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Wealth Management, Global Market Overview, Trends, Opportunities 2024
Global Wealth Management, Business Growth
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According to The Business Research Company's, The wealth management market size has grown strongly in recent years. It will grow from $1900.34 billion in 2023 to $2033.05 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to strong emerging markets growth, growth in the number of high-net-worth individuals, digitization and increased internet penetration.
The wealth management market size is expected to see strong growth in the next few years. It will grow to $2678.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing retiree population, increasing wealth of high-net-worth individuals, rising demand for alternative investments, growth in individual investors investments and increase in internet penetration . Major trends in the forecast period include investing in deploying more ai applications for faster customer response, investing in cybersecurity technologies to enhance their security capabilities, offering hybrid services to increase service offerings, consider using robo advice to reduce the cost of fund management, consider investing in big data solutions to improve client acquisition and retention rates, adapt to the changing demographics to drive revenues, focus on offering ethical investing services, focus on providing personalized services and focus on partnerships, collaborations and acquisitions.
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Market Drivers and Trends:
Many wealth management firms are increasing spending on their cybersecurity solutions to prevent cyber-attacks. Cybersecurity refers to the set of techniques used to protect the integrity of the network and data from unauthorized access. It enables the strengthening of security levels of the firms and prevents the loss of highly sensitive client information. They are gaining prominence as they aid financial services companies, including wealth management firms, in identifying theft and fraud in investment transactions. For instance, according to a recent survey, 86% of financial services companies are planning to spend more time and resources on cybersecurity in the coming year.
Major companies operating in the wealth management market are adopting new platforms, such as digital wealth management services, to maintain a dominant position in the market. Digital wealth management services, often referred to as robo-advisors or digital investment platforms, leverage technology and automation to provide investment and financial advisory services. For instance, in December 2022, First Fidelity Bank, a US-based company for retail banking and financial services, launched digital wealth management services with Unifimoney. Unifimoney's platform stands as a complete and seamless digital wealth management solution, seamlessly integrating cutting-edge Robo-advisory capabilities with commission-free trading options for an extensive array of stocks and ETFs. This turnkey solution is designed to provide a holistic suite of self-directed investment services, effortlessly accessible through the existing digital infrastructure of partnering banks and credit unions. Customers can engage with the Unifimoney platform through familiar digital channels, including user-friendly web interfaces and mobile apps, making wealth management more accessible and convenient within the established banking or credit union framework.
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Major Key Players of the Market:
Zoetis Inc., Boehringer Ingelheim GmbH, Merck & Co. Inc., Elanco Animal Health Incorporated, Ceva Santé Animale., Virbac Group, HIPRA, Biogenesis Bago, Kyoritsu Seiyaku Corporation, Phibro Animal Health Corporation, Century Vaccines Limited, BASF India Ltd., Bayer Animal Health Cadila Vaccines Ltd., Cargill India Pvt. Ltd., China Animal Healthcare Ltd., Merck/MSD Animal Health, Jurox Pty Ltd, Nimrod Veterinary Products Ltd., Bimeda, Animalcare, MSD Animal Health, Interfeed, Biotex Plus Ltd., Belfarmacom, Zoetis, IDT Biologika, UCBVET, Lemavet, Syntec, Sauvet, Vetanco, Chemo Argentina, Brouwer, Agrovet Market Animal Health, Sanofi Animal Health Inc, Novartis Animal Health, DBK Pharma S.A.E.
Wealth Management Market 2024 Key Insights:
• The wealth management market size is expected to see strong growth in the next few years. It will grow to $2678.8 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Wealth Management Firms Bolster Cybersecurity Amid Growing Threats
• First Fidelity Bank Reinforces Market Dominance With Unifimoney'S Cutting-Edge Digital Wealth Management Services
• North America was the largest region in the wealth management market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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