Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Wealth Management Software Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”

LOS ANGELES, April 05, 2021 (GLOBE NEWSWIRE) -- The Global Wealth Management Software Market is expected to grow at a CAGR of around 13.5% from 2020 to 2027 and reach the market value of over US$ 6,724.5 Mn by 2027.

North America has a substantial market share in the wealth management software market. This is due to an increase in the number of High Net worth Individuals (HNWIs) in the region. These HNWIs are increasingly utilizing advanced financial advisory services. Furthermore, the presence of prominent players in this region is expected to provide lucrative opportunities for the growth of the wealth management software market. Asia Pacific, on the other hand, is expected to have the fastest growing CAGR during the forecast period. The rising number of small and medium-sized businesses in emerging economies such as India and China is expected to drive growth in the wealth management software market.  

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Market Dynamics

One of the key factors driving the global wealth management software market is the reduction of operational costs and the improvement of customer service. Wealth management software reduces costs by incorporating the use of robo advisors. The use of robo advisors eliminates the need for human intervention in the process. Furthermore, users receive correct advice and a better experience from financial firms while saving money on operational costs. Such factors contribute to the expansion of the global wealth management software market. AI and block chain technological advancements are propelling the growth of the global wealth management software market. By incorporating an AI system, it assists customers in tracking their expenses by providing assistance. The AI and block chain track the customer's records and spending patterns and make predictions based on them. Based on these forecasts, the system generates advice and assists the customer in managing their expenses and wealth.

Some of the leading competitors are SS&C Technologies, Inc., Fiserv, Inc., Fidelity National Information Services, Profile Software, Broadridge Financial Solutions, InvestEdge, Inc., Temenos AG, Finantix, SEI Investments Company, Comarch, ObjectWay SpA, Dorsum, and among others.

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Some of the key observations regarding the wealth management software market include:

  • In November 2020, SS&C Technologies, Inc., announced new range of product solutions namely, "Advent Portfolio Exchange®, Advent Genesis®, Geneva®, Moxy®, and related platforms". Advent Outsourcing Services (AOS) offer client greater visibility and transparency into operational workflows, such as portfolio and market data management. Advent Portfolio Exchange offers several new features in this cycle, including expanded search and favorite capabilities, so users can quickly find information. Advent Genesis a new overlay portfolio management workflow for firms to manage diversified, multi-strategy portfolios and households while seamlessly integrating to the rest of the Advent Investment suite of solutions for the beginning of day information and trading workflows. Geneva®, the intelligent data delivery solution that eliminates batch processing and automates event-driven updates with its real-time SmartSync capabilities.

  • In October 2020, InvestEdge, Inc, announced a collaboration with Featheringill Capital. The collaboration will provide InvestEdge to better serve the customer with enhanced products and support. Featheringill's backing solidifies InvestEdge's financial position and will provide access to capital for continued investment in the company's products.

  • In March 2021, Comarch announced a partnership with Polish Factors Association. The collaboration aims to promulgate the entrepreneurs to spread the awareness and the association conducts a broad dialogue for the development of the sector in Poland.

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Segmental Analysis

The global wealth management software market is segmented as advisory model, business function, deployment model, size of organization, and end-user. By advisory model, the market is segmented as human advisory, robot advisory, and hybrid. By business function, the market is segmented as financial advice management, portfolio, accounting, and trading management, performance management, risk and compliance management, reporting, and others (billing and benchmarking). By deployment model, the market is bifurcated into cloud and on-premise. By size of organization, the market is classified into large enterprises and SMEs. End-user, the market is segmented as banks, investment management firms, trading and exchange firms, brokerage firms, and others (asset management firms, and custody and compliance providers)

In terms of the deployment model, the cloud segment will dominate the global wealth management software market in the coming years. The rapid adoption of cloud solutions in the wealth management platform market can be attributed to the benefits associated with cloud solutions allied with on-premise solutions, which include agility, scalability, reduced operational costs, flexible payment options, easy access to data, and self-service capabilities.

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