USD 3.75 billion
Global Wealth Management Market Size, Share, Growth Analysis, By Business Model(Human Advisory, Robo Advisory (Direct Plan-Based/Goal-Based), By Provider(FinTech Advisors, Banks), By Services(Asset Management, Portfolio Management), By End User(Insurance Companies, Pension Funds) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2090 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
124 |
Figures:
77
Global Wealth Management Market Insights
Wealth Management Market size was valued at USD 3.75 billion in 2019 and is poised to grow from USD 4.27 billion in 2023 to USD 12.07 billion by 2031, growing at a CAGR of 13.9% in the forecast period (2024-2031).
The primary factors driving the global wealth management market include rapid demand for alternative assets such private equity, commodities, hedge funds, real estate investment trusts (REITS), and intellectual property. In addition, the emergence of FinTechs (financial technology) has severely impacted the wealth management industry. Major advantages offered by wealth management, such as assisting in reducing financial stress and developing financial plans, as well as the widespread adoption of digitalized offerings, are enhancing market growth. But the lack of pricing transparency, higher fees, and strict government laws and regulations for wealth management firms are some of the factors that limit the market.
As a result of the growing demand for wealth management product lines from high net worth and ultra-high net worth individuals, particularly in emerging economies like China, India, Indonesia, Malaysia, the Philippines, Taiwan, and Thailand, wealth management companies, on the other hand, have a lot of room to grow in these markets. In addition, wealth management companies are moving quickly towards digitalizing their business processes. As a result, the adoption and implementation of technologies like chatbots, big data analytics, the Internet of Things (IoT), and artificial intelligence (Al) have increased significantly. These advancements are expected to generate new market opportunities in the coming years.
US Wealth Management Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Robo Advisory
Fastest Growth
Robo Advisory
Growth Rate
13.9% CAGR
Global Wealth Management Market ($ Bn)
Country Share for North America Region (%)
Global Wealth Management Market By Business Model ($ Bn)
Global Wealth Management Market By Business Model (%)
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Global Wealth Management Market Segmental Analysis
Global Wealth Management market is segmented on the basis of Business Model, Provider, Services, End User, and region. By Business Model, the Wealth Management Market is segmented into Human Advisory, Robo Advisory (Direct Plan-Based/Goal-Based, Comprehensive Wealth Advisory), and Hybrid Advisory. By Provider, the Wealth Management Market is segmented into FinTech Advisors, Banks, Traditional Wealth Managers, and Others. By Services, the Wealth Management Market is segmented into Asset Management, Portfolio Management, Investment Advisory, Funds, Trusts, and Other Financial Vehicles. By End User, the Wealth Management Market is segmented into Insurance Companies, Pension Funds, Sovereign Wealth Funds, Retail, High Net Worth Individuals (HNIs). The Wealth Management Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America by region.
Wealth Management Market Analysis by Business Model
The Robo advisory segment is anticipated to have the highest revenue share among Business Models during the forecast period due to its growing appeal and benefits. Since it uses automated and algorithm-based systems to give customers personalized portfolio management advice, Robo-advisor technology is becoming increasingly popular among wealth management firms.
Wealth Management Market Analysis by Services
The asset management segment is anticipated to outperform all other segments in terms of revenue generation over the projected period, based on services. The expanding use of operational and strategic plans by government organizations, the popularity of Systematic Investment Plans (SIPs), and investor education are the main drivers of the segment growth.
Global Wealth Management Market By Business Model, 2023 (%)
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Global Wealth Management Market Regional Insights
In terms of regional markets, North America dominated the global market in 2021. Revenue growth in the North American market is principally attributable to ongoing technological developments in wealth management, significant private investments in the creation of new investment opportunities, and strong government policies that are supportive of wealth management.
Due to the increasing use of big data solutions and the development of AI applications, the wealth management market in Europe is expected to have strong revenue growth over the forecast period.
The wealth management market in Asia Pacific is anticipated to grow at the quickest CAGR over the anticipated period. The key drivers influencing the growth of the APAC market are rapid urbanization, a notable increase in wealth management, particularly in developing nations like India, China, Malaysia, and Indonesia, and rising government investments in cyber security technology to improve client acquisition.
