Wealth Management Platform Global Market Report 2024

The wealth management platform market size has grown rapidly in recent years. It will grow from $3.92 billion in 2023 to $4.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed during the historic period can be attributed to several key factors. These include a rise in the number of High Net Worth Individuals (HNWIs) globally, the increasing digitalization within the financial sector, heightened concerns regarding data security and the safety of banking institutions, the integration of blockchain technology into wealth management solutions, and the enforcement of stringent government regulations pertaining to the financial industry.

The wealth management platform market size is expected to see rapid growth in the next few years. It will grow to $7.49 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The anticipated growth in the forecast period can be attributed to several drivers. These include the rising adoption of cloud-based solutions, the imperative to enhance customer experience within financial firms, the continued digitization of processes, widespread adoption of automation, and an intensified focus on bolstering security measures to safeguard client data. Major trends expected in the forecast period encompass the emergence of innovative wealth management platforms, the integration of real-time analytics capabilities, the adoption of adaptable investment strategies, ongoing technological innovations, and the convergence of progressive technologies and software solutions within the wealth management industry.

The burgeoning number of financial advisory firms is poised to fuel growth within the wealth management platform market in the foreseeable future. Financial advisory firms, entities offering expert guidance and services on various financial management aspects to individuals, businesses, and institutions, are on the rise due to the escalating demand for personalized financial guidance encompassing retirement planning, investment management, tax optimization, and estate planning. Leveraging wealth management platforms, these firms aim to streamline client interactions, enhance service delivery, and efficiently manage client portfolios, striving to offer comprehensive financial solutions tailored to each client's unique needs. For instance, data from the Investment Adviser Association (IAA), a US-based non-profit organization, revealed a notable increase in clients utilizing asset management advisory services, reaching 54.3 million in 2022, marking a 2.1% rise from the previous year. Moreover, the number of U.S. Securities and Exchange Commission (SEC)-registered investment advisory firms surged by 926 firms, or 6.7%, in 2021 compared to the previous year, reaching an all-time high of 14,806 firms. Consequently, the burgeoning presence of financial advisory firms is propelling growth within the wealth management platform market.

Key players in the wealth management platform market are prioritizing the development of artificial intelligence-based solutions to offer comprehensive solutions to their clientele. Era, an AI-powered wealth management platform recently securing $3.1 million in seed funding, exemplifies this trend. For instance, Tinwell Labs Inc., a US-based wealth management platform, launched Era in November 2023. Era leverages artificial intelligence to personalize wealth management advice and automate financial tasks, enhancing financial accessibility and ambition. Distinguished by its incorporation of market news and macroeconomic data into its AI algorithms, Era empowers users to remain informed about economic factors impacting their finances and investment portfolios, elevating the caliber of its recommendations.

In June 2023, Backbase BV, a Netherlands-based engagement banking software company, concluded the acquisition of Nucoro Limited, enhancing its digital investment offerings. Through this undisclosed acquisition, Backbase aims to integrate Nucoro's headless platform capabilities into its own, enabling customers to deploy digital investment offerings such as robo-advisory and trading services seamlessly. Nucoro Limited, a UK-based digital wealth platform company and wealth management platform provider, brings valuable expertise to Backbase, reinforcing its position as a provider of comprehensive solutions in the digital wealth management space.

Major companies operating in the wealth management platform market are JPMorgan Chase & Co, Bank of America Corporation, Tata Consultancy Services Ltd, NEC Corporation, PNC Financial Services Group Inc, Infosys Limited, BlackRock Inc, Fiserv Inc, Goldman Sachs Private Wealth Management, Fidelity Information Services Inc, Vanguard Group Inc, Northern Trust Corporation, Broadridge Financial Solutions Inc, SS&C Technologies Inc, Charles Schwab Investment Management Inc, SEI Investments Company, Temenos AG, Comarch SA, Backbase BV, Prometeia SpA, Crealogix AG, Profile Systems and Software SA, Dreamplug Technologies Private Limited, Wells Fargo Investment Institute Inc, Tinwell Labs Inc.

North America was the largest region in the wealth management platform market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the wealth management platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the wealth management platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A wealth management platform serves as a digital solution facilitating the management of financial assets and investments for individuals or institutions. These platforms offer access to a wide range of investment products, such as stocks, bonds, mutual funds, and ETFs, alongside tools for portfolio analysis and monitoring.

Deployment of wealth management platforms occurs both on-premises and in the cloud. On-premises deployment involves installing and running the platform's software on the organization's internal servers and infrastructure. The market is segmented based on advisory mode, which includes human advisory, robo-advisory, and hybrid advisory services. These platforms cater to various business functions, including financial advice management, portfolio accounting and trading, performance tracking, risk and compliance management, reporting, and other essential functions. They serve diverse end-users, including banks, trading firms, brokerage firms, investment management firms, and others.

The wealth management platform market research report is one of a series of new reports that provides wealth management platform market statistics, including wealth management platform industry global market size, regional shares, competitors with wealth management platform market share, detailed wealth management platform market segments, market trends, and opportunities, and any further data you may need to thrive in the wealth management platform industry. This wealth management platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The wealth management platform market consists of revenues earned by entities from subscription fees, assets under management (AUM) fees, transaction fees, and advisory fees. The market value includes the value of related goods sold by the service provider or included within the service offering. The Information technology market also includes sales of computers, computer peripherals, and telecommunications equipment which are used in providing IT services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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