The growing need for the management of assets such as equity, fixed income, real estate, commodities, and international investments is the key factor boosting the deployment and adoption of digital wealth management solutions across the globe. The U.S. Department of Commerce states that in 2015, U.S. asset managers held over US$51 trillion worth of long-term conventional assets under management, which amounted to slightly over 47.0% of the global funds that year.
Key growth factors for the global digital wealth management market include increasing demand for fast and convenient way to do transaction especially in transport sector (such as pharmacies, public transport, and gas stations where quick transactions are preferred) and retail sector has helped in enhancing the counter sales process thereby increasing the number of digital transactions. Significant demand for global digital wealth management is also anticipated from associated industries including, hospitality, media & entertainment and healthcare which is expected to drive the market growth.
Rapid growth in disposable income among the masses can be considered as another major factor propelling the global digital wealth management market. The growth of mobile applications in the recent past is viewed as a trend in the global digital wealth management market. The increasing amount of wealth generated and managed by organizations can be analyzed to track and scrutinize performance at all levels of the enterprise. Additionally, the ease in accessibility offered through cloud-based systems are also fuelling market growth of the global digital wealth management market. Further, the growing competition among the information and technology companies, which makes the global digital wealth management market highly competitive could be considered as some of the major restraints to the growth of the global digital wealth management market. Such challenges are obstructing the growth for the global digital wealth management market. Also, the concerns related to security, especially the threats arising due to cyber-attacks are expected to hamper the market growth in the coming years. Nevertheless, customization in multi-channel digital wealth management platforms is expected to present potential growth opportunities during the forecast period.
The global digital wealth management market can be segmented on the basis deployment, organization size, end-use vertical and geography. Based on deployment type, the market has been divided into on-premise and cloud. The cloud segment has been sub-classified into on-demand cloud and hosted cloud. The cloud segment is expected to gain traction in the near future, due to numerous benefits offered by cloud-deployed multi-channel solutions such as ease of use, ease of access, reduced physical clutter, cost savings, and reliability. In terms of organization size, the global digital wealth management market has been categorized into small & medium enterprise (SME) and large enterprise. On the basis of end-use industry, the global digital wealth management market has been segmented into IT and Telecom, BFSI, retail, manufacturing, healthcare, and others.
The global digital wealth management market is segmented on the basis of regions into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America has the largest number of digital wealth management vendors. North America is closely followed by Europe in terms of prominent digital wealth management vendors. This trend can be attributed to the increasing focus on innovations obtained from research and development and security technologies in the developed countries. Furthermore, the Asia-Pacific region is expected to emerge as the fastest growing market in the years from 2018-2026. Growing economies in the Asia Pacific region such as India, China and Japan are investing heavily in digital wealth management. This is in-turn supporting the growth of digital wealth management market in the region while further increasing the degree of competition among the digital wealth management vendors.
The major vendors that offer digital wealth management market solutions and services across the globe include Hewlett Packard Enterprise Development LP, FundCount, SoftTarget Inc., SimCorp Inc, QED Financial System, eFront Financial Solutions, Broadridge Investment Management Solutions, ProTrak International, SunGard Financials and CreditPoint Software.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.