The global wealth management software market size is expected to reach USD 5.80 billion by 2025, registering a CAGR of 15.3% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Growing need for digital tools that can automate the wealth management process is expected to drive the global market over the forecast period. Banks, trading houses, brokerage firms, forex traders, and asset management firms are some of the major end users of wealth management software. Apart from being cost-effective, these platforms can benefit end users by helping in wealth management and workflow automation. These platforms can also enhance digital engagement by providing omnichannel access and an open architecture, which can integrate seamlessly across various wealth management applications.
Such benefits bode well for the market growth. Wealth management software can also serve as advisory tools that ensure compliance with local and international regulatory requirements, help in tracking the market, and capture the investment opportunities for the users. Such capabilities are expected to drive their demand further. A wealth management software can typically provide the infrastructure necessary to support all the processes and operations asset managers have to undertake. Moreover, advances in technology are allowing financial advisors to introduce chatbots, intuitive client portals, biometrics, and enhanced mobile apps as part of the efforts to improve the customer experience as well as to attract new clients.
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Further key findings from the study suggest:
Robo advisory mode is anticipated to record the highest CAGR of 16.0% from 2019 to 2025 as it is cost-effective and can potentially help investors by providing information on assets in real time
The cloud segment is expected to emerge as the largest segment over the forecast period as cloud-based deployment helps in minimizing the operational costs and ensures easy access to the data
The financial advice and management segment is anticipated to expand at the highest CAGR of 16.0% from 2019 to 2025 due to growing demand for tools to manage finances
The trading and exchange firms segment is anticipated to reach USD 1.01 billion by 2025 as individuals are increasingly investing in equity and forex to augment their financial gains
North America is expected to be the dominant market over the forecast period and is anticipated to reach USD 2.09 billion by 2025 as advisory firms in the region are increasingly adopting wealth management software
Some of the key industry participants include Fiserv, Inc.; Temenos Headquarters SA; Fidelity National Information Services, Inc.; Profile Software; SS&C Technologies Holdings, Inc.; SEI Investments Company; Finantix, Comarch SA; Objectway S.p.A.; and Dorsum Ltd.
Grand View Research has segmented the global wealth management software market on the basis of advisory mode, deployment, application, end use, and region:
Wealth Management Software Advisory Mode Outlook (Revenue, USD Billion, 2014 - 2025)
Wealth Management Software Deployment Outlook (Revenue, USD Billion, 2014 - 2025)
Wealth Management Software Application Outlook (Revenue, USD Billion, 2014 - 2025)
Financial Advice & Management
Portfolio, Accounting, & Trading Management
Risk & Compliance Management
Wealth Management Software Enterprise Size Outlook (Revenue, USD Billion, 2014 - 2025)
Small & Medium Enterprises (SMEs)
Wealth Management Software End Use Outlook (Revenue, USD Billion, 2014 - 2025)
Investment Management Firms
Trading & Exchange Firms
Wealth Management Software Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Middle East & Africa
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