Wealth Management Platform Market to 2027 - Global Analysis and Forecasts by Advisory Model (Human advisory, Robo advisory, Hybrid); Business Function (Performance Management, Risk and Compliance Management, Portfolio Accounting and Trading Management, Financial Advice Management, Reporting, Others); Deployment Type (Cloud, On-premise); End-User (Investment Management Firms, Trading and Exchange Firms, Banks, Brokerage Firms, Others)
The global wealth management platform market accounted for US$ 2.20 Bn in 2018 and is expected to grow at a CAGR of 14.2% over the forecast period 2019-2027, to account for US$ 7.19 Bn by 2027. The global wealth management industry has faced significant changes in the recent years; however, it has been serving the customers with profitability by following all regulations. The continuous growth in the number of billionaire population in APAC is one of the primary reasons of the increase in the number of high net worth individuals (HNWIs) in the region. The number of HNWIs in Asia is almost the same as in Europe; as per the Wealth-X, Asia is likely to be the fastest-growing HNW region in the next 5 years. Singapore and Hong Kong are expected to be the key centers in the region, and other countries are importing or developing services for the HNWs. The regional development and professionalization of services in China are growing at a high pace with the help of government regulations set to take benefit from the import of foreign investment expertise. As per the Knight Frank's 13th edition of The Wealth Report, the number of billionaires in APAC is estimated to increase by 27%, exceeding the number of billionaires present in North America (17%) and Europe (18%) in the next 4 years. Of the 59 countries and territories in Knight Frank's forecasts, 8 of the top 10 countries, by future growth, are in Asia, with Ukraine and Romania taking the remaining spots. India is at the forefront with 39% growth, while the Philippines and China would follow it with 38% and 35% growth, respectively. Regardless of the election uncertainties in 2019, India's wealth is anticipated to grow further over the next 5, years with ~2,697 ultrahigh net worth individuals (UHNWIs). The independent wealth managers deal explicitly with tax, risk management, and estate planning for managing the wealth of their HNWI customers. Thus, HNWI plays a vital role in the growth of the wealth management platform market globally. Thus, above factors are expected to drive the global wealth management platform market.
The market for wealth management platform is segmented on the basis of advisory model, business function, deployment type, and end-user. Based on the advisory model, the wealth management platform market is segmented into human advisory, robo advisory, and hybrid. On the basis of business function, the wealth management platform market is segmented into performance management, risk and compliance management, portfolio accounting and trading management, financial advice management, reporting, and others. On the basis of deployment type, the wealth management platform market is segmented into cloud and on-premise. On the basis of end-user, the wealth management platform market is segmented into investment management firms, trading and exchange firms, banks, brokerage firms, and others. Geographically, the wealth management platform market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The well-established market players operating in the wealth management platform market are Broadridge Financial Solutions, Inc., Comarch SA, Fidelity National Information Services, Inc. (FIS), Finantix SpA, Fiserv, Inc., InvestEdge, Inc., Profile Software, SEI Investments Company, SS and C Technologies, Inc., Temenos Headquarters SA.
The overall global wealth management platform market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global wealth management platform market. It also provides an overview and forecast for the wealth management platform market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the wealth management platform industry.
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