The global Wealth Management Software Market size is expected to reach USD 9.14 billion by 2028, registering a CAGR of 13.5% from 2021 to 2028, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing demand for efficient investment management, financial planning, and other forms of financial advice. Also, clients with High-Net-Worth (HNW) are seeking financial advice from a financial advisor, thereby driving the market growth.
Numerous businesses across the globe are focusing on taking advice from financial advisors about their financial assets. These advisors provide asset management services to their clients to increase their clients’ wealth. Furthermore, the increasing need to automate the wealth management processes in digital devices is anticipated to propel the global market over the forecast period.
Businesses are widely adopting wealth management software to manage their wealth and automate the workflow of financial processes. This software also helps businesses improve digital involvement through the provision of open architecture and omnibus access that can be easily integrated into numerous wealth administration applications. These aforementioned factors are expected to fuel the market growth over the forecast period.
The outbreak of the COVID-19 pandemic is expected to favorably impact the market. Asset and wealth managers are experiencing a time of exponential change. Numerous businesses are focusing on crisis management, finance and liquidity, operations and supply chain, tax and trade. This, in turn, is expected to create growth opportunities for the market players.
Related Press Release @ Wealth Management Software Market Report
Wealth Management Software Market Report Highlights
- Robo advisory segment is expected to witness significant growth over the forecast period as this platform is widely used to automate portfolio creation based on the income, an input of suitable risk parameters, and other facets of a client’s investment mandate
- Numerous businesses across the globe are focusing on deploying cloud-based solutions as it ensures easy access to data and enables businesses to deliver personalized services to their clients
- The increasing number of small and medium enterprises in various countries is expected to drive market growth over the forecast period
- Financial advisors are widely adopting financial advice and management solution to increase productivity, improve workflow efficiency, and enhance client relationships
- The trading and exchange firms segment is expected to witness significant growth over the forecast period as individuals are increasingly participating in forex and equity to augment their financial gains
- North America is witnessing an increase in the number of HNW individuals. This, as a result, is expected to create growth opportunities for the regional market growth
