Wealth Management Market Size is Projected To Reach USD 3.43 Trillion By 2030 Growing At A CAGR of 10.7%- Valuates Reports

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31 Jan, 2022, 21:30 IST

BANGALORE, India, Jan. 31, 2022 /PRNewswire/ -- Wealth Management Market is segmented By Business Model (Human Advisory, Robo Advisory, and Hybrid Advisory), Provider (FinTech Advisors, Banks, Traditional Wealth Managers, and Others), and End-user Type (Retail and High Net Worth Individuals (HNIs): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under the Finance Category.

The global wealth management market size was valued at USD 1.25 trillion in 2020 and is projected to reach USD 3.43 trillion by 2030, growing at a CAGR of 10.7% from 2021 to 2030.

Major Factors Driving The Growth Of The Wealth Management Market Are

'The global wealth management market is being driven by rapid demand for alternative investments such as private equity, commodities, hedge funds, real estate investment trusts (REITs), and intellectual property.

Furthermore, the introduction of FinTechs (financial technology), and important benefits provided by wealth management, such as assisting in the elimination of financial stress and the creation of financial plans, are contributing to wealth management market growth.

The wealth management market is in its developing phase and has high growth potential, due to the rapid adoption of Robo-advisor technology among wealth management firms, the rise in demand for operational efficiency and transparency in providing wealth management product lines, and the surge in demand for customized advisory among high net worth individuals globally.

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TRENDS INFLUENCING THE GROWTH OF THE WEALTH MANAGEMENT MARKET

As many high net worth and ultra-high net worth individuals continue to demand wealth management product lines, emerging economies such as China, India, Indonesia, Malaysia, the Philippines, Taiwan, and Thailand offer significant opportunities for companies in the wealth management market. Furthermore, wealth management firms are rapidly transitioning to digitized business operations; as a result, the adoption and implementation of technologies such as chatbots, big data analytics, IoT, and artificial intelligence (AI) have skyrocketed, opening up new opportunities for the wealth management market in the coming years.

For better customer experience, wealth managers are rapidly investing in new technology such as Robo-advisors, artificial intelligence (AI), robotic process automation, and digital identity (ID) technologies. The wealth management business has been largely challenged by FinTechs (financial technology). FinTechs are a broad category of innovative technologies used to improve and automate financial service delivery. Furthermore, Robo-advisor technology is becoming more popular among wealth management firms, as it comprises automated and algorithm-based systems that provide customers with tailored portfolio management recommendations. This trend is expected to further fuel the wealth management market growth.

However, when it comes to evaluating and selecting wealth managers in the market, transparency in pricing and competitive fees are two of the most essential criteria for customers. As a result, wealth management market development is projected to be constrained by a lack of pricing transparency and higher costs paid for wealth management services.

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WEALTH MANAGEMENT MARKET SHARE ANALYSIS

Based on the business model, the human advisory segment is expected to be the most lucrative. Human advisers serve a shifting client base in a variety of demographics and give fluidity in the approach to wealth management.

Based on region, North America is expected to dominate the wealth management market share during the forecast period. This is due to a large number of high-net-worth individuals and increased competition among banks such as UBS, Morgan Stanley, and Bank of America Corporation to provide the best possible service to its clients. However, Asia-Pacific is expected to be growth at the highest CAGR of 12.7% during 2021-2030. 

Based on the provider, the FinTech Advisors segment is expected to dominate the market with the highest CAGR of 16.8% during 2020 - 2030.

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Market  By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

By Key Market Players

  • Bank of America Corporation
  • BNP Paribas
  • Charles Schwab & Co., Inc.
  • Citigroup Inc.
  • CREDIT SUISSE GROUP AG
  • Goldman Sachs
  • JPMorgan Chase & Co.
  • Julius Baer Group
  • Morgan Stanley
  • UBS

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