Increasing high net worth individuals population and growing GDP to propel India’s wealth management market during the forecast period. According to TechSci Research report, “India Wealth Management Market By Advisory Mode, By Business Function, By Deployment Mode, By Enterprise Size, By End-User Industry, Competition, Forecast & Opportunities, 2024”, the Indian wealth management market is projected to witness growth at a CAGR of around 12% during the forecast period on account of growing urban population, digitalization and process automation and advancements in technology.
Important Elements of India Wealth Management Market
Wealth management is the combined strategy of investment portfolio management, financial planning, and several other aggregated financial services that are being used by individuals with high net wealth. The key reason for the growth of the wealth management market in India is the fact that the number of High Net Worth (HNW) individuals is growing and all these individuals need efficient solutions to manage their wealth. In addition to this, majority of the financial advisors opt for digital wealth management tools to better serve their clients. By providing direction to a client’s financial decisions the wealth managers enable them to achieve their financial and life goals. However, due to reduced client trust in wealth management, the market is likely to get subdued in the coming years.
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Indian wealth management market can be segmented based on Advisory Mode, Business Function, Deployment Mode, Enterprise Size, End-User Industry, and Region. Based on Business Function, the market is segmented into Financial Advice Management, Portfolio, Accounting & Trading Management, Performance Management, Risk & Compliance Management, Reporting, and Others. Out of these, the portfolio, accounting & trading management segment dominated the market in 2018 and is anticipated to maintain its position over the next 5 years as well as these management solutions can potentially help HNW individuals in managing their financial assets in an efficient and secure manner. Moreover, portfolio, accounting & trading management solutions can provide real-time data and analytics that can help in making better investment decisions and can also help in optimizing management performance while enhancing operational agility.
The Major competitors of the India Wealth Management Market
- FIS Global Business Solutions India Pvt. Ltd.
- Fiserv India Pvt Ltd
- Broadridge Financial Solution India Pvt. Ltd
- Temenos India Pvt Ltd
- SEI Technology Services India Private Limited
- Finacrest Wealth
- Finantix
- Karvy Corporate, and BNP Paribas Asset Management India Private Limited, among others, are the leading players operating in India’s wealth management market.
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“India wealth management market is expected to grow substantially during the forecast period on the back of growing financial awareness and investor education programs. Additionally, an increase in the number of industry participants is further propelling the growth of the Indian wealth management market. In terms of enterprise size, the market is bifurcated into large enterprises and Small & Medium Enterprises (SMEs). SMEs are anticipated to grow at the highest CAGR during the forecast period on account of increasing demand for wealth monitoring software by SMEs to meet regulatory requirements and to reduce asset monitoring costs.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based India management consulting firm.
“India Wealth Management Market By Advisory Mode, By Business Function, By Deployment Mode, By Enterprise Size, By End-User Industry, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of India wealth management market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Indian wealth management market.
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