Wealth Management Market Anticipated to Generate a Revenue of $850.90 Billion and Grow at a CAGR of 7.1% During the Analysis Timeframe from 2021-2028

The global wealth management market is predicted to experience progressive growth during the forecast period owing to the technological advancements in the wealth management firms worldwide. The Asia-Pacific region is expected to dominate the market over the analysis period.

According to a report published by Research Dive, the global wealth management market is anticipated to garner a revenue of $850.90 billion and rise at a CAGR of 7.1% during the forecast timeframe from 2021-2028.

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Dynamics of the Market

The increasing expansion of wealth management firms with new technologies, such as chatbots, big data analytics, IoT, and AI is expected to fortify the growth of the market during the analysis period. Besides, the increasing investment in wealth management firms in offering digital and voice-enabled assistants for better user-friendly experience is further expected to bolster the growth of the wealth management market over the estimated period. Moreover, the growing focus on providing hybrid advisory to their clients worldwide by the wealth management organizations is expected to magnify the growth of the market during the forecast period. However, the lack of transparency in pricing and competitive fees may hinder the growth of the market during the analysis period.

COVID-19 Impact on the Market

The rise of the COVID-19 pandemic has shaken up the entire global economy and negatively impacted the wealth management market demand. This is mainly because of the economic recessions and instability in the global financial sectors worldwide. This further has affected the wealth management organizations and investors worldwide during the period of crisis. However, gradually, the increasing adoption of new technologies by organizations with larger customer bases has resulted in the demand for wealth management products and created some growth opportunities for the market.

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Segments of the Market

The report has divided the wealth management market into segments based on advisory type, services, providers, and region.

Based on advisory type, the human advisory sub-segment is anticipated to generate a revenue of $516.67 billion during the forecast period. The increasing use of human advisory in wealth management firms for regular portfolio monitoring, flexibility, emotional sensitivity and providing customized services is expected to propel the growth of the wealth management market sub-segment during the analysis timeframe.

Based on services, the asset management sub-segment is projected to garner a revenue of $224.92 billion during the estimated period. The increasing investment by asset-intensive firms in advanced and creative solutions to tackle the difficulties associated in their management and to face the increasing competition in the market, is predicted to fuel the growth of the wealth management market sub-segment over the forecast period.

Based on providers, the banks sub-segment is expected to generate a revenue of $439.6 billion and is expected to continue a steady growth during the forecast period. This is mainly because banks are expected to play a major role in managing individuals' growing assets and wealth. In addition, the increasing utilization of wealth management software in providing client-centric strategy is expected to fortify the growth of the wealth management market sub-segment during the analysis timeframe.

Based on region, the Asia-Pacific wealth management market is expected to generate a revenue of $289.22 billion and grow at a CAGR of 8.4% during the forecast period. This is mainly due to the increased adoption of digital platforms in this region for private wealth management. Moreover, the growing wealth management software companies in the developing economies of this region is predicted to drive the regional growth of the market over the estimated timeframe.

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Key Players of the Market

The major players of the wealth management market include, CREDIT SUISSE GROUP AG, JPMorgan Chase & Co., Charles Schwab & Co., Inc., Goldman Sachs, Citigroup Inc., Julius Baer Group, BNP Paribas, Morgan Stanley, Bank of America Corporation, UBS and many more. These players are working on the development of new business strategies such as product development, mergers and acquisitions, partnerships and collaborations, and many more to acquire leading positions in the global industry.

The report also summarizes other vital aspects including product portfolio, SWOT analysis, the financial performance of the key players, and the latest strategic developments.

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