North America Wealth Management Platform Market

The wealth management platform market in North America is expected to grow from US$ 1,348.97 million in 2021 to US$ 2,972.67 million by 2028; it is estimated to grow at a CAGR of 11.9% from 2021 to 2028.

The US, Canada, and Mexico are major economies in North America. The financial sector is continually adopting advanced technologies to provide financial services in cheaper and efficient ways. These advanced and creative technologies garnered attention during the global financial crisis of 2007–2008, when strict rules were imposed on conventional banks, and innovations in the IT industry increased the incentives for expanding nonbank and technology-based financial enterprises. For instance, a few technological revolutions in the finance sector comprise mobile payments, ATMs (automated teller machines), and trade finance using blockchain. The technological interruptions in wealth management services consist of Robo-advisors and automated financial advisors designed to compete with human advisors. Robo-advisors advise various investing techniques for goals, such as saving for significant expenses, retirement, and maintaining a stream of income to handle expenses effectively. Advantages of Robo-advisory management wealth services over traditional services, involving human advisory, are easy accessibility, affordability, and the ability to offer their clients the option to obtain financial advice and handle investments at any time, from any place, with the help of an Internet connection. Robo-advisory allows the wealth management players to provide their services at low fees, permitting them to expand into the target market. North America was the first region to introduce automated financial advisors (robo-advisory). Wealth management organizations and banks in the US have implemented Robo-advisory services to offer comprehensive, effective, and efficient services. Key reasons that led to the early acceptance of this technology across the region are increased cost and accessibility, supported by rising internet penetration and cheap financial aid fees.  These factors lead to the growth of the wealth management platform market in North America.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America wealth management platform market. The market is expected to grow at a good CAGR during the forecast period.

North America Wealth Management Platform

Market Revenue and Forecast to 2028 (US$ Million)
 

North America Wealth Management Platform Market Segmentation

The North America wealth management platform market is segmented on the basis of advisory model, business function, deployment type, end user, and country. The market, based on advisory model, is segmented into human advisory, robo-advisory, and hybrid. The human advisory segment held the largest market share in 2020. The North America wealth management platform market, by business function, is segmented into performance management, risk and compliance management, portfolio accounting and trading management, financial advice management, reporting, and others. The portfolio accounting and trading management segment held the largest market share in 2020. The market, by deployment type, is segmented into cloud and on-premises. The cloud-based segment held a larger market share in 2020. The North America wealth management platform market, by end user, is segmented into trading and exchange firms, banks, brokerage firms, investment management firms, and others. The investment management firms segment held the largest market share in 2020. Based on country, the North America wealth management platform market is segmented into the US, Canada, and Mexico. The US held the largest market share in 2020. Broadridge Financial Solutions, Inc.; Comarch SA; FIS Global; Fiserv, Inc.; InvestCloud; InvestEdge, Inc.; Profile Software S.A.; SEI Investments Developments, Inc.; SS&C Technologies, Inc.; and Temenos Headquarters SA are among the leading companies in the market.

North America Wealth Management Platform Strategic Insights

Strategic insights for the North America Wealth Management Platform provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

North America Wealth Management Platform Report Scope

North America Wealth Management Platform Regional Insights

The geographic scope of the North America Wealth Management Platform refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.