New York, USA, April 26, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global wealth management market is anticipated to garner a revenue of $850.90 billion and rise at a CAGR of 7.1% during the forecast timeframe from 2021 to 2028.
Dynamics of the Wealth Management Market
As per our analysts, the increasing expansion of wealth management firms with new technologies, such as chatbots, big data analytics, IoT, and AI, is expected to fortify the growth of market during the analysis period. Besides, the increasing investment on wealth management firms in offering digital and voice-enabled assistants for better user-friendly experience is further expected to bolster the growth of the wealth management market over the estimated period. Moreover, the growing focus on providing hybrid advisory to their clients worldwide by the wealth management organizations is expected to magnify the growth of the market during the forecast period. However, the lack of transparency in pricing and competitive fees may hinder the growth of the market during the analysis period.
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Segments of the Wealth Management Market
The report has divided the wealth management market into 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 anticipated to generate a revenue of $516.67 billion during the forecast period. The increasing use of human advisory in wealth management firms for regular portfolio monitoring, flexibility, emotional sensitivity and providing customized services is expected to propel the growth of the wealth management market sub-segment during the analysis timeframe.
Services: Asset Management Sub-Segment to be Most Productive
The asset management sub-segment is projected to garner a revenue of $224.92 billion during the estimated period. The increasing investment by asset-intensive firms in advanced and creative solutions to tackle the difficulties associated in their management and to face the increasing competition in the market, is predicted to fuel the growth of the wealth management market sub-segment over the forecast period.
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Providers: Banks Sub-Segment to be Most Profitable
The banks sub-segment is expected to generate a revenue of $439.6 billion and is expected to continue a steady growth during the forecast period. This is mainly because banks are expected to play a major role in managing individuals growing assets and wealth. In addition, the increasing utilization of wealth management software in providing client-centric strategy is expected to fortify the growth of the wealth management market sub-segment during the analysis timeframe.
Region: Asia-Pacific Region to Have the Largest Share of the Market
The Asia-Pacific region is expected to generate a revenue of $289.22 billion and grow at a CAGR of 8.4% during the forecast period. This is mainly due to the increased adoption of digital platforms in this region for private wealth management. Moreover, the growing wealth management software companies in the developing economies of this region is predicted to drive the regional growth of the market over the estimated timeframe.
Covid-19 Impact on the Wealth Management Market
The rise of the Covid-19 pandemic has shaken up the entire global economy and has had a negative impact on the wealth management market demand. This is mainly because of the economic recessions and instability in the global financial sectors worldwide. This further have affected the wealth management organizations and investors worldwide during the period of crisis. However, gradually, the increasing adoption of new technologies by organizations with larger customer bases has resulted in the demand for wealth management products and created some growth opportunities for the market.
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Key Players of the Wealth Management Market
The major players of the wealth management market include,
- CREDIT SUISSE GROUP AG
- JPMorgan Chase & Co.
- Charles Schwab & Co., Inc.
- Goldman Sachs
- Citigroup Inc.
- Julius Baer Group
- BNP Paribas
- Morgan Stanley
- Bank of America Corporation
- UBS and many more.
These players are working on the development of new business strategies such as product development, mergers and acquisitions, partnerships and collaborations, and many more to acquire leading positions in the global industry. – Inquire Here@ https://www.researchdive.com/purchase-enquiry/6119
For instance, in September 2021, UCO Bank, one of the leading nationalized banks in India has announced its collaboration with Fisdom, a one-stop destination for all your financial needs. With this collaboration, more focus has given on the large-scale facilitation and distribution of various mutual fund schemes among clients especially through the UCO bank’s network.
Further, the report also summarizes other vital aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic developments.
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