The wealthtech solution market is expected to grow from US$ 54.62 million in 2021 to US$ 137.44 million by 2028; it is estimated to grow at a CAGR of 14.1% during 2021–2028.
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.
Impact of COVID-19 Pandemic on WealthTech Solution Market
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.
Lucrative Regions for WealthTech Solution Providers
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WealthTech Solution Market Insights
Growing Use of Artificial Intelligence in Different Verticals
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.
Component-Based Market Insights
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.
WealthTech Solution Market, by Component, 2020 and 2028 (%)
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End User-Based Market Insights
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.
Organization Size-Based Market Insights
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.
Deployment Mode-Based Market Insights
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.
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WealthTech Solution Market: Strategic Insights
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 Forecast Period 2021-2028 Base Year 2021
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
WealthTech Solution Market: Strategic Insights
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 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
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Speak to AnalystThe 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:
- In March 2021, FinMason was selected by Informa Financial Intelligence’s Zephyr business, an analytics and visualization leader in the advisor space, to deliver ESG data from OWL Analytics via the FinRiver API to their Zephyr platform. This will combine FinMason’s API delivery system and OWL’s ESG Ratings for streamlined and accelerated deployment of holistic sustainable investing data across Portfolio Analytics & Performance.
- In April 2021, BNP Paribas Wealth Management—Private Banking and aixigo jointly developed a solution that combines investment advisory and discretionary portfolio management. The new portfolio management system is a scalable advisory solution for all wealth management and affluent clients, which is expected to provide a strategic advantage to the company.
The global Wealthtech solution market has been segmented as mentioned below:
By Component
- Solution
- Services
By End User
- Banks
- Wealth Management Firms
- Others
By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
By Deployment Mode
- Cloud-Based
- On-Premises
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- FinMason, Inc.
- aixigo AG
- InvestCloud, Inc.
- WealthTechs Inc.
- Valuefy Solutions Private Limited
- 3rd-eyes analytics AG
- BlackRock, Inc.
- Synechron
- Wealthfront Inc.
- InvestSuite
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment 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
Argentina, Australia, Austria, BeNeLux, Brazil, Canada, China, France, Germany, India, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Switzerland, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Surge in demand for financial analytics services and growing use of artificial intelligence in different verticals are driving the growth of the wealthtech solution market. These factors are propelling the adoption of wealthtech solution in various industries.
The market opportunity lies in developing countries. Developing countries have become a hub of opportunity for various markets, including wealthtech solution market. Thus, the increasing number of banks are presenting significant potential for the future growth of the wealthtech solution market players.
The global wealthtech solution market was dominated by the solution segment with market share of 66.6% in 2020.
In 2020, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. North America is a prospective market for wealthtech solution manufacturers.
The major companies in wealthtech solution includes Synechron; BlackRock, Inc.; InvestCloud, Inc.; Valuefy Solutions Private Limited; and Wealthfront Inc.
The major end users in wealthtech solution market includes banks, wealth management firms, and others. The wealth management firms segment led the wealthtech solution market globally with a market share of 43.0% in the year 2020 and is expected to continue its dominance during the forecast period.
The List of Companies - WealthTech Solution Market
- FinMason, Inc.
- aixigo AG
- InvestCloud, Inc.
- WealthTechs Inc.
- Valuefy Solutions Private Limited
- 3rd-eyes analytics AG
- BlackRock, Inc.
- Synechron
- Wealthfront Inc.
- InvestSuite
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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