Overview:
The global wealth management software market was valued at US$ 2.20 Bn in 2018 and is expected to witness significant growth, expanding at a CAGR of 12.3% during the forecast period from 2019 to 2027. Wealth management is changing at a rapid pace. Numerous forces from ever-changing client expectations and advanced technologies to rise of disruptive operational models and the market encroachment of eccentric foes are restructuring the playing field. Wealth management is one of the most attractive sectors within the financial services industry. Emerging digitization coupled with rising adoption of automation processes by several financial establishments is one of the prominent factor expected to stimulate the growth of wealth management software worldwide. Digitalization has been growing in prevalence and is fueling the efficiency and agility in wealth management practices, which in turn is enhancing the market growth.
Wealth management software serves as an advisory tool that ensures compliance with the regional as well as international regulatory requirements, capture the investment opportunities and helps in tracking the market. These capabilities are projected to drive the demand of wealth management software, thereby increasing the overall market growth throughout the forecast period from 2019 to 2027.
Market Snapshot
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"Hybrid Advisory Model Likely to Gain Traction in the Market during the Forecast Period from 2019 to 2027"
In 2018, robo-advisory mode garnered largest market share in the global wealth management software market. The segment is likely to grow to at a substantial rate during the forecast period from 2019 to 2027. Robo-advisors are online financial advisory software platforms that deliver algorithm-based wealth management services. This advisory mode eliminates the necessity to use a human financial advisor and provides clients with direct software-based access to the portfolios. Robo-advisors provide several benefits, including a suite of automated capabilities, an easier onboarding process and minimal investment requirements in comparison to the traditional counterparts. Moreover, in terms of performance and accessibility, robo-advisors are highly efficient, accurate and more accessible. Nevertheless, despite of the popularity of fully automated robo-advisory mode, their initial appeal have started to wear-off. The financial industry is already witnessing a move towards espousing a hybrid model that includes a certain amount of human intervention. Typically, a hybrid advisory mode involves an automated solution that provides periodic access to human advisors or in which human financial advisors add robo-advisors to their solutions, thereby providing some of the advantages that a robo-advisor and human advisor have over each other.
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"North America Garnered Largest Market Share in 2018"
The global wealth management software market, based on geography was led by North America in 2018 and is likely to remain dominant throughout the forecast period from 2019 to 2027. The growth of this mainly attributed to the growing number of high-net-worth (HNW) individuals. These HNW individuals are increasingly subscribing to the advanced financial advisory solutions, thereby driving the market growth in the region. Moreover, the presence of some prominent players including Fidelity National Information Services, Inc., Fiserv, Inc., SEI Investments Company, and SS&C Technologies, Inc. etc. supports the market growth and is expected to provide lucrative opportunities for the growth of wealth management software market in the region.
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Competitive Insights:
The major players identified in the wealth management software market include Comarch SA, Dorsum Ltd., Fidelity National Information Services, Inc. (FIS), Finantix S.p.A., Fiserv, Inc. Objectway S.p.A., Profile Software, SEI Investments Company, SS&C Technologies, Inc., and Temenos SA among others. Wealth management software providers are continuously developing and updating their software offerings in order to cater the rising needs of the customers and gain competitive advantage over other players. Partnerships, product innovation and new product development remains some of the major strategies adopted by the leading players to have an edge over their counterparts.
Historical & Forecast Period
The research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segments calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
Wealth management software market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global wealth management software market based on advisory mode, functionality, deployment model, end-user and geography. Key segments covered in the report are as follows:
| ATTRIBUTE |
DETAILS |
| Research Period |
2017-2027 |
| Base Year |
2018 |
| Forecast Period |
2019-2027 |
| Historical Year |
2017 |
| Unit |
USD Billion |
| Segmentation |
Advisory Mode Segment (2017-2027; US$ Bn)
• Human Advisory
• Robo-advisory
• Hybrid
|
|
Functionality Segment (2017-2027; US$ Bn)
• Financial Advice Management
• Portfolio, Accounting, & Trading Management
• Performance Management
• Risk & Compliance Management
• Reporting
• Others (Client and Fund Management, Billing and Benchmarking, etc.)
|
|
Deployment Model Segment (2017-2027; US$ Bn)
• On-premise
• Cloud
|
|
End-user Segment (2017-2027; US$ Bn)
• Banks
• Investment Management Firms
• Trading & Exchange Firms
• Brokerage Firms
• Others
|
|
Geography Segment (2017-2027; US$ Bn)
• North America (U.S., Rest of North America)
• Europe (U.K., Germany, France, Rest of Europe)
• Asia Pacific (Japan, China, India, Rest of APAC)
• Rest of the World (Middle East & Africa, Latin America)
|
Key questions answered in this report
- What was the market size of wealth management software market in 2018 and forecast up to 2027?
- What are the key factors driving the global wealth management software market?
- What are the key market trends and high-growth opportunities observed in the wealth management software market?
- What are the drivers of the wealth management software market?
- Which is the largest regional market for wealth management software market?
- Which segment will grow at a faster pace? Why?
- Which region will drive the market growth? Why?
- Which players are leading the wealth management software market?
- What are the sustainability strategies adopted by the key players operating in the market?
