(MENAFN- GlobeNewsWire - Nasdaq) Westford,USA, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Wealth Management market size was valued at USD 3.75 billion in 2022 and is poised to grow from USD 4.27 billion in 2023 to USD 12.07 billion by 2031, growing at a CAGR of 13.9% in the forecast period (2024-2031). The demand for alternative assets such as hedge funds, commodities, private equity, REITS, and intellectual property has been increasing, and this is one of the major drivers for the global wealth management business. On the other hand, emergence of FinTechs or financial technology has hindered the wealth management business. The key benefits of wealth management include the creation of financial plans and the lessening of financial stress, and with the general acceptance of digitalized products within the industry, this tends to drive growth in the market. The market is growing due to technical breakthroughs coming out within industries and increased support for new technologies that help extend asset life.
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Pages- 157
Tables- 124
Figures- 77
Wealth Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.27 Billion |
| Estimated Value by 2031 | USD 12.07 Billion |
| Growth Rate | Poised to Grow at a CAGR of 13.9% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Business Model, Provider, End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Wealth Management and its Importance |
| Key Market Opportunities | Digital Transformation |
| Key Market Drivers | Rapid Demand for Alternative Assets |
Leveraging Experience and Reputation with Continued Dominance of Traditional Wealth Managers
Traditional wealth managers dominate the wealth management market owing to their extensive experience, established repute, and diversified offerings of services. Their customized financial solutions, ranging from investment management to estate planning, tax strategy, and retirement planning, would be targeted at high-net-worth individuals and ultra-high-net-worth people. It helps them to stick out from competitors because of their abilities to offer personalized and high-end services. Years and years of building a strong customer base, coupled with the public's trust in their brand, they work in tandem to reinforce their position within the market. Besides, traditional wealth managers are more desirable to wealthy clients in their search for specialized, professional advice since, very often, they have at their command advanced technologies and exclusive investment opportunities.
From Wealth Accumulation to Legacy Planning: Drivers Behind HNWI Growth in Wealth Management
The High-Net-Worth Individuals (HNWIs) segment is expected to grow at a significant rate during the forecast period. Rise in the focus on wealth among rich individuals, there has been an increase in the quantity of high-net-worth individuals, thereby increasing the demand for professional financial services. These individuals have very specific needs that surpass the general retail services, such as estate planning, tax optimization, and custom investment plans. In addition, HNWIs are increasingly diversifying their investments into hedge funds and private equity through specialist wealth management firms.
North America to Maintain its Dominance Due to Increase in Substantial Private Investments
North America dominated the global wealth management market due to a couple of influencing factors, including continuous technology development and involvement of clients. For instance, there is artificial intelligence, robo-advisors, and advanced data analytics. Significantly, high private investment in advanced financial products and innovative investment opportunities attract institutional and individual investors. Strong government rules and regulations in the development and protection of the wealth management industry have created an environment that is conducive to market growth. All these factors combined have placed North America at the very top of the global wealth management industry and have generated heavy revenue growth, securing leadership for itself.
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Wealth Management Market Insights
Drivers
Technological Advancements Rise in Aging Population Increase in Financial Literacy
Restraints
Regulatory Compliance Costs High Competition Economic Instability and Market Fluctuations
Key Players Operating in the Wealth Management Market
The following are the Top Wealth Management Market Companies
Bank of America Corporation Deutsche Bank Wealth Management Fidelity Wealth Management Morgan Stanley Wealth Management UBS Wealth Management J.P. Morgan Wealth Management HSBC Wealth Management Citigroup Wealth Management Barclays Wealth Management Charles Schwab & Co., Inc.
Key Questions Covered in the Global Wealth Management Market Report
What are the key drivers influencing wealth management market growth? What are the major segments covered in this report? What strategic recommendations can be given to stakeholders?
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This report provides the following insights:
Analysis of key drivers (rise in aging population and growing financial literacy), restraints (economic instability and market fluctuations) opportunities (digital transformation), and challenges (data security) influencing the growth of the wealth management market Market Penetration: Comprehensive information on the product portfolios offered by the top players in the wealth management market Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the wealth management market Market Development: Comprehensive information on lucrative emerging regions Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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