Wealth Management Market Size, Share, Growth, Analysis, Developments, Trends, and Forecast By 2028
The global wealth management market size is estimated to be valued at $850.90 billion by 2028, surging from $498.70 billion in 2020, at a CAGR of 7.1%.
COVID-19 Impact on the Wealth Management Market
During the COVID-19 pandemic, the global wealth management market trends is projected to be negatively impacted. Both investors and wealth management organizations suffered losses as a result of the coronavirus pandemic, and investors' existing assets were affected. Larger organizations have also relied on technology methods of communication with customers, such as artificial intelligence (AI) or social media, offering a threat to wealth management firms. Demand for wealth management products has decreased as a result of the global health crisis.
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Global Wealth Management Market Analysis
The growth is likely to be fueled by an increase in the number of high net worth individuals (HNWIs) around the world. HNWIs have cultivated a tight working connection with investment banks and independent financial advisors in order to understand their company goals and build investment strategies. HNWIs participate in financial markets to maximize their profits. Traditional wealth management of an ever-increasing number of individuals is a difficult and hazardous responsibility for financial institutions. As a result, demand for tools or systems to automate wealth management procedures is steadily increasing.
Inadequate technological skills among business professionals, on the other hand, is expected to be a challenge. In addition, a lack of understanding among businesses about the benefits of wealth management software is projected to stymie industry growth.
To make their commercial responsibilities easier, many companies are turning their focus to digital platforms. The wealth management system enables organizations to keep track of transaction accounts and manage wealth more effectively. Over the projected period, technological advancements in the fields of blockchain and artificial intelligence (AI) are likely to drive market expansion. The AI system keeps track of the customer's spending and gives them appropriate advice. The blockchain and AI track the customer's cost and record trend and create estimates based on that information. The system generates advise and provides support to the consumer based on these estimates, allowing them to successfully manage their expenses.
Global Wealth Management Market, Segmentation
The global wealth management market is segmented based on advisory type, service type, providers, and region.
The advisory type sub-segment is further classified into human advisory, robo advisory, and hybrid advisory of which the human advisory type sub-segment is projected to generate the maximum revenue during the forecast period. The human advisory sub-segment is predicted to have a dominating market share in the global market and register a revenue of $516.67 billion during the forecast period.
A financial advisor can help because it is not always possible to monitor and assess investment performance. To ensure that investments are aligned with financial goals, portfolio monitoring is essential on a regular basis. Human advisors offer a number of benefits, including emotional sensitivity, flexibility, accountability, and the ability to deliver personalized services.
The service type segment is further classified into asset management, financial planning, tax planning, estate planning, and others sub-segments of which the asset management sub-segment is projected to generate highest revenue during the forecast period. It is predicted that the asset...
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