Report : Asia-Pacific WealthTech Solution Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Component (Solution and Services), End User (Banks, Wealth Management Firms, and Others), Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), and Deployment Mode (Cloud-Based and On-Premises)
Large Enterprises Segment to Dominate APAC WealthTech Solution Market during 2020–2028
According to a new market research study on “APAC WealthTech Solution Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, End User, Organization Size, and Deployment Mode” is expected to reach US$ 38.26 billion by 2028 from 12.89 US$ billion in 2021. The market is estimated to grow at a CAGR of 16.8% from 2021 to 2028. The report provides trends prevailing in the APAC wealthtech solution market along with the drivers and restraints pertaining to the market growth. Cloud-based financial analytics getting popular is the major factor driving the growth of the APAC wealthtech solution market. However, security concerns involved with wealthtech solutions' hinders the growth of APAC wealthtech solution market.
APAC wealthtech solution market is segmented into component, end user, organization size, deployment mode, and country. Based on component, the wealthtech solution market is bifurcated into solution and services. In 2020, the solution segment led the market, accounting for a larger market share. Based on end user, the wealthtech solution market is segmented into banks, wealth management firms, and others. In 2020, the wealth management firms segment accounted for the largest market share. Based on organization size, the wealthtech solution market is bifurcated into large enterprises and small and medium-sized enterprises. In 2020, the large enterprises segment accounted for a larger market share. By deployment mode, the wealthtech solution market is bifurcated into cloud-based and on-premises. In 2020, the cloud-based segment accounted for a larger market share. Based on country, the APAC wealthtech solution market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. In 2020, China led the market, accounting for a larger market share.
APAC is characterized by the presence of developing countries, positive economic outlook, high industrial presence, and huge population. All these factors make APAC a major region for the growth of various markets, including wealthtech solution. The lockdown of various plants and factories in all economies of the region due the COVID-19 pandemic is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various products and services. Disruptions in units have stopped investments in start-ups, thereby negatively impacting the market growth. However, with lockdowns being lifted in several countries, wealthtech start-ups are likely to witness investments.
3rd-eyes analytics AG; BlackRock, Inc.; InvestCloud, Inc.; InvestSuite; Synechron; Wealthfront Inc.; Valuefy; and WealthTechs Inc. are among the leading companies in the APAC wealthtech solution market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Synechron has entered a partnership with Unqork to accelerate enterprise-wide digital solutions for use with clients across the global financial services domain. It is expected to allow the company to scale up enterprise-wide applications for life, property, and casualty insurance providers, reinsurance, and general insurance firms, along with device care and protection warranty enterprises.