Global Wealth Management Market Research Report 2023: Key Companies are Focus on Big Data Analytics Capabilities to Generate Insights to Enhance and Refine Service Offerings
Global Wealth Management Market
Dublin, May 09, 2023 (GLOBE NEWSWIRE) -- The "Wealth Management Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global wealth management market grew from $1681.75 billion in 2022 to $1826.17 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The wealth management market is expected to grow to $2465.75 billion in 2027 at a CAGR of 7.8%.
The main types of wealth management are funds, trusts, and other financial vehicles; asset management; portfolio management; and investment advice. Funds include mutual funds that act as an investment tool for wealth management. The various advisory modes are human advisory, Robo advisory, and the hybrid mode that is used by large enterprises, medium-sized enterprises, and small enterprises.
Many wealth management companies are investing in big data analytics capabilities to generate insights to enhance and refine service offerings and thus increase revenues. Big data solutions are being implemented to deliver insights around client segments, product penetration, and analyse training programme effectiveness.
These technologies are being implemented to assess existing and prospective clients' inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks. They are also aiding wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice.
For instance, CargoMetrics, an investment firm based in Boston, used the Automatic Identification System (AIS) to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers.
North America was the largest region in the wealth management market in 2022. Western Europe was the second largest region in the wealth management market. The regions covered in the wealth management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Many wealth management firms are increasing spending on their cybersecurity solutions to prevent cyber-attacks. Cybersecurity refers to the set of techniques used to protect the integrity of the network and data from unauthorised access. It enables the strengthening of security levels of the firms and prevents the loss of highly sensitive client information.
They are gaining prominence as they aid financial services companies, including wealth management firms, in identifying theft and fraud in investment transactions. For instance, according to a recent survey, 86% of financial services companies are planning to spend more time and resources on cybersecurity in the coming year.
The wealth management market consists of revenues earned by entities by providing services such as in planning, advising on and managing various kinds of assets. This market covers financial and investment advice, retirement planning and legal or estate planning but excludes accounting and tax services.
The market size is the revenues generated from the fees and commissions levied on the assets being managed. It does not include the value of investments held or the amount of money invested in a given year, net or gross. This market includes the custodian charges of the firms as well as any other fees, margins or service charges but excludes brokerage fees levied on securities transactions unless they are included within the service fees or commissions.
The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Industrial and Commercial Bank of China
Legal & General Group plc
Japan Post Group
JPMorgan Chase & Co.
Manulife Financial Corporation
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Wealth Management Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Wealth Management Market Product Analysis
4.1. Leading Products/Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Wealth Management Market Supply Chain
5.1. Supply Chain
5.3. End Customers
6. Wealth Management Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Wealth Management Market Trends And Strategies
8. Wealth Management Market - Macro Economic Scenario
8.1 COVID-19 Impact On Wealth Management Market
8.2 Ukraine-Russia War Impact On Wealth Management Market
8.3 Impact Of High Inflation On Wealth Management Market
9. Wealth Management Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Wealth Management Market Regional Analysis
10.1. Global Wealth Management Market, 2022, By Region, Value ($ Billion)
10.2. Global Wealth Management Market, 2017-2022, 2022-2027F, 2032F, Historic And Forecast, By Region
10.3. Global Wealth Management Market, Growth And Market Share Comparison, By Region
11. Wealth Management Market Segmentation
11.1. Global Wealth Management Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Funds, Trusts, And Other Financial Vehicles
Portfolio Management and Investment Advice
11.2. Global Wealth Management Market, Segmentation By Advisory Mode, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11.3. Global Wealth Management Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Medium and Small Enterprises
12. Wealth Management Market Segments
12.1. Global Funds, Trusts, And Other Financial Vehicles Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) - Large-Cap Equity, Government Fixed Income And Structured Products; Equity Specialties And Fixed Income Products; ETFs And Passively-Managed Products; Alternatives; Solutions Products And Other (Target Date Products And LDIs)
12.2. Global Asset Management Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion)
12.3. Global Portfolio Management and Investment Advice Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion)
13. Wealth Management Market Metrics
13.1. Wealth Management Market Size, Percentage Of GDP, 2017-2027, Global
13.2. Per Capita Average Wealth Management Market Expenditure, 2017-2027, Global
For more information about this report visit https://www.researchandmarkets.com/r/uqty7u
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