WealthTech Solution Market Insight on the Important Factors

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According to our latest market study on “WealthTech Solution Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, End User, Organization Size, and Deployment Mode,” the market is expected to grow from US$ 54.62 million in 2021 to US$ 137.44 million by 2028; it is expected to grow at a CAGR of 14.1% from 2021 to 2028.

WealthTech solutions assist ultra-high net equity and high net worth clients and are utilised for wealth planning management. WealthTech solutions assist clients in achieving their financial objectives. WealthTech solutions offer a number of benefits, including improved portfolio management, asset liquidity, cost transparency, and increased customer service. These benefits are driving the demand for WealthTech solutions. In addition, WealthTech solutions are also utilised for digitising process/outsourcing automation, retirement savings, digital customer relationship management, and comprehensive financial data analysis. Strategic planning for integrated employer stock modelling, cash flows, sophisticated tax planning, strategic estate planning, and legacy planning are all done using WealthTech products. All of these advantages contribute to the market’s expansion.

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Artificial intelligence (AI) is helping the financial industry to streamline and optimize different processes, ranging from credit decisions to quantitative trading and financial risk management. The AI solutions facilitate more accurate assessment of traditionally underserved borrowers, such as millennials, in the credit decision-making process, thereby helping banks and credit lenders in making smarter underwriting decisions. Further, the use of AI helps smoothen and automate the financing process in several banks, investment firms, and wealth management firms. aixigo AG uses AI-based WealthTech solutions for providing digital transformation, private banking, retail banking, robo advisor, and asset management services. The robo advisor software of aixigo AG uses AI as a replacement of human component at the point-of-sale during the financial investment process. Similarly, Synechron Inc. provides an AI-based solution named Neo for the financial services industry. Neo uniquely brings together Synechron’s digital, business, and technology consulting to guide financial institutions through the deployment of AI solutions to solve complex business challenges. Therefore, the growing popularity of AI-based assistance in banks, investment firms, and wealth management firms is driving the WealthTech solutions market growth.

According to latest situation report from the World Health Organization (WHO), the US, India, Spain, Austria, France, Germany, the UK, Switzerland, Turkey, Brazil, Iran, and China are among the worst affected countries due to the COVID-19 outbreak. The outbreak crisis is affecting the industries worldwide and the global economy witnessed worst hit in 2020 and it is continued in 2021 also. The outbreak has created significant disruptions in primary industries, such as food & beverage, medical, energy & power, electronics & semiconductor, petroleum, and chemicals. A sharp decline in the growth of mentioned industrial activities is impacting the growth of the global Wealthtech solution market as they are the major supply and demand sources for wealthtech solution products and solutions.

The increasing adoption of automation solutions across a variety of industries is fueling the market’s expansion. WealthTech solutions enable small consulting companies and major banks to discover new generation client demands such as tech-enabled financial solutions, automatic rebalancing, and portfolio building. WealthTech’s key players are focused on changing the sector by finding inefficiencies throughout the financial services value chain. However, WealthTech solutions are more expensive, and the market’s growth is hampered by a lack of process, resources, methodology, and money. Furthermore, a lack of financial investing expertise is one of the reasons impeding the growth of the WealthTech solutions industry.

Synechron; BlackRock, Inc.; InvestCloud, Inc.; Valuefy Solutions Private Limited; and Wealthfront Inc. are the five key market players operating in the global wealthtech solution market.  The wealthtech solution market is highly fragmented and competitive due to occurrence of huge number of small scale and medium scale manufacturers in both developed and developing economies. The top 5 market players are majorly focusing on various organic and inorganic growth strategies to survive in the wealthtech solution market. Such as, innovation of new technologies to offer enhanced product portfolios to the customers, merger and acquisitions, and expansion strategies.

Key Findings of Study:

Based on component, the wealthtech solution market is bifurcated into solution and services. In 2020, the solution segment led the market, accounting for a larger share in the market. By end user, the wealthtech solution market is segmented into banks, wealth management firms, and others. In 2020, the wealth management firms segment accounted for the largest market share. Based on organization size, the wealthtech solution market is bifurcated into large enterprises and small and medium-sized enterprises. In 2020, the large enterprises segment accounted for a larger market share. By deployment mode, the market is bifurcated into cloud-based and on-premises. In 2020, the cloud-based segment accounted for a larger market share. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global market.

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