According to the research report titled ‘Wealth Management Platform Market Size By Advisory Mode (Human Advisory, Robo Advisory, Hybrid), By Deployment Model (On-premise, Cloud), By Application (Financial Advice & Management, Portfolio, Accounting, & Trading Management, Performance Management, Risk & Compliance Management, Reporting), By End-use (Banking, Investment Management Firms, Trading & Exchange Firms, Brokerage Firms), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global wealth management platform market size is expected to expand significantly over the forecast timeframe 2021-2027.
 

As per the findings of the report, surging demand for effective wealth management solutions, especially amid the Covid-19 pandemic-induced disruptions in the financial sector, will majorly drive global wealth management platform market growth over the analysis period.
 

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For the unversed, wealth management platforms provide financial organizations with up-to-date integrated technologies, as well as data-driven analytics, to assist their advisors in providing smart solutions. Advisors can also use these platforms to better understand their clients' needs and recommend the best portfolio allocations.
 

Moreover, companies are pursuing several strategic initiatives to obtain a strong foothold in the industry. For example, Refinitiv in June 2021 introduced a new platform for wealth management organizations and its consumers to provide superior trading environment through timely & comprehensive market insights.
 

Global wealth management platform, with respect to application, is segmented into financial advice & management, portfolio, accounting, & trading management, risk & compliance management, performance management, reporting, and others.
 

Among the aforementioned, performance management sub-segment is anticipated to progress at a CAGR of over 10% owing to the rising inclination towards analytics tools in assessing portfolio performance. Moreover, brokerage firms sub-segment will grow at a CAGR of 15% due to rapid digitalization across brokerage businesses which will upsurge the product demand.
 

From a regional perspective, Latin America accounted for more than 5% of the global wealth management platform market share in 2020 and is likely to grab a larger portion between 2021-2027, mainly due to growing integration of digitalization solutions across the financial industry.
 

Meanwhile, MEA market will develop at a CAGR of over 10% over the projected timeline, driven by augmented demand for secure asset management solutions.