Wealth Management Platform Market Competitive Landscape, Market Analysis, Segmentation and Trends | COVID-19 Effects

Market Highlights

Wealth management platforms are programming which gives important monetary counsel to people hoping to grow their accounts. The comforts concurred by digitization and the flood in discretionary cashflow levels of people are probably going to drive the dependence on these stages. The global wealth management platform market report compiled by Market Research Future (MRFR) investigates different pointers and difficulties to be looked by the business for the time of 2018 to 2023 (estimate period). The COVID-19 pandemic and its impact on the business are investigated in the report.

Market Scope

The global wealth management platform market is relied upon to produce a market worth of USD 4 billion by 2023. It is relied upon to develop at 15% CAGR during the estimate time frame. Ascent of high total assets people, digitization of data and cycles, and consistence with industry guidelines are significant market drivers. The shift to platforming by private banks and abundance directors for expanding their customer base and reconciliation of different security highlights for ensuring customer names and exchanges can look good for the market. The mechanical change and the new scope of customers who are capable with the most recent contraptions are patterns which can give a huge degree to the market.

Be that as it may, reliance on customary techniques can prevent market development.

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Segmentation:

By advisory model, the market is segmented into robo-advisory, human advisory, and hybrid advisory. The hybrid advisory models segment is expected to gain a greater share over human advisory models. The combination of human advisory model and robo-advisory model algorithm provides more accurate and faster results with the touch of human expertise which is expected to fuel the market growth of wealth management platforms. Applications of cognitive computing, artificial intelligence, and machine learning which can lower operating costs for the clients and improve data-driven insights can drive the segment growth in the global wealth management platform market.

By business functions, the market is segmented into client and fund management, financial advice management, risk and compliance management, portfolio, accounting, trading management, performance management, reporting, and others (billing and benchmarking).The financial advice management segment is deemed to grow and contribute the most in the market during the forecast period. This is due to reliance on financial advice management professionals for secure and proper management of wealth and financial assets for high net worth individuals.

By deployment model, the market is segmented into on-cloud, and on-premise.

By end-user, the market is segmented into asset management firms, banks, investment firms, brokerage firms, trading & exchange firms, and others.

Regional Analysis

The geographical analysis of wealth management software market is studied for North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

According to the World Wealth report published by Capgemini in 2017, there is an increase in global High Net Worth Indivduals (HNWI) population and wealth which shows the growing opportunities in this market. North America is expected to dominate the wealth management platform market due to emergence of new technologies such as robo-advisory models and exist large number of key players in this region.

APAC is expected to be the fastest growing region in this market owing to massive growth in number of high net worth individuals and wealth at a rate of 12.1% and 14.8% respectively in 2017. Launch of wealth management platforms aimed at the new and upcoming demographic is likely to culminate in high dividends for the global wealth management platform market. Europe’s high net worth individual population and wealth grew by 7.3% ranks it third after North America.

Geographically, North America is expected to dominate the market due to advances in technology and presence of major key players such as SS&C technologies, Fidelity National Information Services Inc. and Broadridge Financial Solutions in the region. These key players are offering technical infrastructure solutions that enable process transparency, workflow automation, remote access, financial advisory, and brokerage business on a single platform. The establishment of a common financial hub which provides a plethora of financial services for wealthy clients can favor the market. The tech savvy nature of clients and use of online payment accounts can attract HNWIs.

Competitive Outlook

Dorsum Investment Software, Objectway, Invest Edge, Fidelity National Information Services Inc., Broadridge Financial Solutions, Finantix, SEI Investment Company, Fiserv Inc., Temenos, SS&C Technologies, Profile Software, and Comarch are prominent players of the global wealth management platform market. Partnerships, agreements, and acquisitions are major strategies of players. Recently, Envestnet, Inc., agreed to integrate FlourishCash for registered investment advisers (RIA) within the platform and generate more referrals.

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Wealth Management Platform Market, By Advisory Model (Robo-Advisory, Human advisory, Hybrid), Business Function (Portfolio, Reporting, Financial Advice Management), End- Users (Banks, Brokerage Firms, Investment Firms)— Forecast till 2027

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