New research suggests that businesses adopting new technologies will drive the growth of the wealth management software market to new heights in the next five years.
The market could expand at a compound annual growth rate of 15.3% to be worth $5.8bn by 2025, according to the Million Insights report.
Another reason for the growth is that that there are more rich people in the Asia Pacific and in North America these days, meaning that there are more potential customers to utilise wealth management services.
The research comes after FinTech Global’s own research showed that WealthTech companies raised $1.7bn across 86 deals in the first three months of 2020, with challenger banks in Europe and Australia driving the investment league. Between 2016 and 2019, the annual investment attracted by the WealthTech sector jumped from $2.8bn to $7.8bn.
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