At 14.1% CAGR, WealthTech Solution Market is Surging with $137.44 Million by 2028 - InvestCloud, WealthTechs, Valuefy Solutions, 3rd-eyes analytics AG

According to our latest market study on “WealthTech Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, End User, Organization Size, and Deployment Mode,” the market is expected to grow from US$ 54.62 million in 2021 to US$ 137.44 million by 2028; it is estimated to grow at a CAGR of 14.1% from 2021 to 2028.

Impact of COVID-19 Pandemic on WealthTech Solution Market

According to latest situation report from the World Health Organization (WHO), the US, India, Spain, Austria, France, Germany, the UK, Switzerland, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 outbreak. The outbreak crisis is affecting the industries worldwide and the global economy witnessed worst hit in 2020 and it is continued in 2021 also. The outbreak has created significant disruptions in primary industries, such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global Wealthtech solution market as they are the major supply and demand sources for wealthtech solution products and solutions.

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According to US Bank Locations website data, North America has ~4,976 total banks as of March 2021; as per Statista data, Europe had 5,963 banks in total in January 2020; and according to Bankinfobook website data, Asia Pacific has ~1,900 banks, with ~300,000 branches, as of 2021. Thus, with the growing number of banks and their branches worldwide, the use of banking software has also increased. For instance, in February 2021, the Allahabad Bank, India, integrated core banking solutions/interactive telling machine (CBS/ITMS) software. Further, the WealthTech solutions are majorly used for retail banking and private banking. The importance of investment advisory services, portfolio analysis and portfolio reporting, portfolio risk management, and wealth management solutions in retail banking is increasing continuously. A few companies offering WealthTech solutions for retail banks are aixigo AG; InvestCloud, Inc.; Valuefy Solutions Private Limited; and InvestSuite. Thus, the growing number of banks worldwide is expected to fuel the WealthTech solution market growth in the coming years.

FinMason, Inc.; aixigo AG; InvestCloud, Inc.; WealthTechs Inc.; Valuefy Solutions Private Limited; 3rd-eyes analytics AG; BlackRock, Inc.; Synechron; Wealthfront Inc.; and InvestSuite are among the major companies operating in the wealthtech solution market.

Growing Use of Artificial Intelligence in Different Verticals

Artificial intelligence (AI) is helping the financial industry to streamline and optimize different processes, ranging from credit decisions to quantitative trading and financial risk management. The AI solutions facilitate more accurate assessment of traditionally underserved borrowers, such as millennials, in the credit decision-making process, thereby helping banks and credit lenders in making smarter underwriting decisions. Further, the use of AI helps smoothen and automate the financing process in several banks, investment firms, and wealth management firms. aixigo AG uses AI-based wealthtech solutions for providing digital transformation, private banking, retail banking, robo advisor, and asset management services. The robo advisor software of aixigo AG uses AI as a replacement of human component at the point-of-sale during the financial investment process. Similarly, Synechron Inc. provides an AI-based solution named Neo for the financial services industry. Neo uniquely brings together Synechron’s digital, business, and technology consulting to guide financial institutions through the deployment of AI solutions to solve complex business challenges. Therefore, the growing popularity of AI-based assistance in banks, investment firms, and wealth management firms is driving the WealthTech solutions market growth.

Organizations use financial analytics tools to gain insights into key present and future trends for improving their business performance. Financial analytics services include financial data quality analysis and data layout, client analytics, predictive analytics, principal component analysis, and financial data collection. These analytics require thorough financial and other relevant data to identify patterns; based on these predictions, enterprises may make predictions regarding what their customers would buy, how long their employees' tenures might be, and so on. Thus, financial analytics services help organizations improve the profitability, cash flow, and business value. They may use the insights gained through these analytics to improve their revenues and business processes. Its services for these firms include cost analytics and enterprise performance analytics. With a prime focus in income statements, balance sheets, and cash flow statements, financial analysis is employed to evaluate economic trends, set financial policies, formulate long-term business plans, and pinpoint projects or companies for investments. Financial service providers, including investment banks, generate and store more data than any other businesses, as finance is a transaction-heavy industry. The banks used data to estimate risks for improving the overall profitability in the subsequent years. Therefore, with multiple benefits in banks and investment firms, the demand for financial analytics services increasing significantly, thus boosting the wealthtech solutions market growth.

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