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|The global wealth management market size is estimated to be valued at USD 1.30 trillion to reach USD 3.54 trillion recordings a CAGR of 10.9% from 2021 to 2030.
Wealth is more than money. Managing wealth in an appropriate way can be used as a tool that assists in reaching our goals. Wealth management services are offered to customers globally and aid to decrease manual processes, developing investment decisions, error reduction, and limiting risks. Wealth management is a growth industry but is witnessing a set of increasing disturbances.
MARKET DRIVERS
Factors that drive the wealth management market include quick demand for substitute investments like intellectual property, hedge funds, private equity, commodities. Introducing financial technology and prominent advantages provided by wealth management like helping in removing financial stress and the creation of financial plans majorly contribute to wealth management.
A number of companies are working to upgrade their trading platform services for creating an accessible and dependable platform providing approval for local markets along with a variety of trading ideas.
Key players invest more to upgrade new technologies to advance energy-efficient transportation and spur their customer bases globally. Global growth in escalation is forcing an end of accomodating budget policy, with follow-on effects in the stock market.
Rising urbanization and growth in per capita income drive the wealth management market. The increasing number of rich middle-class people and rising disposable income create numerous growth opportunities in the market. The mounting digitization and accumulating competition from fintech and immediate influx of foreign wealth management, and providers have caused domestic companies to concentrate on roughly 1/5th of HNIs residing in rural areas.
MARKET RESTRAINTS
However, strict regulatory concerns with the resistance for approving the technology act as a major hindrance to the market growth.
Segmentation Analysis
Bank
Investment management firms
Trading and exchange firms
Brokerage firms
Others (asset management firms, and custody and compliance providers)
By end-user, the banks segment dominates the market with the highest share with 29.0% and more. Banks play a crucial role in managing the rising benefits and wealth of individuals.
The trading and exchange firms segment is estimated to record the quickest CAGR over the foreseen period. The swift emergence in the technological capabilities of wealth management solutions opens new doors for adopting wealth management software for trading and exchange purposes.
Regional Analysis
North America dominated the wealth management market share during the foreseen period. Growth in the region owes to a large number of high-net-worth independents and rising contest amid banks like Morgan Stanley, PBS, and Bank of America Corporation providing the best possible service to clients.
In the U.S., both equity and mutual holdings rank ahead of the deposit market as investment vehicles for household wealth.
The European market for wealth management is expected to observe a quick growth during the foreseen period. The high net worth individual population and wealth have extended at a faster rate.
The UK's wealth management sector has witnessed considerable growth in belongings in recent years. The U.K is the second-largest wealth management globally have considerably closed the gap with Switzerland, a global leader.
For example, a core banking provider solutions, Objectway S.p.A circulated the procurement of Die Software Peter Fitzon GmbH (DSW), in August 2021. The company strengthens its portfolio in wealth and asset management.
However, Asia-Pacific is projected to grow at the highest CAGR of 12.5% from 2021 to 2030.
The Indian wealth management is scheduled to grow with a CAGR of 11.5% during the foreseen period. The growth in India owes to the surging adoption of new tools by individuals in managing their finances.
The wealth management market in Thailand is expected to upgrade swiftly and energetically opposite to conditions of continuously rising household wealth and expansion of potential HNW and HNW investors.
Latin America's market growth depends on the rising number of nuclear families and ideal shifts in the millennial's lifestyles. The awareness and exposure escalate the demand for wealth management development.
The wealth management market in the Middle East and Africa region is estimated to recapture its historic share of the market.
BNP Paribas Wealth Management has dedicated itself to protecting wealth, and advancing it. The region's wealth management market is opting for advice integrated with digital investment channels.
Top key players Wealth Management Market
1. Bank of America Corporation
2. BNP Paribas
3. Charles Schwab & Co., Inc.
4. Citigroup Inc.
5. CREDIT SUISSE GROUP AG
6. Goldman Sachs
7. JPMorgan Chase & Co.
8. Julius Baer Group
9. Morgan Stanley
10. UBS
COVID-19 Impact On Wealth Management Market
The quick emergence of the novel coronavirus (COVID-19) harmed the world wealth management market. Due to the drooping economy, in the global financial services, the market has experienced an adverse effect. The COVID-19 pandemic crisis has affected both the investors and wealth management organizations and investors have witnessed a direct effect on their existing portfolios.
Over the last two years, wealth managers have had to adapt to a new, and digital-focused way of organizing business with their clients due to COVID-19. Due to the continuous COVID-19 pandemic, the shift to digital channels, consolidation within the industry, and ESG considerations. Moreover, due to the COVID-19 epidemic, millions of people have been unable to acquire prominent financial and investment advice.
Recent Market Developments
Chapter 1.Global Wealth Management Market – Scope & Methodology
1.1. Market Segmentation
1.2. Assumptionsa
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2.Global Wealth Management Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2022 - 2027
2.3.2. Impact on Supply – Demand
Chapter 3.Global Wealth Management Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4.Global Wealth Management Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5.Global Wealth Management Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6.Global Wealth Management Market – By Advisory Model
6.1. Human advisory
6.2. Robo advisory
6.3.Hybrid advisory
Chapter 7.Global Wealth Management Market – By Business Function
7.1. Financial advice management
7.2. Portfolio, accounting, and trading management
7.3. Performance management
7.4. Risk and compliance management
7.4. Reporting
7.4. Others (billing and benchmarking)
Chapter 8.Global Wealth Management Market – By Deployment Model
8.1. Cloud
8.2. On-premises
Chapter 9.Global Wealth Management Market – By End-User
9.1. Bank
9.2. Investment management firms
9.2. Trading and exchange firms
9.2. Brokerage firms
Chapter 10.Global Wealth Management Market, By Geography - Market Size, Forecast, Trends & Insights
10.1. North America
10.1.1. U.S.A
10.1.2. Canada
10.1.3. Mexico
10.2. Europe
10.2.1. Italy
10.2.2. Spain
10.2.3. Russia
10.2.4. Germany
10.2.5. UK
10.2.6. France
10.2.7. Rest of Europe
10.3. Asia Pacific
10.3.1. Japan
10.3.2. South Korea
10.3.3. China
10.3.4. India
10.3.5. Australia & New Zealand
10.3.6. Rest of Asia-Pacific
10.4. Rest of the World
10.4.1. Middle East
10.4.2. Africa
10.4.3. South America
Chapter 11.Global Wealth Management Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
11.1. Company 1
11.2. Company 2
11.3. Company 3
11.4. Company 4
11.5 Company 5
11.6. Company 6
11.7. Company 7
11.8. Company 8
11.9. Company 9
11.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Data Collection
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
Data Fusion
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
Data Analysis
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Verification
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.
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