WealthTech Solution Market is expected to reach US$ 137.44 Mn by 2028

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. Increasing Number of Banks to Provide Growth Opportunities for WealthTech Solution Market during 2021-2028.

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Key Companies: FinMason, Inc.; aixigo AG; InvestCloud, Inc.; WealthTechs Inc.; Valuefy Solutions Private Limited; 3rd-eyes analytics AG; BlackRock, Inc.; Synechron; Wealthfront Inc.; and InvestSuite

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.

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. PLC provides the newest data and analytics solutions for financial service providers, along with assisting them in deploying the same. 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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WealthTech Solution Market Insights
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.

The global Wealthtech solution market has been segmented as mentioned below:
By Component
Solution
Services

By End User
Banks
Wealth Management Firms
Others

By Organization Size
Large Enterprises
Small and Medium-Sized Enterprises

By Deployment Mode
Cloud-Based
On-Premises

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