Wealth Management Industry Integrates High-End Technologies As It Grows At A Rate Over 9%
November 26, 2021
The Business Research Company’s Wealth Management Market – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, November 26, 2021 /EINPresswire.com/ -- Wealth management firms are integrating artificial intelligence, machine learning and data analytics applications to provide hybrid services. Artificial Intelligence refer to intelligent machines that work and react like humans. AI helps to deliver insights to complex client questions in real time through its virtual conversational interface between business and clients. AI enabled applications such as natural language generation (NLG) is closing the gap between data analysis and investment decisions providing real-time insights in automated trading strategies. Wealth management firms are increasingly offering hybrid services including standardized and personalized advices to their clients globally. The need for standardization and personalization of advice mainly arises due to growing demand for consistent and robust solutions among consumers. In this regard, wealth management firms are producing computer-driven analysis to offer standardized advisory services, while also maintaining granularity in their offerings with bespoke solutions.
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The global wealth management market is expected to recover from COVID-19 crisis and grow from $446.73 billion in 2020 to $584.99 billion in 2023 at a CAGR of 9.4%.
The wealth management market consists of sales of wealth management services by entities (organizations, sole traders and partnerships) that plan, advise on and manage various kinds of assets belonging to high net worth and ultra-high net worth individuals, corporations, and government and non-government institutions. The market includes establishments that offer financial and investment advice, retirement planning and legal or estate planning.
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The wealth management market is segmented by type into equity, fixed income, alternative assets and others, human advisory, Robo advisory, hybrid advisory, private banks, full-service wealth managers, investment managers, stockbrokers, others, large enterprises, medium and small enterprises, mass affluent, HNWI, pension funds, insurance companies, sovereign wealth funds, asset management, portfolio management and investment advisory, funds, trusts, and other financial vehicles.
Major players covered in the global wealth management industry are Wells Fargo & Company, JPMorgan Chase & Co., Bank of America Corporation, Morgan Stanley, UBS Group AG.
Wealth Management Market – Opportunities And Strategies – Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides wealth management market overview, forecast wealth management market size and growth for the whole market, wealth management market segments, and geographies, wealth management market trends, wealth management market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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