Global Wealth Management Market By Region, 2024-2031
- Largest
- Fastest
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Global Wealth Management Market Dynamics
Wealth Management Market Drivers
Rising Government Measures on Data Protection
- Rapid urbanization and cross-border trade have a significant impact on the growth of the global wealth management market in terms of revenues. Additionally, it is anticipated that government measures on data protection, transparent pricing tactics, and improved portfolio management capabilities will all have a positive impact on market revenue growth. These components offer real-time insights and assist in portfolio data analysis, especially in automated trading strategies.
Growing Demand for Cloud-Based Asset Management and Adoption of Cutting-Edge Technologies
- The key drivers influencing the growth of the market are the proliferation of IoT devices across almost all industry verticals, the incorporation of drone and AI-based asset management, and the increased demand for cloud-based solutions. Additionally, the market is expanding as a result of the rising acceptance of advanced technologies for asset lifespan extension, the appearance of disruptive digital technologies across industry verticals, and technological advancements.
Wealth Management Market Restraints
Growing Cyber Risks
- The growth of the global wealth management market is significantly constrained by a number of adverse aspects. Poor pricing transparency tactics and fiercer charge competition among private companies are predicted to considerably slow market expansion. Cyber risks also include a range of issues that can result in the loss of data and extremely private client information, restricting market growth.
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Global Wealth Management Market Competitive Landscape
The wealth management market's competitive landscape includes information about each competitor. Information is provided about a company's overview, finances, revenue, market potential, investments in R&D, new market initiatives, global presence, production facilities and sites, production capacities, company strengths and weaknesses, product launches, product breadth and depth, and application dominance, among other things. Only the companies' market focus on asset and wealth management is covered in the information above.
Wealth Management Market Top Player’s Company Profiles
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Barclays Wealth Management
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BlackRock Wealth Management
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Credit Suisse Wealth Management
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Deutsche Bank Wealth Management
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Fidelity Wealth Management
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Goldman Sachs Wealth Management
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HSBC Wealth Management
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J.P. Morgan Wealth Management
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Julius Baer Wealth Management
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Merrill Lynch Wealth Management
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Morgan Stanley Wealth Management
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Northern Trust Wealth Management
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Pictet Wealth Management
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UBS Wealth Management
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Vanguard Wealth Management
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Wells Fargo Wealth Management
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Zurich Wealth Management
Wealth Management Market Recent Developments
- In July 2022, A financial technology company named FIS announced that by upgrading and expanding its self-invested personal pension (SIPP) operations in the UK, it has improved its wealth management solutions.
- In April 2022, in order to create a lifecycle management center for digital wealth management, HCL Technologies (HCL) and Avaloq, a provider of digital banking solutions, have expanded their global relationship. More financial institutions will be able to benefit from Avaloq's cutting-edge technologies thanks to this relationship.
Global Wealth Management Key Market Trends
- Investment management is the professional handling of clients' financial assets and other investments, typically through the use of strategies and the execution of trades within a portfolio. Due to numerous advancements, including digitalization and automation, the investment management business has seen tremendous transformation over time. Low yields and rising volatility have compelled portfolio managers to use complex strategies that are taxing their infrastructure. Although the use of derivatives has significantly increased, most businesses are concerned about their capacity to manage them. The government's focus on investor education and technological advancements (chatbots, the Internet of Things, artificial intelligence) in terms of data mining for client information, client engagement, and transparency in wealth management transactions are some factors expected to continue to open up lucrative business opportunities for market leaders and new entrants. For investors and customers, increasing their investment allocation is made simpler by having access to low-cost, cutting-edge software for operational efficiency.
Global Wealth Management Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to global wealth management market analysis, dependable wealth management solutions support a wide range of digital channels, including browsers, tablets, and smartphones. By enabling cross-channel interactions, this assistance helps financial institutions operate more effectively by lowering friction between their clients and financial advisors. Additionally, as businesses struggle with shrinking margins, the fees associated with trading and investment management are reaching nil. This has necessitated the need to automate procedures and locate other areas of savings. The opportunity for wealth management to use technology to expand its market reach is growing. In the market, locating and keeping employees to add a personal touch is a big cost driver.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.75 billion |
| Market size value in 2031 | USD 12.07 billion |
| Growth Rate | 13.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Wealth Management Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Wealth Management Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Wealth Management Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Wealth Management Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Wealth Management Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Wealth Management Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Wealth Management Market Report Snapshots
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