Wealth Management Platform Market is expected to experience remarkable growth, reaching US$ 9.3 Billion by 2028

IMARC Group, a leading market research company, has recently releases report titled "Wealth Management Platform Market Report by Advisory Model (Hybrid, Robo Advisory, Human Advisory), Deployment Mode (On-premises, Cloud-based), Business Function (Reporting, Performance Management, Financial Advice Management, Risk and Compliance Management, Portfolio, Accounting and Trading Management, and Others), Enterprise Size (Large Enterprises, Small and Medium-sized Enterprises), End Use Industry (Banks, Brokerage Firms, Investment Management Firms, Trading and Exchange Firms, and Others), and Region 2023-2028." The study provides a detailed analysis of the industry, including the global wealth management platform market growth, trends, size, share and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global wealth management platform market size reached US$ 4.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.3 Billion by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028. The significant technological advancements, rapidly changing regulatory landscape, increasing customer expectation, rising number of high-net-worth-individuals (HNWIs), internationalization of financial market, integration of automation features, and widespread platform utilization to provide real-time analytics are some of the major factors propelling the market.

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Factors Affecting the Growth of the Wealth Management Platform Industry:

• Digital Transformation and Technological Innovation:
The relentless pace of digital transformation represents one of the crucial factors impelling the growth of the market. Wealth management platforms are increasingly leveraging advanced technologies, such as artificial intelligence (AI), machine learning (ML), and blockchain to enhance operational efficiency, provide personalized investment advice, and deliver a seamless client experience. The integration of robo-advisors, for instance, is gaining traction, enabling automated portfolio management and investment recommendations. Wealth management platforms use algorithms to provide financial advice and manage investment portfolios, often with lower fees compared to traditional wealth management services.

• Regulatory Compliance and Security Concerns:
Regulatory compliance remains a key concern in the wealth management industry. As financial markets become more complex, regulators are imposing stringent requirements to ensure transparency, data security, and investor protection. Wealth management platforms are adapting by integrating robust compliance mechanisms, such as automated reporting and audit trails, to meet regulatory standards and enhance overall security. Stringent regulatory requirements and increased focus on transparency are compelling wealth management firms to adopt advanced technology solutions to ensure compliance. Wealth management platforms are incorporating features such as real-time reporting, automated compliance checks, and secure communication channels to meet regulatory standards and build trust among clients.

• Evolving Business Models and Fintech Collaboration:
Traditional business models in wealth management are evolving to embrace technology-driven solutions. Fintech firms are increasingly collaborating with established wealth management platforms to create innovative and agile solutions. This collaboration is fostering the development of hybrid models that combine the experience of traditional wealth managers with the agility and technological prowess of fintech firms. Fintech companies are developing digital platforms tailored for independent financial advisors. These platforms offer tools for portfolio management, client communication, and other services, empowering independent advisors to provide efficient and competitive services.

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Wealth Management Platform Market Report Segmentation:

Breakup by Advisory Model:
• Hybrid
• Robo Advisory
• Human Advisory

Human advisory is the most prevalent method due to its broad area coverage and efficiency in distributing seeding agents like silver iodide into the clouds.

Breakup by Deployment Mode:
• On-premises
• Cloud-based

Cloud-based accounted for the largest market share due to its effectiveness in enhancing precipitation.

Breakup by Business Function:
• Reporting
• Performance Management
• Financial Advice Management
• Risk and Compliance Management
• Portfolio, Accounting and Trading Management
• Others

On the basis of business function, the market has been segmented into reporting, performance management, financial advise management, risk and compliance management, portfolio, accounting and trading management, and others.

Breakup by Enterprise Size:
• Large Enterprises
• Small and Medium-sized Enterprises

Based on the enterprise size, the market has been segregated into large enterprises and small and medium-sized enterprises.

Breakup by End Use Industry:
• Banks
• Brokerage Firms
• Investment Management Firms
• Trading and Exchange Firms
• Others

Banks represented the largest segment as they rely on wealth management platforms to help clients set financial goals, assess their current financial situation, and develop strategies to achieve their objectives.

Breakup by Region:
• North America
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

North America's dominance in the wealth management platform market is attributed to the rising demand for comprehensive security measures to safeguard various confidential information and the increasing focus on maintaining compliance with financial regulations.

Global Wealth Management Platform Market Trends:

The impending transfer of older to younger generations is reshaping the priorities of wealth management platforms. The focus is shifting towards inter-generational planning, with platforms offering tools and services that cater to the unique needs and preferences of younger investors. Digital interfaces and educational resources are being employed to engage and empower the next generation of wealth management clients.
Wealth management platforms are also providing customized solutions by leveraging data analytics and AI algorithms to gain insights into individual client preferences, risk tolerance, and financial goals. The ability to offer customized investment strategies is becoming a critical differentiator, as clients seek a more intimate and responsive relationship with their wealth managers.

Who Are The Key Players Operating In The Industry?

The report covers the major market players including:

• Avaloq (NEC Corporation)
• Backbase
• Broadridge Financial Solutions Inc.
• Comarch SA
• Crealogix AG
• Fidelity National Information Services Inc.
• Fiserv Inc.
• Infosys Limited
• Profile Systems and Software S.A.
• Prometeia S.p.A
• SEI Investments Company
• SS&C Technologies Inc.
• Tata Consultancy Services Limited
• Temenos Headquarters SA.

Other Key Points Covered in the Report:

• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.