Increased digitalization and automation across various financial institutions and wealth management firms would enable the market to expand at a CAGR of 15.3% between 2019 and 2025. Asset management firms, trading houses, forex traders, banks, and brokerage firms might lead in this massive growth, according to a Million Insights report of June 17, 2020. Furthermore, the software systems involved in the automation process are secure, efficient, and cost-effective. These features and capabilities might enhance the popularity of such software. The rising number of high-net-worth individuals across North America and the Asia Pacific could increase demand for wealth management solutions. These software systems are designed to help in making critical investments while easing the decision-making procedures. Also, they offer enhanced solutions using data analytics and extracting big data. Through these solutions, the wealth management software market will grow exponentially. The analysis shows that the most preferred form of deployment for wealth management software is cloud-based. It is preferred due to its flexibility and ease-of-access.
Growth Drivers
Advancements in technology, including Robotic Process Automation (RPA), blockchain, machine learning, and artificial intelligence, might revolutionize the Fintech industry. Demand for digitized capital management solutions is expected to grow. That will happen as the need for efficiently managing financial assets and financial affairs of small and medium enterprises increases. The growing number of SMEs in North America might also propel the software demand throughout the region. This possibility has made several of the firms in the sector to concentrate on multiple strategic initiatives. Some of these initiatives include product upgrades, M&A, and strategic partnerships. They use them to expand product portfolios and cater to the ever-increasing technological advancements.
