Wealth Management Platform Market is expected to reach US$ 9,197.6 million by 2028

Rising Adoption of Robo Advisors in Wealth Management to Create Growth Opportunities for Wealth Management Platform Market Players During 2021–2028

According to our latest market study on “Wealth Management Platform Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Advisory Model, Business Function, Deployment Type, and End User,” the market is projected to reach US$ 9,197.6 million by 2028 from US$ 3,710.4 million in 2021; it is expected to grow at a CAGR of 13.8% from 2021 to 2028.

The financial sector is continually adopting advanced technologies to provide financial services in cheaper and efficient ways. These advanced and creative technologies garnered attention during the global financial crisis of 2007–2008, when strict rules were imposed on conventional banks, and innovations in the IT industry increased the incentives for expanding nonbank and technology-based financial enterprises. For instance, a few technological revolutions in the finance sector comprise mobile payments, ATMs (automated teller machines), and trade finance using blockchain. The technological interruptions in wealth management services consist of Robo-advisors and automated financial advisors designed to compete with human advisors. Robo-advisors advise various investing techniques for goals, such as saving for significant expenses, retirement, and maintaining a stream of income to handle expenses effectively. Advantages of Robo-advisory management wealth services over traditional services, involving human advisory, are easy accessibility, affordability, and the ability to offer their clients the option to obtain financial advice and handle investments at any time, from any place, with the help of an Internet connection. Robo-advisory allows the wealth management platform players to provide their services at low fees, permitting them to expand into the target market.

North America was the first region to introduce automated financial advisors (robo-advisory). Wealth management organizations and banks in the US have implemented robo-advisory services to offer comprehensive, effective, and efficient services. Key reasons that led to the early acceptance of this technology across the region are increased operational cost and accessibility, supported by rising internet penetration and cheap financial aid fees. Similarly, APAC is witnessing an increase in robo-advisory users and assets under management (AUM) programmes. These factors lead to the growth of the wealth management platform market.

The wealth management platform market, by deployment type, is segmented into cloud and on-premises. By advisory model, the market is segmented into human advisory, robo-advisory, and hybrid. The wealth management platform market, by business function, is segmented into performance management, risk and compliance management, portfolio accounting and trading management, financial advice management, reporting, and others. The wealth management platform market, by end user, is segmented into trading & exchange firms, banks, brokerage firms, investment management firms, and others. Based on geography, the wealth management platform market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for a significant share of the overall wealth management platform market.

Impact of COVID-19 Pandemic on Wealth Management Platform Market

Businesses are facing new challenges due to the COVID-19 pandemic and the development of remote work environments. Further, the pandemic's arrival in 2020 has prompted a slew of challenges for global market operations. Healthcare infrastructures of developed economies have collapsed due to the rising number of COVID-19 cases. Millions of people have been unable to obtain important financial and investment advice due to the COVID-19 epidemic. Multiple organizations are strengthening their trading platform services to create a scalable and trustworthy platform that simultaneously offers access to global markets, insight into a range of trading techniques, and up-to-date market valuations and investment services, as a result of the pandemic. In addition, the increased investments bode well for the wealth management platform industry in the following years.

A few of the key players operating in the wealth management platform market are Broadridge Financial Solutions, Inc.; Comarch SA; FIS Global; InvestCloud; Fiserv, Inc.; InvestEdge, Inc.; PROFILE SOFTWARE S.A; SEI Investments Developments, Inc.; SS&C Technologies, Inc; and Temenos Headquarters SA.

Wealth Management Platform Market – by Region, 2021 and 2028 (%)

---

Wealth Management Platform Market Size & Trend Report 2028

Download Free Sample

---

Wealth Management Platform Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Advisory Model (Human Advisory, Robo-Advisory, and Hybrid), Business Function (Performance Management, Risk and Compliance Management, Portfolio Accounting and Trading Management, Financial Advice Management, Reporting, and Others), Deployment Type (Cloud and On-Premise), and End User (Investment Management Firms, Trading and Exchange Firms, Banks, Brokerage Firms, and Others)