The global wealth management software market was valued at $2.20 billion in 2018 and is expected to grow significantly, expanding at a CAGR of 12.3% from 2019 to 2027. Wealth management is changing at a rapid pace. Numerous forces, from ever-changing client expectations and advanced technologies to the rise of disruptive operational models and the market encroachment of eccentric competitors, are restructuring the playing field.
Wealth management is one of the most attractive sectors within the financial services industry. Emerging digitization, coupled with the rising adoption of automation processes by several financial establishments, is one of the prominent factors expected to stimulate the growth of wealth management software worldwide. Digitalization has been growing in prevalence and is fueling efficiency and agility in wealth management practices, which in turn is enhancing market growth.
Market Snapshot
Hybrid Advisory Model Likely to Gain Traction in the Market During the Forecast Period from 2019 to 2027
In 2018, the robot-advisory mode garnered the largest market share in the global wealth management software market. The segment is likely to grow 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 their portfolios.
Robo-advisors provide several benefits, including a suite of automated capabilities, an easier onboarding process, and minimal investment requirements in comparison to their traditional counterparts. Moreover, in terms of performance and accessibility, Robo-advisors are highly efficient, accurate, and more accessible. Nevertheless, despite the popularity of fully automated robot-advisory mode, its initial appeal has 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 robot advisor and a human advisor have over each other.
North America Garnered the 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 is mainly attributed to the growing number of high-net-worth (HNW) individuals.
These HNW individuals are increasingly subscribing to advanced financial advisory solutions, thereby driving 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's growth and is expected to provide lucrative opportunities for the growth of the wealth management software market in the region.
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 to the rising needs of their customers and gain a competitive advantage over other players. Partnerships, product innovation, and new product development remain some of the major strategies adopted by the leading players to gain an edge over their counterparts.
Periods of History and Forecast
The research report presents the analysis of each segment from 2017 to 2027, considering 2018as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The 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 the 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:
Key questions are answered in this report.
What was the size of the wealth management software market in 2018, and what are the projections for the next five years?
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?
Which segment will grow at a faster pace? Why?
Which region will drive the market's 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?
Frequently Asked Question:
The market for Wealth Management Software Market is expected to reach USD$ 2.20 Bn in 2027.
The Wealth Management Software Market is expected to see significant CAGR growth over the coming years, at 12.3%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Dorsum Ltd., Fidelity National Information Services, Inc. (FIS), Finantix S.p.A., Fiserv, Inc., Objectway S.p.A. are some of the major players in the global market.
