Wealth Management Software Market Size, Share & Trends Analysis Report By Advisory Mode (Human, Robo), By Enterprise Size (Large, SMEs), By End-use, By Deployment, By Application, By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the wealth management software market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for wealth management software market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of wealth management software market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Wealth Management Software Market Categorization:

The wealth management software market was categorized into four segments, namely advisory mode (Human Advisory, Robo Advisory, Hybrid), deployment (Cloud, On-premise), enterprise size (Large Enterprises, Small & Medium Enterprises), application (Financial Advice & Management, Portfolio, Accounting, & Trading Management, Performance Management, Risk & Compliance Management, Reporting), end-use (Banks, Investment Management Firms, Trading & Exchange Firms, Brokerage Firms), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The wealth management software market was segmented into advisory mode, enterprise size, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The wealth management software market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eight countries, namely, the U.S.; Canada; Germany; the UK.; China; India; Japan and Brazil

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Wealth management software market companies & financials:

The wealth management software market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Comarch SA  -  Comarch SA is a company that specializes in the development of information systems, which includes both software and network hardware. The company offers a range of IT products and services, such as implementation, hosting, maintenance, integration, and advisory services for its clients. Its portfolio includes financial and accounting systems, loyalty software, CRM systems, ERP-class systems, electronic banking systems, ICT network management systems, billing systems, business intelligence software, sales support and electronic document exchange systems, and security management services. Comarch SA caters to a variety of industries including Banking, Financial Services and Insurance (BFSI), telecommunications, healthcare, trade and services, oil & gas, manufacturing, and IT infrastructure. The company also provides wealth management platforms for private banking and retail clients. Comarch SA serves a diverse range of clients worldwide, including ING Group N.V., BNP Paribas, Delta Lloyd, Unilever, Tesco plc, and Etihad Airways. 

• Dorsum Ltd  -  Dorsum Ltd. specializes in providing investment software. Their portfolio encompasses a range of products and solutions, including Botboarding, a Wealth Management Platform, Wealth Management Communication HUB, Client Acquisition Tool, and My Wealth. These offerings are targeted towards private banks, portfolio and wealth managers, wealth management firms, and affluent banking divisions. In addition to this, Dorsum Ltd. has developed a mobile application called My Wealth, which employs a hybrid advisory model for their customers. This app is designed for use by private banks, wealth management firms, investment service providers, and financial advisors. The company’s Wealth Management Platform has a diverse clientele, including ING Group N.V., Sberbank, FHB Mortgage Bank Co. Plc., Assicurazioni Generali S.P.A., Erste Group Bank AG, UniCredit Bank, MKB Bank Zrt, and Raiffeisen Bank International AG. Furthermore, Dorsum Ltd. has formed strategic partnerships with Oracle Corporation, Avaloq, PwC, Microsoft Corporation, and FX Software Zrt. These collaborations enable them to deliver innovative solutions to their clients through TCS BaNCS, a financial platform. 

• FIS (Fidelity National Information Services, Inc.)  -  FIS is a company that specializes in providing financial technology solutions. These solutions cater to a variety of applications, such as trade management, wealth and asset management, payments, record keeping, and transaction processing. The primary users of these solutions are the institutional banking and retail industry. In addition to software solutions, FIS also provides consulting and outsourcing services to travel and hospitality companies, logistics providers, and energy and utility services. The solution portfolio of Fidelity National Information Services, Inc. is comprehensive, encompassing digital solutions, risk management, and compliance solutions, card and retail payment solutions, wealth and retirement solutions, corporate liquidity solutions, ePayment solutions, government payment solutions, securities processing and finance solutions, asset management and insurance solutions, and trading solutions. Their wealth management software is a part of their wealth and retirement solutions. FIS operates through four main segments: Merchant, Banking, Capital Markets, Corporate and Other. The Merchant segment includes solutions like merchant acquiring, integrated payments, and global eCommerce. The Banking segment provides solutions such as core processing and ancillary applications, digital solutions (including mobile, internet, and e-banking), fraud, risk management and compliance, wealth and retirement, card and retail payment, item processing, and output services. The Capital Markets segment offers solutions like global trading, securities processing and finance, asset management and insurance, and corporate liquidity. The Corporate and Other segment includes corporate overhead expenses and other miscellaneous expenses. 

