Wealth management platform market categorizes the global market by advisory model as human advisory, robo advisory, and hybrid, by business function as reporting, portfolio, accounting, and trading management, by deployment model, by end-user industry, and by region.
The report "Wealth Management Platform Market by Advisory Model (Human Advisory, Robo Advisory, and Hybrid), Business Function (Reporting; Portfolio, Accounting, and Trading Management), Deployment Model, End-User Industry, and Region - Global Forecast to 2022", is expected to grow from USD 1.70 Billion in 2017 to USD 3.20 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.4% during the forecast period. The constant rise in the High Net Worth Individuals (HNWIs) is expected to be one of the key factors in driving the growth of the wealth management platform market.
Moreover, the robo advisory model is expected to gain traction in the overall wealth management market, due to the increasing digitalization that facilitates process automation. These new technologies provide comprehensive technical infrastructure solutions and offer numerous benefits, such as risk management, cost-effectiveness, workflow automation, and data protection.
This, in turn, is helping attract various end-users, such as banks, investment management firms, trading and exchange firms, and brokerage firms that demand for critical wealth management solutions.
The trading and exchange firms end-user industry is expected to grow at the highest CAGR during the forecast period
The trading and exchange firms offer wealth management services for capital markets and risk management. The HNWIs and enterprise groups are the major customers for the trading and exchange firms.
The firms offer online trading services to their customers for conveniently processing the wealth management tasks. This end-user industry is expected to grow at the highest CAGR, owing to the increased inclination of customers toward trading and exchange to improve their financial gains.
Robo advisory model is expected to grow at the highest CAGR during the forecast period
The robo advisory model is expected to gain traction during the forecast period, as it has emerged as an effective low-cost alternative for retail investors and it has better benefits than that of the human advisory segment, such as low-cost fee structure, ease of use, low minimum investments, and diversified services.
North America is expected to hold the largest market share, while APAC is estimated to grow at the highest CAGR during the forecast period
North America is expected to continue its dominance during the forecast period. This can be attributed to the developed economies, such as the US and Canada, which are emphasizing over innovating the existing solutions.
North America is expected to contribute a major share of the rising mergers and acquisitions, partnerships, and other business deals. Hence, data security and secured sharing solutions are in great demand in this region.
On the other hand, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The rapid expansion of domestic enterprises as well as the higher development of infrastructure are expected to drive the growth of the wealth management platform market in APAC.
The major vendors offering wealth management platform solutions and services include SS&C (US), Fiserv (US), FIS (US), Profile Software (UK), Broadridge (US), InvestEdge (US), Temenos (Switzerland), Finantix (Italy), SEI Investments Company (US), Comarch (Poland), Objectway (Italy), Dorsum (Hungary). These players have incorporated various strategies to expand their global presence, thus increasing their market shares.
Partnerships, mergers and acquisitions, product upgrades, and expansions are some of the major strategies embraced by these players.
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