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Wealth Management market 2022 - Opportunities And Strategies – Global Forecast To 2030
The Business Research Company's Wealth Management Market 2022 - Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, June 20, 2022 /EINPresswire.com / -- Wealth management firms are integrating artificial intelligence, machine learning and data analytics applications to provide hybrid services. Artificial Intelligence refer to intelligent machines that work and react like humans. AI helps to deliver insights to complex client questions in real time through its virtual conversational interface between business and clients. According to the wealth management market research, AI enabled applications such as natural language generation (NLG) is closing the gap between data analysis and investment decisions providing real-time insights in automated trading strategies. Companies such as Wells Fargo and Bank of America have already deployed AI services to better serve clients. Wells Fargo has initiated an AI-driven application on Facebook Messenger to personally address their customer queries. Further, a market leader in wealth management, Morgan Stanley has the most extraordinary AI intergenerational advisory infrastructure. Likewise, according to the survey in 2020, by Accenture, 80% of the wealth management firms are either deploying client or advisor facing AI powered technology. The survey also reports that by 2024, three-quarters of the firms will shift from directing to operationalizing AI.
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The wealth management market size is expected to grow from $475.80 billion in 2020 to $730.70 billion in 2025 at a rate of 9.0%. The wealth management market share is then expected to grow at a CAGR of 8.8% from 2025 and reach $1,116.10 billion in 2030.
Increasing retiree population is expected to drive the wealth management market going forward. People are increasingly seeking wealth management services that aid them in generating sufficient retirement income. According to the wealth management industry report, increasing life expectancies coupled with rising medical costs are encouraging people to seek investment advisory to better manage their wealth. The growing pool of retirees is expected to propel the wealth management market in the forecast period.
Major players covered in the global wealth management industry are Morgan Stanley, Bank of America Corporation, UBS Group AG, Wells Fargo & Company, JPMorgan Chase & Co.
TBRC's wealth management market segmentation is divided by type of asset class into equity, fixed income, alternative assets and others, by advisory mode into human advisory, robo advisory, hybrid, by type of wealth manager into private banks, investment managers, full-service wealth managers, stockbrokers, others, by enterprise size into large enterprises, medium and small enterprises, by type of client into pension funds, insurance companies, sovereign wealth fund (SWF), high-net worth individual (HNWI), mass affluent market, by service element into life insurance, property & casualty insurance, health & medical insurance.
Wealth Management Market 2022 - By Type Of Asset Class (Equity, Fixed Income, Alternative Assets And Others), By Advisory Mode (Human Advisory, Robo Advisory, Hybrid), By Type Of Wealth Manager (Private Banks, Investment Managers, Full-Service Wealth Managers , Stockbrokers), By Enterprise Size (Large Enterprises, Medium And Small Enterprises), By Type Of Client (Pension Funds, Insurance Companies, Sovereign Wealth Fund (SWF), High-Net Worth Individual (HNWI), Mass Affluent Market), By Service Element (Life Insurance, Property & Casualty Insurance, Health & Medical Insurance), And By Region, Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides a wealth management market overview, forecast wealth management global market size and growth for the whole market, wealth management market segments, geographies, wealth management global market trends, wealth management market drivers, restraints, leading competitors' revenues, profiles, and market shares.
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