• OBJECTWAY  -  OBJECTWAY is a software company that offers services to private bankers, wealth managers, and asset managers. The company has a presence in over 15 countries, including Italy, UK, Ireland, Benelux, and South Africa. It operates through six business segments: private banking, powertrain systems, consumer banking, financial advisors, wealth management, asset management, and insurance. The company’s product line includes a digital wealth experience platform, a wealth management platform, smart digital advisory, private & institutional asset management, and advisor compensation & compliance. In addition, OBJECTWAY provides a range of digital, front, and back-office services. These include digital collaboration, client onboarding and engagement, reporting and communication, client reporting, portfolio and performance management, investment compliance, cash and securities management, and tax engine services. Innovation is at the heart of OBJECTWAY’s operations, giving it a competitive edge and paving the way for long-term growth opportunities. The company’s focus on effective research and development has been key in developing new technologies and establishing a strong competitive benchmark that fosters sustainability and growth in a highly competitive market. To enhance its software capabilities, OBJECTWAY has embraced innovative technologies such as blockchain, augmented intelligence, and machine learning. 

• Fiserv, Inc  -  Fiserv, Inc. is a company that specializes in providing technology solutions for financial services. Their offerings include electronic payment processing products and services, account processing systems, and internet and mobile banking systems, among others. The company operates through two main segments: Payments & Industry Products and Financial Institution Services. The Payments and Industry Products segment offers a range of services such as internet & mobile banking software, electronic bill payment and presentment services, account-to-account transfer services, payments infrastructure services, debit and credit card processing services, person-to-person payment services, and other electronic payments software and services. The Financial Institution Services segment provides services like account processing, consulting and cash management, loan origination and servicing products, and item processing and source capture services. These solutions support a variety of financial transactions. Fiserv, Inc.'s operations are primarily based in the U.S., and the majority of their revenue comes from transaction-based fees and recurring accounts under contracts that have high renewal rates. The company caters to a diverse range of sectors, including BFSI, government, healthcare, retail & commerce, and telecommunications. 

• Profile Software  -  Profile Software is a company that specializes in providing software platforms for the banking and investment management sectors. Their offerings encompass various areas such as investment management, banking, risk and compliance, and capital markets. The company’s suite of products includes Axia, FMS.next, IMSplus, FMS.next Payments, Acumen-net, Risk Avert, Native Wealth Management Mobile App, GS Market Suite, and Plexus. In addition to their products, Profile Software also offers a range of services. These include implementation services, which cover consulting and training, customization, and project management. They also offer post-implementation services, which include technical support, customer support, and consulting services tailored to meet the expectations of their customers. Profile Software has a global footprint, with operations in the Americas, Europe, Asia, the Middle East, and Africa. They operate in 38 countries and offer their solutions and products both directly and through a network of reliable partners. The company has formed partnerships with various organizations including ACTICO GmbH, AiM Services, Almoayyed Computers, Bantegra, Burki Technologies (Pvt.) Ltd., ePareto Information Systems, FIS, ITC Infotech, JMR Infotech, Microsoft Corporation, and Oracle Corporation. These partnerships enable them to provide innovative products and services to the clients of these companies. Profile Software’s client base includes ADNIC, A.J.K Wealth Management Limited, Albilad Investment Company, Allica Ltd., BAC International Bank, Bahrain National Holding, Ditto, ERGO Group AG, Fiduciam Nominees Limited, Hinduja Bank, and Mercedes-Benz Bank AG, among others. 

• SEI  -  SEI is a company that provides financial services to a variety of clients including asset managers, banks, wealth management firms, financial advisors, individuals, institutional investors, and traditional asset managers. Established in 1968, SEI operates through its subsidiaries, SEI Investments Management Corporation and SEI Wealth Management. The company has a global presence with 10 offices in the USA, Canada, Hong Kong, Ireland, India, The Netherlands, South Africa, and the UK. It is publicly traded as SEI Investment Company. SEI’s business is divided into five segments: Private Banks, Investment Advisors, Institutional Investors, Investment Managers, and Investments in New Businesses. The Investments in New Businesses segment offers a wealth management platform. This portfolio mainly consists of personal wealth management, wealth management operations outsourcing, and bank and wealth management technologies. SEI places a strong emphasis on innovation, which gives it a competitive edge. Its focus on effective research and development has been key in developing new technologies and establishing a strong competitive benchmark that fosters sustainability and growth in a highly competitive market. SEI has research facilities that include technical and service facilities. The company also offers other services such as customized investment solutions for home offices and advisors, flexible outsourced business solutions, and an enterprise operating platform. 

