New York, USA, Nov. 08, 2022 (GLOBE NEWSWIRE) — Research Dive has released a new report on the global wealth management market. According to the report, the market is expected to raise $850.90 billion by 2028increasing to one CAGR of 7.1% from 2021 to 2028. This comprehensive report provides a comprehensive overview of the current and future status of the global market stating its key features including growth drivers, growth opportunities, limitations, and developments during the forecast period. The report also offers all the required and vital market statistics to help new players get an insight into the state of the global market.
Impact of the COVID-19 pandemic on the wealth management market
The outbreak of the COVID-19 pandemic in 2020 negatively impacted the growth of the global wealth management market. During the pandemic, the global economy has been severely shaken, which has hampered the demand for wealth management services and products. Moreover, companies with a huge customer base have implemented several advanced technologies such as artificial intelligence (AI) or social media, to connect with their customers. This has significantly hampered the growth of wealth management companies amid the pandemic.
Factors Influencing Wealth Management Market Growth
The key factor driving the growth of the global virtualization security market is a significant increase in technological improvements in wealth management products and services. Furthermore, the growing interest of wealth management service providers in hybrid advice is expected to open up rewarding opportunities for market growth over the forecast period. However, lack of transparency in pricing as well as strong competition in fees of wealth management products and services are likely to restrain the growth of the market.
The report segments the global wealth management market into advisory types, services, vendors, and regions.
The human consulting sub-segment is set to grab a dominating share of market growth
The human consulting sub-segment of the consulting-like segment is expected to grab a prominent market share and reach $516.67 billion during the forecast period. This is mainly due to the growing demand for human advisors, they offer many advantages such as accountability, emotional sensitivity, flexibility and the ability to provide personalized services.
Asset Management The sub-segment will grow rapidly
The asset management sub-segment of the service segment is expected to grow exponentially and surpass $224.92 billion during the forecast period. This is mainly due to the increasing investments of asset management companies in advanced and state-of-the-art solutions to streamline and update their operational processes in an efficient manner.
The banking sub-segment will experience accelerated growth
The banking sub-segment of the vendor segment is estimated to grow rapidly and reach $439.6 billion during the forecast period. This is mainly due to the key role played by banks in managing several properties and estates of people.
Asia Pacific Region to observe significant growth
The report examines the global wealth management market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia-Pacific market is expected to dominate the global market by surpassing USD 289.22 billion during the projected period. The growth of the regional market is mainly due to the increasing adoption of digital technologies and platforms by many businesses in the region.
Triangulate Wealth Management Market Report Data As Per Your Needs & Availability 10% Off
Key Wealth Management Market Players
The report indicates some of the key players operating in the global Wealth Management market including
- JPMorgan Chase & Co.
- Charles Schwab & Co., Inc.
- Citigroup Inc.
- BNP Paribas
- Morgan Stanley
- CREDIT SUISSE GROUP AG
- Goldman Sachs
- Julius Baer Group
- Bank of America Corporation, and others.
The report also offers several cutting-edge tactics and approaches such as key strategic moves and developments, product/service mix, business performance, Porter’s Five Forces analysis, and SWOT analysis of key players operating in the global industry. – Inquire here for access to the Key Business Development Strategy Report
For instance, in June 2021, True Beaconan India-based financial services company, has launched a wealth management service to cater to the growing number of ultra-high net worth individuals (UHNW).
Learn more about the wealth management market: