The growing need for the management of
assets such as equity, fixed income, real estate, commodities, and
international investments is the key factor boosting the deployment and
adoption of digital wealth management solutions across the globe. The
U.S. Department of Commerce states that in 2015, U.S. asset managers
held over US$51 trillion worth of long-term conventional assets under
management, which amounted to slightly over 47.0% of the global funds
that year.
Key growth factors for the global digital
wealth management market include increasing demand for fast and
convenient way to do transaction especially in transport sector (such as
pharmacies, public transport, and gas stations where quick transactions
are preferred) and retail sector has helped in enhancing the counter
sales process thereby increasing the number of digital transactions.
Significant demand for global digital wealth management is also
anticipated from associated industries including, hospitality, media
& entertainment and healthcare which is expected to drive the market
growth.
Rapid growth in disposable income among
the masses can be considered as another major factor propelling the
global digital wealth management market. The growth of mobile
applications in the recent past is viewed as a trend in the global
digital wealth management market. The increasing amount of wealth
generated and managed by organizations can be analyzed to track and
scrutinize performance at all levels of the enterprise. Additionally,
the ease in accessibility offered through cloud-based systems are also
fuelling market growth of the global digital wealth management market.
Further, the growing competition among the information and technology
companies, which makes the global digital wealth management market
highly competitive could be considered as some of the major restraints
to the growth of the global digital wealth management market. Such
challenges are obstructing the growth for the global digital wealth
management market. Also, the concerns related to security, especially
the threats arising due to cyber-attacks are expected to hamper the
market growth in the coming years. Nevertheless, customization in
multi-channel digital wealth management platforms is expected to present
potential growth opportunities during the forecast period.
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The global digital wealth management
market can be segmented on the basis deployment, organization size,
end-use vertical and geography. Based on deployment type, the market has
been divided into on-premise and cloud. The cloud segment has been
sub-classified into on-demand cloud and hosted cloud. The cloud segment
is expected to gain traction in the near future, due to numerous
benefits offered by cloud-deployed multi-channel solutions such as ease
of use, ease of access, reduced physical clutter, cost savings, and
reliability. In terms of organization size, the global digital wealth
management market has been categorized into small & medium
enterprise (SME) and large enterprise. On the basis of end-use industry,
the global digital wealth management market has been segmented into IT
and Telecom, BFSI, retail, manufacturing, healthcare, and others.
