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Market Scope
The global wealth management platform market is expected to generate a market value of USD 4 billion by 2023. It is expected to grow at 15% CAGR during the forecast period. Rise of high net worth individuals, digitization of information and processes, and compliance with industry regulations are major market drivers. The shift to platforming by private banks and wealth managers for increasing their client base and integration of various security features for protecting client names and transactions can bode well for the market. The technological change and the new range of clients who are adept with the latest gadgets are trends which can provide a large scope for the market.
But dependence on traditional methods can deter market growth.
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Segmentation
By advisory model, the market is segmented into robo-advisory, human advisory, and hybrid advisory. The hybrid advisory models segment is expected to gain a greater share over human advisory models. The combination of human advisory model and robo-advisory model algorithm provides more accurate and faster results with the touch of human expertise which is expected to fuel the market growth of wealth management platforms. Applications of cognitive computing, artificial intelligence, and machine learning which can lower operating costs for the clients and improve data-driven insights can drive the segment growth in the global wealth management platform market.
By business functions, the market is segmented into client and fund management, financial advice management, risk and compliance management, portfolio, accounting, trading management, performance management, reporting, and others (billing and benchmarking).The financial advice management segment is deemed to grow and contribute the most in the market during the forecast period. This is due to reliance on financial advice management professionals for secure and proper management of wealth and financial assets for high net worth individuals.
By deployment model, the market is segmented into on-cloud, and on-premise.
By end-user, the market is segmented into asset management firms, banks, investment firms, brokerage firms, trading & exchange firms, and others.
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