Wealth Management Software Market by Advisory Modes (Human Advisory, Robo Advisory, and Hybrid), Deployment (Cloud and On-premise), Enterprise Sizes (Large Enterprises and Small & Medium Enterprises), Applications (Financial Advice & Management, Portfolio, Accounting, & Trading Management, Performance Management, Risk & Compliance Management, Reporting, and Others), End-users (Banks, Investment Management Firms, Trading & Exchange Firms, Brokerage Firms, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

The global wealth management software market size was valued at USD 3.31 billion in 2020 and is anticipated to expand at a CAGR of 13.5% during the forecast period, 2021–2028. The growth of the market is attributed to the rising high net worth individuals (HNWIs) around the world.

The wealth management platform is a tool for HNWIs to obtain high control and transparency on the administration of their wealth. The platform offers assistance to the customers to plan their wealth objectives more efficiently using several analytics methods. The rising digitalization in banking and investment sectors is a key factor bolstering the market demand. The wealth management process are growing constantly as there is development in the number of HNWIs around the world. This has resulted in shift in focus from traditional methods to digital platforms. The introduction of artificial intelligence (AI) has increased the efficiency of the market. The AI and blockchain methods are providing better results in the wealth management platforms. The use of the platform prevents the regular need of advice from the advisors. These software has reduced the expense and time of process significantly along with reduced operational costs.

The COVID-19 pandemic has propelled the impulsiveness in the capital markets. The unpredictability of the economic conditions caused decline preference for wealth management solutions all around the world. This shows that the market was impacted in the negative manner due the outbreak. As the cases started to decline and the work business started to gain momentum caused the demand for innovative wealth management platforms.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing technological advancements in the field of wealth management as new software and methods are introduced. The AI and blockchain are the key developments that is set to boost the market in the near future.
• The risk and trick involved in the traditional wealth management programs is a major factor for increasing the demand for software in the field. This is projected to fuel the market expansion in the coming years.
• The rising income due to the globalization in the world and increased access around the world are causing the surge of income among a large number of the global population. This present a key driver of the market.
• Heavy dependence on the traditional assets management techniques is a major hindrance that can limit the market growth.
• Lack of experts in the field and reduced awareness in the population are the key restraints to the market growth.
• Growing the income of the population and modernization of the world population are offering huge opportunities for market growth.

Scope of the Report

The report on the global wealth management software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Robo advisory segment is expected to grow at a rapid pace

Based on advisory modes, the global wealth management software market is divided into human advisory, robo advisory, and hybrid. The robo advisory segment is expected to grow at a rapid pace during the projected period attributed to the factors such as high efficient, highly accurate, and easily accessible. It has various advantages including less investment required, easier onboarding procedures, and highly automated mode.

The human advisory segment is anticipated to propel at a substantial growth rate in the coming years owing to the great level of securities and increased in preferences of the HNWIs towards human advisory. The shifting trend from human advisory model to hybrid model is a restraint to the market segment.   

Cloud segment is projected to expand at a considerable CAGR

On the basis of deployment, the market is bifurcated into cloud and on-premise. The cloud segment is projected to expand at a considerable CAGR during the forecast period as large number of businesses around the globe are adopting cloud-based segment. As the cloud deployment offers advantages such as agility, scalability, and easy access. These solutions reduces the operational cost of the companies, which is pushing it popularity in the market among the firms. These factors are boosting the segment to new levels in the near future.

The on-premises segment, however, is anticipated to exhibit lucrative growth in the coming years as it helps the firms to manage all data and system with ease. The data in this system is handled and stored internally. These advantages are inclining the market segment during the forecast period.

Large enterprises segment is anticipated to rise at a substantial rate

Based on enterprise size, the market is segmented into large enterprises and small & medium enterprises. The large enterprises segment is anticipated to rise at a substantial rate during the projected period owing to the development of new technological methods, processing, and storage. The resources related to computing has new become cheaper, widely deployable, and reliable. The small & medium enterprises segment, however, is expected to grow considerably to the market growth owing to the effective management of regulatory guidelines and reduced monitoring costs. High number of small & medium enterprises in the developing countries is propelling the segment.

Portfolio, accounting & trading management segment is estimated to contribute major market share.

On the basis of applications, the market is segregated into financial advice & management, portfolio, accounting, & trading management, performance management, risk & compliance management, reporting, and others. The portfolio, accounting & trading management segment is estimated to contribute a major market share during the projected period attributed to the factors such as rising demand for portfolio management, trading solutions, and decision support. This segment provides managers advice to manage their trading effectively and develop collaboration activities.

The financial advice & management segment, however, is estimated to grow at a significant pace in the coming years as there is growing demand for digitalization, strengthening of client relations, and rising operational efficiency. The integration between financial advice and management technology increases the opportunities for the advisor to collaborate with clients for identification of goals, propose investment proposals, and effective advice to the clients.

Bank segment is expected to boost at a fast pace

On the basis of end-users, the market is divided into banks, investment management firms, trading & exchange firms, brokerage firms, and others. The bank segment is expected to boost at a fast pace during the forecast period attributed to the growing strength of global economy, which requires banks to play crucial role. Banks are using wealth management software for effective management of clients’ money and widely adopted by trading and exchange companies. The segment growth is attributed to the changes in the technology as well as rising awareness in the population for the trading and exchange segment.

North America is anticipated to constitute a key market share

In terms of regions, the global wealth management software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share in the coming years owing to the presence of high number of HNWIs in the region. The subscription of these large number of HNWIs to the economic advisories is the key factor for growth of the market in the region.

The Asia Pacific market, however, is estimated to show lucrative growth in the near future as the region is creating new opportunities for the robo advisory due to significant rise in digital platforms. The rising techno-savvy consumer base due to the adoption of digital platforms is boosting the market in the region. The growth of small & medium enterprises in the developing countries is the key factor for market development in the region.

Segments

Segments Covered in the Report
The global wealth management software market has been segmented on the basis of
Advisory Modes

• Human Advisory
• Robo Advisory
• Hybrid

Deployment

• Cloud
• On-premise

Enterprise Sizes

• Large Enterprises
• Small & Medium Enterprises

Applications

• Financial Advice & Management
• Portfolio, Accounting, & Trading Management
• Performance Management
• Risk & Compliance Management
• Reporting
• Others

End-users

• Banks
• Investment Management Firms
• Trading & Exchange Firms
• Brokerage Firms
• Others

Regions

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Comarch SA
• Dorsum Ltd.
• Fidelity National Information Services, Inc.
• Finantix
• Fiserv, Inc.
• Objectway S.p.A.
• Profile Software
• SEI Investments Company
• SS&C Technologies Holdings, Inc.
• Temenos Headquarters SA.

Competitive Landscape

The key market players competing in the global wealth management software market are Comarch SA; Dorsum Ltd.; Fidelity National Information Services, Inc.; Finantix; Fiserv, Inc.; Objectway S.p.A.; Profile Software; SEI Investments Company; SS&C Technologies Holdings, Inc.; and Temenos Headquarters SA. These key players have adopted a series of market strategies including new product launching, entering into partnership, collaboration, and production expansion to enhance their market position and expand their consumer base.