• SS&C Technologies, Inc.  -  SS&C Technologies, Inc. is a tech firm that caters to financial service providers, offering services in alternative investments, wealth management, property management, asset management, insurance, and REIT accounting & administration. Established in 1986, it has been operating as a wholly-owned subsidiary of Sunshine Acquisition Corporation, affiliated with The Carlyle Group, since November 2005. The company runs its operations through 38 facilities across the USA and operates its business through three segments: software-enabled services, software licenses, maintenance and related services, and professional services. It provides wealth management platforms through software licenses, maintenance, and related services. The wealth management portfolio of SS&C Technologies, Inc. primarily includes portfolio management, trading & settlement, reconciliation & data collection, performance measurement & attribution, vision FI, salentica, tamale RMS, data management, risk & compliance, advent revenue center, and subaccounting. SS&C Technologies, Inc. leverages a focused acquisition strategy to gain a competitive edge and create long-term growth opportunities. It aims to capitalize on the growing trend of financial service providers outsourcing operations. The company also strives to increase profitability by delivering innovative end-to-end solutions that offer value to customers and justify premium pricing. In addition to these, the organization offers other services such as accounting, data management, employee benefits administration, reconciliation & data collection, and training solutions. 

• Temenos AG  -  Temenos AG is a company that provides banking software and other software products for various sectors such as fund management, payments management, core banking, cloud-native, and wealth management. Its software solutions cater to different industry verticals including corporate banking, retail banking, fund management, Islamic banking, wealth management, and inclusive banking. The company’s service offerings encompass expert services, service delivery groups, and cloud banking. Through these, Temenos AG provides services related to training, implementation, administration, integration, and upgrades. Temenos AG’s software solutions are offered in two packages: Temenos Infinity and Temenos T24 Transact. Temenos Infinity provides digital front office solutions for banks, while Temenos T24 Transact includes core banking solutions. To keep up with the rapidly changing IT landscape and the evolving regulatory and business environment surrounding open banking, Temenos AG invests heavily in research and development, typically allocating 20% of its revenue to these activities. The company also strengthens its software solution offerings by partnering with service and technology providers. Its technology partners include Microsoft Corporation, Amazon Web Services, Google Cloud, Oracle Corporation, IBM Corporation, MuleSoft, LLC, NuoDB, Inc., and Red Hat, Inc. Its services partners include Accenture, ABRIS, Anabatic Technologies Tbk., Aspire Systems, Banktech Software Services Ltd., Capgemini, Cognizant, DXC Technology Company, and Tech Mahindra Limited, among others. Temenos AG has a global presence, with operations in Europe, the Americas, Asia Pacific, and the Middle East & Africa. 

• Finantix -  Finantix is a company that provides solutions and services in the field of wealth management. They cater to a variety of clients, including wealth managers, bankers, insurers, and financial advisors, by offering banking, wealth management, and insurance solutions. These solutions are integrated, customizable, and accessible on various devices such as tablets, desktop browsers, and smartphones. In February 2021, a strategic merger was announced between InvestCloud, Inc., Tegra118, and Finantix, resulting in a combined entity. This new entity, operating under the name InvestCloud, Inc., will function from 20 global locations and aims to establish a Software-as-a-Service (SaaS) platform for global wealth solutions, enhancing its service capabilities for clients worldwide. The company serves various sectors, including retail, private banking, high-net-worth individuals (HNWI), and investors. To deliver its solutions globally, Finantix has established a broad network of local and international partners. This network comprises system integrators such as Accenture, Capco, PT Abhimata Persada, Capgemini, and Sistema Datapilar; product partners like IBM Corporation, SAS Institute Inc., smart KYC Ltd., and ValueScope Inc.; and technology partners including Hewlett Packard Enterprise Development LP, Oracle Corporation, IBM Corporation, and SAS Institute Inc.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Wealth Management Software Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2017 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Wealth Management Software Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.