Wealth Management Market By Business Model (Human Advisory, Robo Advisory, and Hybrid Advisory), Provider (FinTech Advisors, Banks, Traditional Wealth Managers, and Others), and End-user Type (Retail and High Net Worth Individuals (HNIs): Global Opportuni

Wealth Management Market Statistics 2030

The global wealth management market size was valued at US$ 1.25 trillion in 2020 and is projected to reach US$ 3.43 trillion by 2030 growing at a CAGR of 10.7% from 2021 to 2030. Key drivers of the wealth management market include the growing demand for alternative investment options and the emergence of fintech technology. Moreover, the introduction of advanced technologies such as chatbots, IoT, AI, big data analytics, and rapid digitization is expected to expand the growth of the wealth management market during the forecast period. On the other hand, lack of transparent pricing and high fees will restrict market growth but developing economies such as China, India, etc will provide lucrative opportunities for the growth of the market in the coming years.

Trends Influencing the Growth of the Wealth Management Market
Growing demand for alternative investment options and emergence of fintech technology

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There is a growing demand for alternative investment options such as private equity, hedge funds, real estate investment trusts(REITs), and intellectual property. A new generation of investors has emerged who think differently and have new attitudes regarding the purchase and consumption of wealth services. Wealth managers are investing in Fintech, Robo-advisor technology in order to automate the delivery of financial services and provide customized portfolio management services to various customers. Fintech also ensures transparency and efficiency in wealth management business operations, reduces financial stress, and makes personalized financial plans. Thus growing popularity of alternative investment options and the emergence of fintech will spur the growth of the wealth management market during the forecast period.

Introduciton of advanced technologies and rapid digitization

Advanced technologies such as big data analytics, AI, chatbots, IoT are all contributing to the growth of the market. Along with rapid digitalization, wealth management providers are investing in client engagement through digital and voice-enabled assistants and chatbots which conducts online chat conversation for providing a more personalized and user-friendly experience. These chatbots answer questions, monitor transactions, and place orders through NLP(Natural language processing) and machine learning. These technologies provide deep insights and improve operational efficiency. In addition to it, AI models use science and human-based advisory models to serve consumers efficiently. Thus the growth of advanced technologies, rapid digitization, and widespread application will augment the growth of the wealth management market during the forecast period.

Lack of transparent price, high fees, and developing economies

The lack of a transparent pricing structure and high fees charged by wealth managers is expected to discourage consumers thereby restraining the market growth. On the other hand developing economies like China, India, Indonesia, Malaysia, etc are expected to provide huge growth potential as high net worth and ultra-high net worth, individuals in the region are demanding newer wealth management product lines providing opportunities to wealth management companies to expand their product base. Thus high pricing will hamper market growth but huge potential from developing economies will provide lucrative opportunities for the growth of the wealth management market during the forecast period.

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Wealth Management Market Share Analysis
Based on region, North America is expected to provide lucrative opportunities for growth in the wealth management market share due to the presence of high net worth individuals and huge competition among banks such as UBS, Morgan Stanley, etc for providing benefits to clients. However, Asia-pacific would grow at the fastest CAGR of 12.7% during the forecast period due to a surge in demand for customized advisory among high net worth and ultra-high net worth individuals in the region.

Based on providers, the Fintech advisors segment is expected to provide lucrative opportunities for growth in the wealth management market share and will grow at the highest CAGR of 16.8% during 2020-2030.

Based on the business model, the human advisory segment is expected to provide lucrative opportunities for growth in the wealth management market share as these advisors serve a rapidly changing client base in a variety of demographics along with fluidity in approach. On the other hand, the Robo advisory segment is expected to grow the fastest at a CAGR of 26.4% during 2021-2030.

Key Market Segments
By Business Model
Human Advisory
Robo Advisory
Direct Plan-Based/Goal-Based
Comprehensive Wealth Advisory
Hybrid Advisory
By Provider
FinTech Advisors
Banks
Traditional Wealth Managers
Others
By End-User Type
Retail
High Net Worth Individuals (HNIs)
By Region
North America
U.S.
Canada
Europe
UK
Germany
France
Switzerland
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
Singapore
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
By Key Market Players
Bank of America Corporation
BNP Paribas
Charles Schwab & Co., Inc.
Citigroup Inc.
CREDIT SUISSE GROUP AG
Goldman Sachs
JPMorgan Chase & Co.
Julius Baer Group
Morgan Stanley
UBS

SIMILAR REPORTS:

https://reports.valuates.com/reports/ALLI-Manu-0S76/wealth-management

https://reports.valuates.com/market-reports/ALLI-Manu-3B23/peer-to-peer-lending

https://reports.valuates.com/market-reports/ALLI-Auto-0M406/robo-advisory

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