2031 Projections: Global Asset and Wealth Management Market Valued at $11.8 Billion

 

The Global Asset and Wealth Management Market (資産および資産管理市場), valued at US$ 3.5 billion in 2021, is projected to expand at a robust CAGR of 13.0% from 2022 to 2031, reaching a market value of US$ 11.8 billion by the end of the forecast period.

The asset and wealth management industry is witnessing rapid evolution, spurred by the integration of advanced technologies, regulatory changes, and shifting investor demographics. As technology plays an increasingly central role, software providers are developing innovative solutions that enhance operational efficiency, ensure regulatory compliance, and fortify cybersecurity measures. These advancements are anticipated to drive significant growth in the market, supported by the expanding scope of wealth management services, including accounting, investment management, estate planning, and retirement planning.

 

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Market Introduction: Asset management involves managing investments such as stocks, fixed-income instruments, real estate, and global investments. Wealth management, on the other hand, takes a more comprehensive approach by overseeing all financial aspects, including asset management, taxes, estate planning, and cash flow management. As a result, wealth management encompasses asset management, offering a holistic view of a client's finances. Asset and wealth management platforms are specifically designed for financial planning, monitoring, tax and legal advice, estate planning, personal retail banking services, online banking, retirement planning, and investment management.

The increasing adoption of technology in wealth management is intensifying competition between traditional and non-traditional companies, with both sectors striving to offer seamless and secure user experiences.

Technological Advancements Drive Market Growth

The integration of cutting-edge technologies such as artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), blockchain, Big Data, and data management is revolutionizing the asset and wealth management industry. These technologies provide users with seamless experiences while safeguarding against cyber threats. The adoption of these advanced technologies is not only enhancing the functionality of asset and wealth management software but also driving its widespread adoption.

Organizations, both large and small, are leveraging these technologies to automate routine tasks, increase accuracy and productivity, and democratize access to wealth management advice. For instance, research conducted by Oracle revealed that progressive companies are significantly investing in technology, allocating 16.8% of their turnover to technological advancements in 2022, with plans to increase this to 24%. These investments have resulted in tangible benefits, including an 8.6% increase in revenue, an 11.3% boost in productivity, and a 6.3% gain in market share.

The rapid pace of technological advancements is expected to continue driving demand for asset and wealth management solutions, enabling organizations to reach new clients who demand the convenience of digital solutions.

 

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Changing Investor Demographics and Their Impact on the Market

The wealth management sector is undergoing significant transformation to meet the needs of changing investor demographics. Firms are adapting by developing new engagement strategies, offering diverse advice and service models, and complying with evolving regulations. According to Accenture's research report Enabling the Evolution of Advice in Canada, organizations are responding to the expectations of millennials, a key emerging investment demographic. These younger investors are more informed, confident, and proactive in managing their finances, often favoring self-sufficiency over relying on familial support.

Additionally, the aging advisor demographic and the anticipated wealth transfer from baby boomers to their children are expected to disrupt traditional advisor-client relationships, creating opportunities for new entrants in the asset and wealth management market.

Regional Outlook

North America is expected to hold a dominant share of the global asset and wealth management market (Markt für Vermögensverwaltung und Vermögensverwaltung) by the end of 2022, driven by strong demand from financial institutions in the U.S. and Canada. The region's investment industry is increasingly embracing high-tech asset and wealth management solutions, a trend that extends beyond major firms to include smaller companies as well.

Europe is also expected to experience steady growth in the asset and wealth management market during the forecast period, supported by the rising population of high-net-worth individuals and increasing wealth in the region.

The Asia Pacific market is projected to advance at a high CAGR, fueled by the rapid expansion of the financial and banking sectors. Meanwhile, the Middle East and Africa are expected to see steady growth as western banks and wealth management companies focus on making the region a global financial hub, attracting additional investors.

Key Players in the Global Asset and Wealth Management Market

The global asset and wealth management market is consolidated, with a few large-scale vendors holding the majority of the market share. Key strategies employed by these firms include extensive research and development, product diversification, and mergers and acquisitions. Prominent players in the market include Comarch SA, Temenos, Avaloq Group AG (NEC Corporation), Profile Software, Tata Consultancy Services Limited, Salesforce, Inc., Hexaware Technologies Limited, Capgemini, Mindtree, FIS, Mphasis, and CACEIS.

These companies are profiled in the market report based on their company overview, financial performance, business strategies, product portfolio, business segments, and recent developments.

 

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