According to our latest market study on "Wealth Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Advisory Model, Business Function, Deployment Type, and End User," the market is projected to reach US$ 9,197.6 million by 2028 from US$ 3,710.4 million in 2021; it is expected to grow at a CAGR of 13.8% from 2021 to 2028
The financial industry is increasingly adopting artificial intelligence (AI) technology and analytics to gain a deeper understanding of global markets and invest more accurately. The integration of AI technology across various areas, including cloud computing applications and digital assistants, has enabled automation of processes. Given the evolving market landscape and expanding applications of AI, wealth management platforms must evolve to keep up. Incorporating AI and analytics into wealth management platforms allows for a comprehensive analysis of past and future investment details, providing real-time analytics and intelligence, reducing costs and improving savings goals. The integration of advanced technologies, such as AI and big data analytics, enables wealth managers to handle vast amounts of real-time data and offer deep insights into markets and associated risks, empowering customers to make informed decisions. AI advancements also facilitate the customization of investor portfolios based on specific risk profiles, thereby driving the growth of the wealth management platform market during the forecast period.
The COVID-19 pandemic and the shift towards remote work have presented new challenges for businesses. Additionally, the pandemic's onset in 2020 has led to operational difficulties for global markets, with healthcare systems in developed economies struggling under the weight of rising COVID-19 cases. The pandemic has also made it challenging for millions of people to obtain crucial financial and investment advice. In response, many organizations are enhancing their trading platform services to create a reliable and scalable platform that provides access to global markets, valuable insights into various trading techniques, and up-to-date market valuations and investment services. The increased investments in trading platforms due to the pandemic are expected to positively impact the industry in the coming years.
Key Findings of Study:
The wealth management platform market is categorized based on advisory model, business function, deployment type, end user, and geography. The market, by deployment type, is bifurcated into cloud and on-premises. The cloud segment led the market with a larger market share of 73.3% in 2020. The wealth management platform market, based on advisory model, is segmented into human advisory, robo-advisory, and hybrid. The market, by business function, is segmented into performance management, risk and compliance management, portfolio accounting and trading management, financial advice management, reporting, and others. The wealth management platform market, by end user, is segmented into trading & exchange firms, banks, brokerage firms, investment management firms, and others. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the overall market.
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