New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global wealth management market. As per the report, the market is expected to garner $850.90 billion by 2028, growing at a CAGR of 7.1% from 2021 to 2028. This all-inclusive report delivers a comprehensive overview of the current and future situation of the global market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Wealth Management Market
The outbreak of the COVID-19 pandemic in 2020 has negatively impacted the growth of the global wealth management market. During the pandemic, the world economy got severely shattered, which obstructed the demand for wealth management services and products. Also, businesses with a huge customer base implemented several advanced technologies such as artificial intelligence (AI) or social media, to connect with their customers. This greatly hindered the growth of wealth management companies amidst the pandemic.
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Factors Influencing the Wealth Management Market Growth
The key factor boosting the growth of the global virtualization security market is a significant rise in technological improvements in wealth management products and services. Furthermore, the rising focus of wealth management service providers on hybrid advisory is anticipated to unlock rewarding opportunities for the growth of the market in the forecast period. However, the lack of transparency in pricing as well as high competition in fees of wealth management products and services are likely to deter the market growth.
The report segments the global wealth management market into advisory types, services, providers, and region.
Human Advisory Sub-Segment to Grab a Dominating Share of the Market Growth
The human advisory sub-segment of the advisory type segment is projected to grab a leading market share and hit $516.67 billion in the forecast period. This is mainly owing to the rising demand for human advisors, they offer many benefits like responsibility, emotional sensitivity, flexibility, and the ability to deliver customized services.
Asset Management Sub-Segment to Undergo Speedy Growth
The asset management sub-segment of the services segment is projected to observe exponential growth and surpass $224.92 billion in the forecast period. This is mainly owing to the increasing investments by asset management businesses in advanced and state-of-the-art solutions to streamline and update their operating processes in an efficient manner.
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Banks Sub-Segment to Experience Accelerated Growth
The banks sub-segment of the providers segment is estimated to witness swift growth and hit $439.6 billion in the forecast period. This is mainly owing to the key role played by banks in managing several properties and estates of people.
Asia-Pacific Region to Observe Significant Growth
The report examines the global wealth management market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to dominate the global market by surpassing $289.22 billion in the projected period. The growth of the regional market is mostly due to the mounting adoption of digital technologies and platforms by numerous businesses in the region.
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Major Players in the Wealth Management Market
The report states some of the foremost players operating in the global wealth management market including
- JPMorgan Chase & Co.
- Charles Schwab & Co., Inc.
- Citigroup Inc.
- BNP Paribas
- Morgan Stanley
- CREDIT SUISSE GROUP AG
- UBS
- Goldman Sachs
- Julius Baer Group
- Bank of America Corporation, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here to get an access to the key companies’ development strategic Report
For instance, in June 2021, True Beacon, a financial service company based in India, launched a wealth management service to cater to the rising number of ultra-high-net-worth (UHNW) individuals.
More about Wealth Management 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?
