Wealth Management Platform Market Overview:
global wealth management platform market is expected to achieve 15% CAGR during the forecast period (2019-2023) and score past the anticipated valuation of USD 4 billion
Wealth management platform market includes financial and investment-related advisory panels in one place using which high net worth individuals, businessmen, and others can explore their prospects ahead. The Market Research Future (MRFR) in their report declared several factors that can influence the wealth management platform market in the coming days.
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These factors are rise in the number of high net worth individuals in both developed and emerging countries. At the same time, the inclusion of digitalization has made it easier to access report and achieve accuracy in calculation due to which the wealth management platform market can anticipate better growth opportunities. But dependency on traditional methods can dampen its market prospects. The wealth management platform market is experiencing remarkable growth due to the hyper-competitive nature of the investment industry. There has been a steep rise in the number of High Net Worth Individuals (HNWIs) in recent years which coupled with the dearth of experienced well-trained wealth managers has provided a tremendous opportunity to the global wealth management platform market.
Digital transformation has played a crucial role in enhancing the growth of the global wealth management platform market. Wealth management clients are increasingly becoming accustomed to online offerings. Such platforms reshape the value chain with relatively standard, easy-to-understand, transparent online experience through various channel which has spurred the adoption of such platforms.
Wealth Management Platform Market Competitive Landscape:
Influential companies in the wealth management platform market are employing strategies for their personal benefits. However, their contributions are also influencing a holistic growth for the market. MRFR enlisted companies and their latest developments to keep the profile updated. These companies are Comarch (Poland), Temenos (Switzerland), SS&C Technologies (US), Broadridge Financial Solutions (US), Dorsum Investment Software (Hungary), Objectway (Italy), SEI Investment Company (US), Profile Software (UK), Fiserv Inc. (US), Invest Edge (US), Fidelity National Information Services Inc. (US), Finantix (Italy), and others.
In May 2019, Broadridge announced that they have acquired RPM Technologies, a Canadian Wealth Management Solutions software provider. This would help clients of RPM and Broadridge to get their hands on the latest wealth management technologies and open up new opportunities. Broadridge’s global presence as a Fintech company is quite remarkable owing to which their applications in retail banking sector and mutual fund segment are expected to increase.
Wealth Management Platform Market – Segmentation
The global wealth management platform market has been segmented based on advisory model, business functions, deployment model, and end-users.
By advisory model, the global wealth management platform market has been segmented into robo-advisory, human advisory, and hybrid advisory.
By business function, the global wealth management platform market has been segmented into financial advice management, portfolio, accounting, trading management, client and fund management, performance management, risk and compliance management, reporting, and others (billing and benchmarking).
By deployment model, the global wealth management platform market has been segmented into on-cloud, and on-premise.
By end user, the global wealth management platform market has been segmented into banks, trading & exchange firms, investment firms, brokerage firms, asset management firms, and others.
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Wealth Management Platform Market- Regional Analysis
By region, the global wealth management platform market has been segmented into North America, Europe, Asia-Pacific (APAC), the Rest of the world.
APAC is expected to be the fastest growing market for wealth management platform. Growing number of high net worth Individuals and wealth at a rate of 12.1% and 14.8% respectively in 2017 drive the APAC market.
Europe grew by 7.3% and 7.8% respectively in terms of high net worth individual population which drives the market in Europe.
North America is expected to hold the lion's share of the global wealth management platform market. North America high net worth individual population and wealth exhibited a growth rate of 9.9% and 10.3% respectively. The emergence of new technologies such as robo-advisory models and the presence of key players in the region drives the market in North America.
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