Wealth Management Platform Market Overview:
global wealth management platform market is expected to achieve 15% CAGR during the forecast period (2018-2023) and score past the anticipated valuation of USD 4 billion. Wealth management platform includes financial and investment-related advisory panels in one place using which high net worth individuals, businessmen, and others can explore their prospects ahead. The Market Research Future (MRFR) in their report declared several factors that can influence the wealth management platform market in the coming days.
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These factors are rise in the number of high net worth individuals in both developed and emerging countries. At the same time, the inclusion of digitalization has made it easier to access report and achieve accuracy in calculation due to which the wealth management platform market can anticipate better growth opportunities. But dependency on traditional methods can dampen its market prospects.
Wealth Management Platform Market Competitive Landscape:
Influential companies in the wealth management platform market are employing strategies for their personal benefits. However, their contributions are also influencing a holistic growth for the market. MRFR enlisted companies and their latest developments to keep the profile updated. These companies are Comarch (Poland), Temenos (Switzerland), SS&C Technologies (US), Broadridge Financial Solutions (US), Dorsum Investment Software (Hungary), Objectway (Italy), SEI Investment Company (US), Profile Software (UK), Fiserv Inc. (US), Invest Edge (US), Fidelity National Information Services Inc. (US), Finantix (Italy), and others.
In May 2019, Broadridge announced that they have acquired RPM Technologies, a Canadian Wealth Management Solutions software provider. This would help clients of RPM and Broadridge to get their hands on the latest wealth management technologies and open up new opportunities. Broadridge’s global presence as a Fintech company is quite remarkable owing to which their applications in retail banking sector and mutual fund segment are expected to increase.
Wealth Management Platform Market Segmentation:
MRFR’s assessment of the wealth management platform market study aims at a detailed analysis and in doing so it the study segments the market by business function, advisory model, deployment model, and end-user. This analysis takes of lot of reference from value-wise and volume-wise data.
Based on the advisory model, the wealth management platform market includes human advisory, robo-advisory, and hybrid advisory. The global market is finding the hybrid advisory segment more appealing as that has a blend of both human intelligence and accuracy of analytical tools.
Based on the business functions, the wealth management platform market comprises portfolio, financial advice management, client & fund management, accounting, trading management, performance management, reporting, risk & compliance management, and others (billing and benchmarking). The risk & compliance management section is essential for companies as governments are strict about it.
Based on the deployment model, the wealth management platform market comprises on-cloud, and on-premise. The on-cloud model is getting prominence owing to its easy operational methods and cost-effective measures.
Based on the end-user, the wealth management platform market consists banks, asset management firms, trading & exchange firms, brokerage firms, investment firms, and others. Segments like banks and investment firms are doing well in the market as people are now getting more aware about investment plans.
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Wealth Management Platform Market Regional Analysis:
MRFR in their analysis of the global wealth management platform market included North America, Europe, Asia-Pacific (APAC), and the Rest-of-the-World (RoW). This analysis aims at unearthing several prospects on the basis of demographic changes.
The world is witnessing a rise in High Net worth Individual population and wealth which directly refers to the possibilities the wealth management platform market can explore. North America is expected to stay at the top owing to the presence of several billionaires in the region. The growths in high net worth and wealth, as revealed in 2017, are 9.9% and 10.3% respectively. Europe is in the second position with growth rates like 7.3% and 7.8%.
The APAC market is expected to rise substantially with the fastest CAGR during the forecast period In its growth it can bank on India, China, Thailand, Japan, Australia, and other nations. The region has several countries that are emerging economies and has registered a significant growth in 2017 in terms of high net worth individuals and wealth at a rate of 12.1% and 14.8% respectively.
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