WealthTech solutions assist ultra-high net equity and high net worth clients and are utilised for wealth planning management. WealthTech solutions assist clients in achieving their financial objectives. WealthTech solutions offer a number of benefits, including improved portfolio management, asset liquidity, cost transparency, and increased customer service. These benefits are driving the demand for WealthTech solutions. In addition, WealthTech solutions are also utilised for digitising process/outsourcing automation, retirement savings, digital customer relationship management, and comprehensive financial data analysis. Strategic planning for integrated employer stock modelling, cash flows, sophisticated tax planning, strategic estate planning, and legacy planning are all done using WealthTech products. All of these advantages contribute to the market’s expansion.
Synechron; BlackRock, Inc.; InvestCloud, Inc.; Valuefy Solutions Private Limited; and Wealthfront Inc. – Prominent Market Participants in WealthTech Solution Market
The increasing adoption of automation solutions across a variety of industries is fueling the market’s expansion. WealthTech solutions enable small consulting companies and major banks to discover new generation client demands such as tech-enabled financial solutions, automatic rebalancing, and portfolio building. WealthTech’s key players are focused on changing the sector by finding inefficiencies throughout the financial services value chain. However, WealthTech solutions are more expensive, and the market’s growth is hampered by a lack of process, resources, methodology, and money. Furthermore, a lack of financial investing expertise is one of the reasons impeding the growth of the WealthTech solutions industry.
Synechron; BlackRock, Inc.; InvestCloud, Inc.; Valuefy Solutions Private Limited; and Wealthfront Inc. are the five key market players operating in the global wealthtech solution market. The wealthtech solution market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the wealthtech solution market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.
Based on component, the wealthtech solution market is bifurcated into solution and services. In 2020, the solution segment led the market, accounting for a larger share in the market. By end user, the wealthtech solution market is segmented into banks, wealth management firms, and others. In 2020, the wealth management firms segment accounted for the largest market share. Based on organization size, the wealthtech solution market is bifurcated into large enterprises and small and medium-sized enterprises. In 2020, the large enterprises segment accounted for a larger market share. By deployment mode, the market is bifurcated into cloud-based and on-premises. In 2020, the cloud-based segment accounted for a larger market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.
Most of the market initiatives were observed in Asia Pacific and Europe region, which have a high potential of wealthtech solution providers. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2020 | Synechron has completed the acquisition of Australia-based technology services and solutions provider, Attra. This has infused 25 years of deep domain expertise in providing consulting, application development and maintenance, and quality engineering services to clients worldwide. | APAC |
| 2019 | Aquis Exchange has agreed to acquire NEX Exchange Limited from CME Group Inc. for a cash consideration of £1, plus approximately £2.7 million based on NEX Exchange’s current working capital levels. | Europe |
