| Source: Fortune Business Insights
Pune, India, May 04, 2022 (GLOBE NEWSWIRE) — The global wealth management platform market size was valued at USD 2.37 billion in 2021. The market is projected to grow from USD 2.64 billion in 2022 to USD 6.29 billion by 2029, exhibiting a CAGR of 13.2% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Wealth Management Platform Market Share, 2022-2029.”
According to our analysts, during the mentioned period, the market is anticipated to make significant development owing to the surging desire to mechanize the wealth management procedure.
Notable Industry Development:
August 2020: Prometeia, an Italian wealth-tech management company has declared the unveiling of a Zurich office, which will operate as a functional headquarters for the Swiss market. For self-service users, Prometeia’s digital wealth management platform presents HNWI-fixated advice models.
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Drivers and Restraints:
Improved Digitization and Great Adoption of Automation to Thrust Market Growth
The market is perceiving the agreement of digitalization and course automation that are in compliant with company rules, encouraging favorable benefits to the market. Several firms across the world are working on quickening digitalization, refining operational efficiency, and enhancing clientele connections. Consequently, the implementation of commercial advisory and management solutions in numerous end-use industries is probable to fast-track. Establishments may utilize wealth management tools to maintain track of dealings and administer their assets in a better way.
Amplified Acceptance of Cloud-based Solutions to Nurture Market Growth
The wealth management platform market is estimated to demonstrate average growth during pandemic. The market observed a sturdy growth rate as compared to 2020. Also, the bolstered implementation of cloud-based solutions is expected to develop the market towards a greater trail by 2022. The prime companies comprised several business schemes to reorganize the business procedures.
Additionally, lack of attentiveness among organizations concerning the reimbursements of wealth management software is anticipated to strangle end-user growth.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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North America to Lead Stoked by Increasing Prominence of Service in Region
North America holds the largest wealth management platform market share and is projected to sustain its governance over forecast period. Wealth management services are turning to be extensively crucial in North America in order to appeal and retain successful retail users.
Asia Pacific is estimated to be the quickest-increasing market during the forecast period. The region is predicted to present better prospects for economic consultants due to the surging utilization of digital platforms.
Europe is estimated to hold crucial market share in impending years. Europe’s great net worth individual population and wealth have augmented promptly.
Based on the deployment, the market has been bifurcated into cloud and on premises.
Based on enterprise size, the market has been categorized as large enterprises and SMEs.
Banks and financial institutes, healthcare, government, IT and telecom, retail, among others (airlines, education, and others) are some of the end use industries of wealth management software. Among these, banks and financial institute’s holds maximum share in the market; whereas retail is expected to be the fastest growing sector during the forecast period.
The market is divided into five primary regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific.
Quick Buy – Wealth Management Platform Market Research Report:
The report describes a study of the wealth management platform and a comprehensive breakdown of the market overview. A considerate assessment of the existing market trends as well as the future prospects is presented in the report. Furthermore, it describes an in-depth investigation of the regional insights and their role in stimulating the wealth management platform market growth. The COVID-19 influences have been described in the report to aid investors and business entrepreneurs with an enhanced understanding of the potential intimidations present in the market. The report further converses the important players and their noticeable notions to remain in the governing position.
Groundbreaking Product Launches by Significant Players to Support Market Growth
The fundamental companies operating in the industry are often seen embracing numerous stratagems to foster their position in the market as dominating corporations. Among the abundant tactics available, companies are actively using strategies such as purchasing other firms to encourage the brand value among users. Another indispensable strategy is periodically launching pioneering products with a comprehensive review of the market and its users.
Companies Profiled in the wealth management platform market Share Report:
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Major Points of Table:
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