Publication Month: Aug 2021 | Report Code: TIPRE00022429 | No. of Pages: 172 | Category: Technology, Media and Telecommunications | Status: Published
Organizations use financial analytics tools to gain insights into key present and future trends for improving their business performance. Financial analytics services include financial data quality analysis and data layout, client analytics, predictive analytics, principal component analysis, and financial data collection. These analytics require thorough financial and other relevant data to identify patterns; based on these predictions, enterprises may make predictions regarding what their customers would buy, how long their employees' tenures might be, and so on. Thus, financial analytics services help organizations improve the profitability, cash flow, and business value. They may use the insights gained through these analytics to improve their revenues and business processes. Accenture PLC provides the newest data and analytics solutions for financial service providers, along with assisting them in deploying the same. Its services for these firms include cost analytics and enterprise performance analytics. With a prime focus in income statements, balance sheets, and cash flow statements, financial analysis is employed to evaluate economic trends, set financial policies, formulate long-term business plans, and pinpoint projects or companies for investments. Financial service providers, including investment banks, generate and store more data than any other businesses, as finance is a transaction-heavy industry. The banks used data to estimate risks for improving the overall profitability in the subsequent years. Therefore, with multiple benefits in banks and investment firms, the demand for financial analytics services increasing significantly, thus boosting 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.
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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.
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 market share.
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Based on 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 wealthtech solution market is bifurcated into cloud-based
and on-premises. In 2020, the cloud-based segment accounted for a larger market share.
|Market Size Value in||US$ 54.62 Million in 2021|
|Market Size Value by||US$ 137.44 Million by 2028|
|Growth rate||CAGR of 14.1% from 2021-2028|
|No. of Pages||172|
|No. of Tables||114|
|No. of Charts & Figures||90|
|Historical data available||Yes|
|Segments covered||Component , End User , Organization Size , and Deployment Mode Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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The players operating in the wealthtech solution market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
The List of Companies - WealthTech Solution Market