorded at US$ 4.82 Billion in 2023 and is expected to reach US$ 15.8 Billion by 2032, growing at a CAGR of 14.1% over the forecast period of 2024-2032.”
With an expanding high net worth individuals (HNWI) base, customers' inclination towards digitalization, and cost-effective financial planning is a major growth booster in the global Wealth management platform market for full-service wealth managers, on account of them showing greater demand for integrated wealth management solutions. The study revealed that the global wealth of HNWIs had reached 4.7% in 2023 and in terms of dollars it grew to 4.2%, after a decline in 2022, reaching $ 86.8 Trillion. Moreover, the globalization in financial markets that needs the facility of modern platforms to sustain cross-border portfolio diversification and multiple currencies is also promoting the market. According to the study on economic globalization, Singapore led the market in 2023, and Belgium and the Netherlands followed behind, which boosted the market adoption globally.
In line with that, the growing number of financial advisory firms and their utilization of advanced wealth management platforms has helped drive this competitive market. For Instance, the advanced Robo-Advisor for Asset management and portfolio configuration is trending nowadays. Some famous Robo-advisors are Wealthfront (best goal planner, portfolio manager), M1 Finance (best for investors), Ellevest (Best for women investors), etc.
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Major Players Analysis Listed in this Report are:
- Profile Software
- Comarch SA
- Fiserv, Inc.
- Fidelity National Information Services, Inc.
- Temenos Headquarters SA
- Dorsum Ltd.
- Finantix
- Objectway S.p.A.
- Avaloq Group AG
- SEI Investments Company
- SS&C Technologies Holdings, Inc.
- Other Players
Another important aspect of increasing demand is the shift toward digitization. Client preference is growing for platforms with user-friendly interfaces and real-time data analytics. Additionally, as customers become more aware of the applications of AI and Blockchain, their focus shifts to producing outcomes that are more precise and efficient. For Instance, Sygnum (a Swiss company), provides the combined use of AI and Blockchain for secure and efficient digital management.
Online investment platforms like Upstrox, Zerodha, and Angle One are some popular digital platforms that have made investment easy for freshers as well as experienced investors.
Wealth Management Platform Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 4.82 Bn |
| Market Size by 2032 | US$ 15.8 Bn |
| CAGR | CAGR of 14.1% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Market Opportunities | • Increasing Advances in financial technology, and rising FinTech market trend with the integration of AI and Machine Learning. |
Recent Developments
- In March 2024, Othis, a European wealth technology company, launched its first product, aiming to establish itself as a comprehensive wealth management service for individuals and families. The platform caters to clients with diversified asset portfolios, focusing on alternative assets like venture capital.
- The team behind the cryptocurrency unicorn CoinSwitch launched PeepalCo, a unified brand, in March 2024, encompassing various autonomous entities, including a specialized wealth management platform for high-net-worth individuals
- In February 2024, Schroders Personal Wealth (SPW) launched a new platform to enhance client experiences and strengthen partnerships with firms like SEI and Benchmark's Wealth Management Platform for more integrated advisory and investment services.
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Segment Analysis
Based on the Advisory Mode, the Human advisor segment led the market with around 56% of the revenue share in 2023.
As financial planning is so complex and requires a level of in-depth knowledge and emotional intelligence that only human advisors can offer, human advisory is currently dominating the industry. High-net-worth individuals (HNWIs) typically favor customized wealth management strategies. They value the individualized care, strategic advice, and judgment that human advisors can provide, qualities that automated systems frequently are unable to match. Human counselors can also provide comfort and understanding of the psychological aspects of financial planning. For Instance, portfolio managers, banking merchants, and underwriters are some that provide quality service to their customers to get paid for it.
Deployment Type, the Cloud segment led the market with around 56% of the market share in 2023.
The cloud-based deployment provides excellent scalability, meaning financial institutions can flex their service offering as they grow their customer base or expand product lines. Additionally, storing and processing data in the cloud diminishes on-premises hardware requirements, ensuring the optimization of corporate resource utilization and lowering the total cost ownership. On the side of caution, cloud providers follow high-security standards and security compliance requirements not limited to regular updates or multilayered encryption. For Instance, Betterment is a Robo adviser that uses cloud-based software for providing automated investment service. Same as Personal Capital, Fidelity wealth services are some which are based on cloud deployment.
By Application, Portfolio, Accounting, and trading management segments led the market with more than 23% of the market share in 2023.
As demand for advanced trading solutions grows, firms are investing heavily in this area to meet client expectations and improve overall service delivery. The major Online trading platforms like Angle Investor, Upstrox, etc are easy and convenient methods to invest in stocks, without much extra charges. In Addition, Policy Bazar (for investment in Insurance and Mutual Funds), and ET Money (for SIPs) are some that give customers better results.
Wealth Management Platform Market Key Segmentation:
By Advisory Mode
- Human Advisory
- Robo Advisory
- Hybrid
By organization Size
- Large Enterprises
- Small & Medium Enterprises
By Application
- Financial Advice & Management
- Portfolio, Accounting, & Trading Management
- Performance Management
- Risk & Compliance Management
- Reporting
- Others
By Deployment
- Cloud
- On-premise
By End-Use
- Banks
- Investment Management Firms
- Trading & Exchange Firms
- Brokerage Firms
- Others (Asset management firms, and others)
Regional Analysis
North America dominated the market in 2023, accounting for over 36% of the revenue share. This region's growth can be attributed to the increasing number of high-investment customers, the development of advanced wealth management systems like Robo-advisors, and a vast digitalization trend within the financial sector. Companies in North America are also investing heavily in advanced financial advisory solutions.
Various companies in North America are investing in the Advancement in the wealth management platform market, which is based on AI and blockchain systems.
- Schroders Personal Wealth (New York)
- Morgan Stanley Wealth Management (New York)
- Personal Capital (Redwood City, California)
There are WealthTech startups such as Stash Invest, Ellevest, and WealthBar, which analyze big data and make strategic investment decisions for customers.
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Key Takeaways for the Wealth Management Platform Market Study
- Digitalization and integration of advance technology in financial services are primary drivers of growth.
- Human advisory models still dominate, but hybrid solutions are gaining traction.
- Cloud-based platforms are preferred for their scalability and cost efficiency.
- North America remains the largest market, while Asia Pacific shows the fastest growth potential.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Wealth Management Platform Market Segmentation, By Advisory Mode
8. Wealth Management Platform Market Segmentation, By Organization Size
9. Wealth Management Platform Market Segmentation, By Application
10. Wealth Management Platform Market Segmentation, By Deployment
11. Wealth Management Platform Market Segmentation, By End-users
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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