Selbyville, Delaware, June 30, 2021 (GLOBE NEWSWIRE) –
Global Market Insights Inc. recently added a new report on Wealth Management Platforms Market that estimate market value for the wealth management platform will exceed $ 7 billion by 2027 due to the increase in the number of high net worth people (HNWI) and digitization in several industries.
The increasing adoption of wealth management platforms in multiple organizations to gain the knowledge and agility to make the best decisions at the right time and improve efficiency and profitability is fueling market growth. Another factor driving the growth of the Wealth Management Platforms market is the increasing trend of digitalization in organizations as well as their move towards cloud-based services. Cloud-based wealth management offers major opportunities for market expansion in the future. Companies operating in the market are focusing on emerging technologies such as cloud computing and edge computing to develop innovative solutions and services for their customers.
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The hybrid segment is expected to grow at a CAGR greater than 10% from 2021 to 2027. Hybrid consulting provides personalized and standardized advice. The growth of hybrid consulting is attributed to the growing demand from enterprises at the enterprise level to generate computerized analytics to provide standardized consulting services. The growing need for valuable analytical information to automate operational workflows is expected to drive the market growth.
The cloud deployment model is expected to grow exponentially over the forecast period. Various companies are implementing cloud services for easy access to data and to improve data security and privacy. Additionally, the cost of ownership for BFSI allows organizations to invest in the maintenance and support of infrastructure developments.
Risk and Compliance Management is expected to hold a market share of over 10% in 2020. The growth is attributed to the growing demand to develop a robust approach to risk management by integrating IT, operations, compliance, ESG practices and third-party vendors. In addition, the adoption of Know Your Product (KYP) and Know Your Customer (KYC) compliance procedures as well as Anti Money Laundering (AML) and Anti-Fraud System is expected to support market growth over the course of of the forecast period.
Investment management firms are expected to grow at a CAGR greater than 10% from 2021 to 2027. The growth is attributed to the growing number of high net worth individuals as well as small business owners. In addition, a wealth management platform helps investment management companies write new policies to attract new investment and better understand client needs.
Europe should generate the wealth management platform market in excess of USD 1 billion by 2027. Growth is attributed to increasing digitization in several sectors and the presence of leading providers of wealth management platforms such as Comarch SA, Finantix and Temenos is further expected to provide Lucrative opportunities for the growth of the Wealth Management Platforms market.
Companies operating in the market focus on partnering with public organizations to accelerate development. For example, in May 2020, Avaloq signed a partnership agreement with Infosys to offer a wealth management platform via digital platforms. As part of this partnership, Infosys is helping to integrate Avaloq’s wealth management platform with the client’s existing systems to transform them into effective digital advisory platforms. This partnership has enabled the company to strengthen its portfolio and acquire a competitive position in the market.
Some of the key findings of the Wealth Management Platforms Market report include:
- The growing shift towards online and mobile banking is expected to have a positive impact on the market.
- Europe is expected to hold a significant market share for the wealth management platform due to the increasing digitization in several sectors and the presence of leading companies.
- Companies operating in the market focus on integrating new technologies and expanding their portfolio to meet various customer requirements.
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Partial chapters of the report table of contents (TOC):
Chapter 3 Industry Overview of Wealth Management Platform
3.2 Industry segmentation
3.3 Impact of the COVID-19 epidemic
3.3.1 Global Outlook
3.3.2 Regional perspective
220.127.116.11 North America
18.104.22.168 Latin America
22.214.171.124 Middle East and Africa
3.3.3 Industry value chain
3.3.4 Competitive landscape
126.96.36.199 Distribution network
188.8.131.52 Business growth
3.4 Ecosystem Analysis of Wealth Management Platforms Industry
3.4.1 Platform provider
3.4.2 Cloud service providers
3.4.3 Government authorities
3.4.4 End users
3.5 Technology and innovation landscape
3.5.1 Predictive analysis
3.5.3 Human digital interface
3.6 Investment portfolio
3.7 Patent analysis
3.8 Regulatory landscape
3.8.1 North America
184.108.40.206 Gramm-Leach-Bliley Act 1999, United States
220.127.116.11 The Sarbanes-Oxley Act of 2022
18.104.22.168 Federal Law on Information Security Management (FISMA)
22.214.171.124 Dodd-Frank Law on Wall Street Reform and Consumer Protection
126.96.36.199 The General Data Protection Regulation (GDPR) (EU)
188.8.131.52 European Regulation on Market Infrastructures (EMIR)
184.108.40.206 Anti-money laundering directive 2015/849 / EU (AMLD)
220.127.116.11 Cyber Security Law, China
18.104.22.168 Japan Financial Instruments and Foreign Exchange Law (FIEA)
22.214.171.124 Foreign Exchange Management Act 1999 (FEMA)
126.96.36.199 Cyber Security Framework, Saudi Arabian Monetary Authority (SAMA)
188.8.131.52 Federal Decree Law on Financial Commitments, UAE
3.9 Industry impact forces
3.9.1 Growth drivers
184.108.40.206 Increase in the number of HNWIs around the world
220.127.116.11 Growing digitization in the financial sector
18.104.22.168 Growing adoption of AI and blockchain technology in wealth management solutions
22.214.171.124 Strict government financial sector compliance
3.9.2 Pitfalls and challenges of the industry
126.96.36.199 Data safety and security issues
188.8.131.52 Increased dependence on traditional methods of wealth management
3.10 Analysis of growth potential
3.11 Porter’s analysis
3.12 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services; offering syndicated and personalized research reports as well as growth consulting services. Our business intelligence and industry research reports provide clients with insightful insights and actionable market data specially designed and presented to aid in strategic decision making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.