Market Overview

Global Wealth Management Software Market size was valued at USD 3.76 Billion in 2022 and is projected to grow at a CAGR of 13.8% during the forecast period 2022 to 2030.

The market is growing because more and more financial advisors are looking for tools to help them better understand their clients' needs and help them handle their money more efficiently. The fact that there are more types of wealth management tools that cover everything from accounting and money management to estate planning and retirement planning is a good sign that the market will grow. As technology gets better and more businesses use newer technologies to handle their wealth, the competition between traditional and non-traditional businesses is likely to get tougher.

Several money management companies around the world use applications powered by artificial intelligence (AI) to give their clients customized solutions. Specifically, companies are using AI and machine learning (ML) to make predictive analytics tools that can look at a lot of data about investments and predict future trends. During the forecast period, the growing number of High Net Worth Individuals (HNWIs) around the world is likely to be a key factor in getting people to buy products. HNWIs need a wide range of services, like portfolio management services, tax help, billing services, and investment management services.

Market Dynamics

Trends: Investment management companies are likely to be the ones to drive the growth of the market

Investment management is when a professional takes care of a client's money and other investments, usually by using methods and making trades within a portfolio. Because of things like digitalization and robotics, the business of managing investments has changed a lot over the years. Low yields and more volatility have put a lot of pressure on portfolio managers to use complicated strategies that put a lot of stress on their present systems. Many more companies are using swaps, but most of them are worried about how well they can handle them.

On the buying side, global laws have become more common, which makes it harder for investment managers to run their businesses and follow the rules. Because of new rules about reporting, clearing, and margin standards, firms have to change the way they do things and get rid of old methods. Investment management firms use wealth management choices for all of these reasons.

Most of the market is going to be in North America

The United States has the biggest economy in the world and has been a big market for money management tools in North America. Several trends, like the rise of Blockchain, machine learning, natural language processing, digital process automation to reduce errors, and a push toward digitalization, are helping the studied market grow in the area.

If you want to get and keep profitable retail customers in North America, you need to offer wealth management services. For example, a lot of the net income that retail banks in the region make comes from their rich mass users. Their most important business relationship is probably with a company that helps them manage their wealth. Because of this, the wealth management businesses of many companies in the area that offer a wide range of financial services grew.

Major Market Segments Covered 

On the basis of Types

Cloud-Based

With more than 56.0% of the world's income in 2022, the cloud segment was the most important part of the market. This category is projected to keep growing at the fastest CAGR, which will keep it at the top of the market during the forecast period. Cloud-based options are preferred by many businesses around the world because they are scalable, fast, and make it easy to get data. Companies find it easy to make new wealth management platforms because the cloud platform is cheap and can grow.

On-Premise

The on-premise market is likely to grow a lot over the next few years. Some businesses still prefer to put solutions on-premise because it gives them more control over all of their systems and data. With the on-premise deployment approach, companies can also have more control over how software is set up. On-premise choices make sure that business data is stored and managed in-house, but they also require businesses to hire IT staff to help with support and maintenance.

On the basis of Application

SME

Small and Medium Enterprises (SMEs) are projected to grow the most over the next few years. This market is likely to grow because small and medium-sized businesses (SMEs) need more wealth tracking software to meet regulatory requirements and keep asset monitoring costs low. The growth of small and medium-sized businesses in emerging countries is also driving the need for wealth management options.

Large Enterprise

In 2022, the large enterprises sector led the market, bringing in more than 57.0% of all income. The world market is divided into big enterprises and small and medium-sized businesses based on the size of the business. (SMEs). Large companies all over the world are trying to set up new ways to store, process, and use technology. Also, computer tools are getting more reliable, cheaper, and easier to use in a wide range of scenarios. So, big companies try to take advantage of all the opportunities that will help them grow and be successful in the long run.

Personal Use

Personal financial management (PFM) is software that helps people keep track of their money. Users of PFM can often sort transactions into different groups and see accounts from different banks in a single view. Budgets, spending trends, and net worth are just a few examples of the kinds of data that are generally shown visually in PFM.

On the basis of Advisory Mode Outlook

Human Advisory

In 2022, the most important part of the business was the human advisory mode segment. It was worth 57.0% of the whole world's money. Many HNWIs around the world still choose human advice as their first choice because they worry about their safety. Also, human advice services help clients build stronger relationships and understand plans and strategies for money management better. But things are slowly changing, and clients are starting to like the hybrid advice model more than the human guidance model.

Robo Advisory

During the time frame of the forecast, the sector with the highest CAGR is projected to be robo advisory. Most of the time, robo counselors are more accurate, quicker, and easier to use than other ways. So, the robo-advisory platform is slowly becoming a more cost-effective choice for many small users because it is easy to use, has low fees, and needs little or no money to start an account. Several things, like growing competition, changing client wants, and a fast-changing market, suggest that the robo-advisory market will have new growth opportunities.

Hybrid 

Hybrid wealth management is when a Relationship Manager (RM) "supercharges" personalized service by using digital platforms to help with important client service tasks like communication, planning, and shopping for the right financial products to help clients meet their goals.

