WealthTech Solutions Market - Introduction
- WealthTech solutions are solutions used for wealth planning management and they support ultra-high net equity and high net worth consumers. WealthTech solutions help clients achieve their financial goals successfully. WealthTech solutions provide various advantages such as more efficient portfolio management, improved liquidity of assets, cost transparency, and enhanced customer service. These advantages drive the WealthTech solutions market.
- WealthTech solutions are used for digitizing process/outsourcing automation, retirement savings, digitized management of customer relationships, and comprehensive analysis of financial data. WealthTech solutions are used for strategic planning for integrated employer stock modeling, cash flows, complicated tax planning, strategic estate planning, and legacy planning. All these benefits tend to fuel the growth of the market.
Key Drivers of the WealthTech Solutions Market
- Rising implementation of automation solutions in various verticals is a factor that drives the growth of the market. WealthTech solutions allow businesses to identify new generation customer needs for small consulting firms and large banks, such as tech-enabled financial solutions, automated rebalancing, and portfolio creation. Key players in WealthTech concentrate on transforming the industry by identifying inefficiencies in the entire value chain of financial services.
- WealthTech solutions are more expensive, and lack of process, resources, methodology, and capital negatively impacts the growth of the market. In addition, lack of knowledge of financial investment are some factors that hamper the growth of the WealthTech solutions market.
Impact of COVID-19 on the Global WealthTech Solutions Market
The pandemic situation brings hardship for businesses, consumers, and communities across the globe. WealthTech solutions help in meeting rising demand for accountability during the COVID-19 crisis. WealthTech solutions helps to meet growing demands for fairness and transparency that, post COVID-19 crisis, will certainly increase as people requires a better advisor that help them to manage their commercial and financial affairs. In order to meet the challenge of remote working and the stress of fast-declining margins will provide growth opportunity to the market.
North America Accounts for Dominant Share of the WealthTech Solutions Market
- North America holds a prominent share of the wealthtech solutions due to the growing expansion of industries in the region, which is expected to drive the demand during the forecasted period. Moreover, implementation of technologies in banks is another factor likely to increase demand for wealthtech solutions. These solutions are capable of providing real time data that help businesses make better investment decisions, which further helps improve the efficiency of management along with operational agility.
- The Asia Pacific wealthtech solutions is expected to expand at the highest CAGR during the forecast period. Rising internet penetration in developing economies increases digitalization in the financial sector. WealthTech solutions provide relevant information along with regulatory requirements. Investors and investment managers are looking for digital communication platforms that can ensure quick access to the investment portfolio.
Key Players Operating in the Global WealthTech Solutions Market
Companies operating in the wealthtech solutions market are increasingly investing in research and development to develop new and innovative techniques to provide social CRM solutions. The wealthtech solutions market is highly fragmented with the presence of numerous manufacturers in both developed and developing regions. Key players operating in the global wealthtech solutions market include:
- Aixigo AG
- BlackRock, Inc.
- Wealthfront Corporation
Global WealthTech Solutions Market: Research Scope
Global WealthTech Solutions Market, by Component
- Managed Services
- Consulting Services
- Implementation Services
Global WealthTech Solutions Market, by Deployment Mode
Global WealthTech Solutions Market, by Organization Size
- Large Enterprises
- Small & Medium-sized Enterprises
Global WealthTech Solutions Market, by End-user
- Investment Firms
- Wealth Management Firms
Global WealthTech Solutions Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Accounting Management
- Financial Management 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.
2. Insights and Tools
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.
3. Actionable Results
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.