Wealth Management In Market Analysis over Business Prominent Players (2021-2028)

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%.

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.

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.

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Global Wealth Management Market, Segmentation

The global wealth management market is segmented based on advisory type, service type, providers, and region.

Advisory Type:

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.  

Service Type:

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 management market shall generate a revenue of $224.92 billion by 2028, growing from $142.35 billion in 2020, with a CAGR of 7.2%.

Providers:

The providers segment is further divided into divided into banks, investment management firms, and brokerage firms. Among these, banks sub-segment is expected to be the fastest growing. It is predicted that the banks sub-segment market shall generate a revenue of $439.6 billion by 2028, growing from $251.65 billion in 2020, with a CAGR of 7.4%.

Region:

The wealth management market demand in Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $289.22 billion by 2028, with a CAGR of 8.4%.

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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Top 10 Major Key Players in the Global Wealth Management Market are -

1. Bank of America Corporation
2. BNP Paribas
3. Charles Schwab & Co., Inc.
4. Citigroup Inc.
5. CREDIT SUISSE GROUP AG
6. Goldman Sachs
7. JPMorgan Chase & Co.
8. Julius Baer Group
9. Morgan Stanley
10. UBS.

Along with the key players of the wealth management companies in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.