Overview and Scope
A wealth management platform is a digital tool or system that helps individuals or institutions manage their financial assets and investments. They provide users access to various investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and tools for analyzing and monitoring their portfolios.
Sizing and Forecast
The wealth management platform market size has grown rapidly in recent years. It will grow from $3.92 billion in 2023 to $4.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to an increase in the number of HNWIs across the globe, growing digitalization across the financial sector, growing concerns about data security and bank safety, use of blockchain technology across wealth management solutions, stringent government compliances related to the financial sector.
The wealth management platform market size is expected to see rapid growth in the next few years. It will grow to $7.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to the increased adoption of cloud-based solutions, the need to provide improved experience in financial firms, increased digitization, the high adoption of automation, and enhanced security and protection for client data. Major trends in the forecast period include innovative wealth management platforms, real-time analytics, adaptable investment strategies, technological innovations, and amalgamating progressive technologies and software.
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Segmentation & Regional Insights
The wealth management platform market covered in this report is segmented –
1) By Deployment Type: On-Premises, Cloud
2) By Advisory Mode: Human Advisory, Robo Advisory, Hybrid
3) By Business Function: Financial Advice Management, Portfolio, Accounting, And Trading Management, Performance Management, Risk And Compliance Management, Reporting, Other Business Functions
4) By End-User: Banks, Trading Firms, Brokerage Firms, Investment Management Firms, Other End-Users
North America was the largest region in the wealth management platform market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the wealth management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising number of financial advisory firms is expected to propel the growth of the wealth management platform market going forward. Financial advisory firms refer to businesses that provide expert guidance and services to individuals, businesses, and institutions regarding various aspects of financial management. Financial advisory firms are rising due to demand for personalized financial guidance including retirement planning, investment management, tax optimization, and estate planning. Financial advisory firms use wealth management platforms to streamline client interactions, enhance service delivery, and efficiently manage client portfolios, aiming to provide comprehensive financial solutions tailored to each client’s needs. For instance, in 2023, according to the Investment Adviser Industry Snapshot by the Investment Adviser Association (IAA), a US-based non-profit organization, there were 54.3 million clients in 2022 utilizing asset management advisory services, a 2.1% rise from the previous year. Further, in 2021, there was a notable increase in U.S. Securities and Exchange Commission (SEC)-registered investment advisory firms, rising by 926 firms, or 6.7%, compared to the previous year, reaching an all-time high of 14,806 firms. Therefore, the rising number of financial advisory firms is driving the growth of the wealth management platform market.
Key Industry Players
Major companies operating in the wealth management platform market are JPMorgan Chase & Co, Bank of America Corporation, Tata Consultancy Services Ltd, NEC Corporation, PNC Financial Services Group Inc, Infosys Limited, BlackRock Inc, Fiserv Inc, Goldman Sachs Private Wealth Management, Fidelity Information Services Inc, Vanguard Group Inc, Northern Trust Corporation, Broadridge Financial Solutions Inc, SS&C Technologies Inc, Charles Schwab Investment Management Inc, SEI Investments Company, Temenos AG, Comarch SA, Backbase BV, Prometeia SpA, Crealogix AG, Profile Systems and Software SA, Dreamplug Technologies Private Limited, Wells Fargo Investment Institute Inc , Tinwell Labs Inc
The wealth management platform market report table of contents includes:
1. Executive Summary
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