Report : North America 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)
Solution Segment to Dominate North America Wealthtech Solution Market during 2020–2028
According to a new market research study on “North America 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$ 42.06 billion by 2028 from 18.81 US$ billion in 2021. The market is estimated to grow at a CAGR of 12.2% from 2021 to 2028. The report provides trends prevailing in the North America wealthtech solution market along with the drivers and restraints pertaining to the market growth. Rising demand for financial analytics services is the major factor driving the growth of the North America wealthtech solution market. However, issues associated with wealthtech solution security hinders the growth of North America wealthtech solution market.
North America 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.
The US is the worst-hit country in North America due to the outbreak of COVID-19, with thousands of infected individuals facing severe health conditions across the country. Increasing number of infected individuals has led the government to impose lockdown across the nation’s borders during Q2 in 2020. The majority of the manufacturing plants were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers. The US is one of the largest markets for wealthtech solution especially for services. Also, the country has a larger density of wealthtech solution vendors. However, the outbreak has severely affected the working process of banks and ongoing investments. Thus, the factors mentioned above have had a negative impact on the growth of the wealthtech solution market in the region.
3rd-eyes analytics AG; BlackRock, Inc.; FinMason, Inc.; InvestCloud, Inc.; InvestSuite; Synechron; Wealthfront Inc.; and WealthTechs Inc. are among the leading companies in the North America 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, The two companies, BNP Paribas Wealth Management – Private Banking and aixigo, have jointly developed a solution that combines investment advisory and discretionary portfolio management. The new Portfolio Management System is a scalable advisory solution for all wealth management and affluent clients, which is expected to provide a strategic advantage to the company.