Banking and wealth management companies are growing in numerous ways, and is driven by a combination of technological advancements, changing consumer behaviors, and market trends. This growth is due to digital transformation and personalization. Banks and wealth management firms are extensively using technology to enhance their services and meet the needs of digitally-savvy consumers. This is inclusive of the use of mobile banking apps, online investment platforms, and robo-advisors to provide more accessible and convenient services. On the other hand, the consumers are seeking more personalized services, and banking and wealth management firms are responding by using data analytics, AI, and machine learning to provide tailored recommendations and investment strategies. This is where technology is proving a great help.
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The future of wealthtech companies is looking utterly bright as the industry continues to grow and evolve. This will be due to couple of factors like continued growth, increased personalization and expansion of services. While the wealthtech sector will constantly grow as investors are turning towards digital platforms for their financial services. The wealthtech companies are likely to continue to focus on personalization, using data analytics and AI to offer tailored investment strategies and recommendations, and this will enable investors to achieve their financial goals with more precision and accuracy. On the other hand, the wealthtech companies are expected to expand their services beyond investment management to include other areas like financial planning, tax advice, and estate planning. The global wealthtech market is constantly growing due to various reasons.
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Global WealthTech Market Report Highlights
- In terms of revenue, the global wealthtech market was worth US$ 8.2 Bn in 2022, anticipated to grow at a CAGR of 17% over the forecast period (2023 – 2031).
- On the basis of the application, the global wealthtech market is segmented into investment advisory, portfolio analysis and monitoring, portfolio management, risk management and others. At a rapid rate, people are understanding the power of stock market and this is why technology is proving a game changer for wealth management companies. This is the reason; portfolio management segment will account for most of the money made by this market in near future.
- The region of Asia Pacific is expected to mint enormous amount of money for the global wealthtech market at a superb speed over the forecast period 2021-2031. Rising awareness among people in developing countries like India about investment and growth in the level of disposable income will facilitate the growth of the market.
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Key Participants: Global Wealthtech Market:
- 3rd-eyes analytics
- Aixigo AG
- BlackRock Inc.
- BME inntech
- InvestCloud Inc.
- Wealthfront Corporation
- WealthTechs Inc.
- Other Market Participants
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Global WealthTech Market Segmentation
Absolute Markets Insights has segmented into the global wealthtech market on the basis of component, application, end user industry and region further into countries.
Global Wealthtech Market Component Outlook (Revenue, USD Million, 2015 – 2031)
- Project Implementation
- Software Operation
Global Wealthtech Market Application Outlook (Revenue, USD Million, 2015 – 2031)
- Investment Advisory
- Portfolio Analysis and Monitoring
- Portfolio Management
- Risk Management
Global Wealthtech Market End User Outlook (Revenue, USD Million, 2015 – 2031)
- Online Brokers
- Retail Banks
- Private Banks and Wealth Managers
- Independent Financial Advisors
- Asset Managers
- Challenger Banks
- Pension Funds and Insurance Companies
Global Wealthtech Market Regional Outlook (Revenue, USD Million, 2015 – 2031)
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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