According to Global Market Insights, Inc study., the wealth management platform market is predicted to surge from $3 billion to over $10 billion by 2032. This escalation is driven by the incorporation of artificial intelligence (AI) and blockchain technologies, widening access to credit facilities and expediting the digital investment process.
Government initiatives aimed at increasing financial inclusion and promoting equitable credit access are bolstering this growth. With the human advisory segment already holding a 60% market share, increased security concerns indicate further growth in this segment.
Meanwhile, cloud-based wealth management systems, offering cost-effectiveness, scalability, and support for remote work, are gaining popularity in the financial sector. The performance management applications of these platforms are also growing, as they aid firms in aligning employee objectives with corporate goals.
In the end-use segment, investment management firms, accounting for 25% of the market share in 2022, are expected to grow, assisted by a rise in high-net-worth individuals and small business owners. Geographically, Asia Pacific’s market is expected to witness substantial gains due to the ongoing digital transformation of financial institutions and strategic partnerships within the industry.
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