ResearchandMarkets publishes Insights on the Wealth Management Global Market
ResearchAndMarkets.com has announced the publication of its ‘Insights on the Wealth Management Global Market to 2030’ report.
The report provides the strategists, marketers and senior management with the critical information they need to assess the global wealth management market, the firm said in a press release.
The report describes and evaluates the global wealth management market, covering two five-year periods, one three-year period, and one six-year period including, 2015 to 2019, termed the historic period, 2019 through 2023, the forecast period, 2023-2025 forecast period, and 2025-2030 the forecast period, the press release describes.
The global wealth management market reached a value of nearly USD486.78 billion, says the firm, having increased at a compound annual growth rate (CAGR) of 6.6% since 2015.
However, says ResearchAndMarkets, the wealth management market is expected to contract from that value to USD446.73 billion in 2020, namely as a consequence of the coronavirus. More specifically, the decline in value is reportedly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the Covid-19 outbreak and the measures to contain it.
Going forward, the increasing retiree population, increasing wealth of high net worth individuals, and rising demand for alternative investments will drive the growth, the firm reports. Factors that could hinder the growth of the wealth management market in the future include Covid-19, FinTech firms, a wide range of services offered by asset managers, and passive investments.
North America is said to have been the largest region in the global wealth management market, accounting for 53.7% of the total in 2019. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the wealth management market will be Western Europe, and the Asia Pacific, where growth will be at CAGRs of 5.3% and 5.2% respectively.
These regions will be followed by Africa, and North America, where the markets are expected to grow at CAGRs of 5.1% and 4.4% respectively.
The global wealth management market is highly fragmented, says ResearchAndMarkets, with a large number of small players. The top ten competitors in the market made up to 11.9% of the total market in 2019, with these players including WellsFargo, JP Morgan, Bank of America, Morgan Stanley, and UBS Group AG, read the press release.
The top opportunities in the wealth management market segmented by type will arise in the fixed income segment, which will gain USD56.7 billion of global annual sales by 2023, according to the firm’s predictions. The top opportunities in the wealth management market segmented by type of advisor will arise in the human advisory segment, reportedly, which is currently predicted to gain USD87.62 billion of global annual sales by 2023.
Recommended news