Wealth Management Global Market Forecast To 2022

North America was the largest region in the global wealth management market, accounting for 36% of the market in 2018. Western Europe was the second largest region accounting for 33% of the global wealth management market. Middle East was the smallest region in the global wealth management market.

Many wealth management companies are investing in big data analytics capabilities to generate insights around clients. Big data solutions are being implemented to deliver insights around client segments, product penetration and analyze training program effectiveness. These technologies are being implemented to assess existing and prospective clients’ inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern and the ability of the client to take risks. They are also helping wealth management companies to track business performance Increase client acquisition and retention rates Increase sales and offer real time investment advice. For instance, CargoMetrics, an investment firm based in Boston used Automatic Identification System (AIS), to collect data on commodity movement such as cargo location and cargo size to develop analytics platform for trading commodities, currencies and equity index funds. This tool was also sold to other hedge funds and wealth managers.

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