Scope Of Report

Key Vendors

• Comarch SA
• Dorsum Ltd.
• Fidelity National Information Services, Inc.
• Finantix, Fiserv, Inc.
• Objectway S.p.A.
• Profile Software
• SEI Investments Company
• SS&C Technologies Holdings, Inc.
• Temenos Headquarters SA, and others.

• Comarch SA

Comarch is a world provider of IT business solutions that improves business and operational processes. Since 1993, when they first started, the company has grown quickly. Comarch is the biggest IT company in the world. It has over 7500 experienced IT engineers, business managers, marketing experts, and other professionals working for it. They're very proud of the fact that our software has been used in more than 40,000 companies around the world and in thousands of difficult IT projects that went well.

• Dorsum Ltd.

Since it started in 1996, Dorsum has grown into one of the most important software companies in Central and Eastern Europe. It is now going global. Their own software tool gives players in all capital markets a wide range of options. They help their clients by working with them in a unique way throughout the whole lifecycle of the goods, which includes managing expectations about functionality, time, and cost.

• Objectway S.p.A.

Luigi Marciano started Objectway as a software company in a garage in 1990. It is now a global Top-100 FinTech provider in the Banking, Wealth, and Investment Management Software Industry. Company's products work across all channels and devices to help banks, wealth management, and investment management businesses make the switch to digital. Leading wealth and investment companies all over the world, from EMEA to Canada to Central America, choose company's suites because they have won awards. In 2017, SDA Bocconi and WealthBriefing European Awards both gave Objectway awards for "Best Performance" and "Best Front Office Solutions." IDC Financial Insights has put us in the top 100 ITC Fintech Rankings since 2018. This shows that we are a star in their field.

• Profile Software

Profile Software is a solutions provider that has won awards and has offices in Europe, the Middle East, Asia, Africa, and the United States. It offers solutions that have been proven to work in the Investment Management and Banking businesses. Profile Software is a well-known and trusted partner that helps companies all over the world align their business and IT strategies using award-winning tools so they can react quickly to constantly changing market conditions. 

• SEI Investments Company 

SEI® (NASDAQ:SEIC) connects the financial services business with technology and investment solutions. SEI works with corporations, financial institutions and professionals, and ultra-high-net-worth families to solve problems, handle change, and protect assets for growth now and in the future. As of June 30, 2021, SEI manages, advises, or overseas investments worth about $1.3 trillion. 

• SS&C Technologies Holdings, Inc.

SS&C is the world's top provider of mission-critical cloud-based software and solutions for the financial and healthcare industries. SS&C (NASDAQ: SSNC), which was named to the Fortune 1000 list as a top U.S. company based on revenue, is a trusted provider to more than 18,000 financial services and healthcare companies. They have more than 24,000 workers and work in 104 cities in 40 countries. SS&C runs some of the biggest financial and health care companies in the world. It does this by using its expertise, coming up with new ideas, and providing great customer service.

Industry news

July 2022: FIS, a company that makes financial technology, says it has improved its wealth management solutions by growing and improving its self-invested personal pension (SIPP) services in the UK.

April 2022: HCL Technologies (HCL) and Avaloq, a provider of digital banking solutions, have expanded their global relationship to create a lifecycle management center for digital wealth management. Through this partnership, more banking institutions will be able to use Avaloq's cutting-edge technology.

March 2022: Souqalmal, a UAE-based fintech company, has received a strategic investment from SHUAA Capital PSC, an asset management and investment banking platform in the Middle East. The purchase will give Souqalmal growth money, which will let it carry out an ambitious plan for growth over the next 24 months.

Regional insights

Global Wealth Management Software market has been looked at in different parts of the world, such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. (MEA).

In 2021, North America was the biggest market, with more than 36.0% of the income share. The number of wealthy people in the area keeps going up. More and more of these wealthy people are signing up for advanced financial advice services. There are also major market players in North America. The rise of the North American market is also shown by the fact that the financial sector is becoming more digital in many countries. During the forecast period, Asia-Pacific is likely to become the area with the fastest growth.

Market Segmentation

The Wealth Management Software market research report is categorized based on type, applications and region.

On the basis of Types

• Cloud-Based
• On-Premise

On the basis of Application

• SME
• Large Enterprise
• Personal Use

On the basis of Advisory Mode Outlook

• Human Advisory
• Robo Advisory
• Hybrid

Global Wealth Management Software Market Regional insights

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia-Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Conclusion

The goal of the study is to figure out how big different market groups and countries have been in the past few years and to predict how big they will be in the next eight years. The goal of the report is to include both qualitative and quantitative information about the industry in each of the areas and countries studied. The report also gives thorough information about important things like driving factors and challenges that will affect how the market grows in the future. Along with a full analysis of the competitive landscape and the products offered by key players, the report will also include a list of investment opportunities in micro markets. The study report shows The growing number of Small and Medium Enterprises (SMEs) around the world and their growing desire for modern solutions based on the latest technologies, like blockchain and AI, are expected to give the SMEs sector new growth opportunities. The study gives a full account of Over the next few years, the end-use segment for trading and exchange firms is expected to grow the fastest. This is because more and more people are turning to forex and stock dealing to make more money.