Report : Europe 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)
Wealth Management Firms Segment to Dominate Europe WealthTech Solution Market during 2020–2028
According to a new market research study on “Europe 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$ 39.74 billion by 2028 from 15.23 US$ billion in 2021. The market is estimated to grow at a CAGR of 14.7% from 2021 to 2028. The report provides trends prevailing in the Europe wealthtech solution market along with the drivers and restraints pertaining to the market growth. Artificial intelligence being used in various industry verticals is the major factor driving the growth of the Europe wealthtech solution market. However, concerns about wealthtech solutions' security hinders the growth of Europe wealthtech solution market.
Europe 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 Europe wealthtech solution market is segmented into France, Germany, Austria, UK, and rest of Europe. In 2020, UK led the market, accounting for a larger market share.
In Europe, Switzerland was the hardest-hit country by the COVID-19 outbreak, followed by the UK and others. A majority of European countries are expected to suffer an economic hit due to a lack of revenue from various industries, as these countries recorded the highest number of COVID-19 cases and deaths in the past year. Due to business lockdowns, travel bans, and supply chain disruptions, the region faced an economic slowdown in 2020 and most likely even in 2021. European countries represent a major market for wealthtech solution owing to the financially stability of the region. As Europe is mega hub for the startups, there is a significant demand for effective wealth management solutions. However, the supply chain disruptions and demand decline from various end-user industries of wealthtech solution market have led to a decline in revenues of market players operating in Europe.
3rd-eyes analytics AG; aixigo AG; BlackRock, Inc.; FinMason, Inc.; InvestCloud, Inc.; InvestSuite; Synechron; Wealthfront Inc.; Valuefy; and WealthTechs Inc. are among the leading companies in the Europe 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, BlackRock and Cassini Systems have entered into a strategic partnership to integrate Cassini analytics into BlackRock’s Aladdin platform. This integration is anticipated to allow mutual clients to factor margin-based analytics into their pre-and post-trade decision-making and empower traders, portfolio managers, and operations professionals.