India Wealth Management Market is anticipated to expand at a rate of approximately 11% over the forecast time. This is due to the increasing use of cutting-edge tools used by people who manage their money. Additionally, the growing number of wealthy individuals (HNWIs) number is contributing to the expansion of the market. Here, we will discuss the India Wealth Management Market Forecast, Share, Size, and Growth for 2022-2027.
Furthermore, with the growing Internet usage, coupled with the growing amount of social media users as well as the increasing demand to manage wealth has risen in India. Other factors include the large and young mass-affluent segment, the growing fortunes of worldwide Indians and the growing proportion of organized market players like small financial advisors/brokers are also fueling expansion in this market. However, because of the strict regulation issues, as well as the inability to accept technology could pose major obstacles to the market's growth over the next years.
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Based on the advisory mode the India Wealth Management Market is divided into hybrid and robo-advisory. In the middle, robo-advisory is predicted to gain traction in the coming years since it's efficient as well as cost-effective and secure.
Additionally, advances in technology like cognitive computing and machine learning can further enhance the effectiveness and improve the information-driven insight of robot advisory mode, as well as decrease the operating costs of financial advisors. When it comes to the deployment market, it is divided into cloud and on-premise. Cloud deployment was the dominant mode of the market from 2018 onwards and is predicted to remain the preferred method of deploying tools for wealth management over the next forecast period and could be explained by the advantages cloud deployment can provide, such as lower operating expenses.
Financial advisory firms located in the US are expected to favor tools for managing wealth that is deployed in the cloud. Furthermore, cloud-based implementation can be beneficial in a variety of ways it gives the ability to access data in a simple manner and various payment options that are flexible as well as the ability to increase the size of this sector during the forecast time.
Market players in India Wealth Management Market include 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. The major companies are planning to invest more in developing new technologies to create energy-efficient transportation and expand their customer base around the world.
Years that are considered in the report for India Wealth Management Market
- Historical Year 2015-2018
- The base year is 2019
- Estimated Year: 2020
- Forecast Time 2022-2027
The purpose in this Study for India Wealth Management Market
- To study and forecast the size of India Wealth Management Market
- To estimate India Wealth Management Market is based on business function, advisory mode deployment mode, corporate size, industry for the end-user, and distribution across the region.
- To identify the main drivers and issues in India's wealth management markets.
- Examine changes in the competitive landscape like expansions and new product launches mergers and acquisitions, etc. and in the Indian markets for wealth management.
- To analyze and identify the profiles of top players operating in India in the market for wealth management.
TechSci Research performed both primary as well as extensive secondary research in this research. In the beginning, TechSci Research sourced a list of wealth management services companies across the nation. Then, TechSci Research conducted primary survey research with the selected firms.
When interviewing, respondents were also asked about their competition. This method of interviewing, TechSci Research could include the service providers that were not recognized due to being unable to conduct secondary research. TechSci Research analyzed the product types, the types of applications, and the presence of important wealth management service providers across the nation.
TechSci Research calculated India's wealth management market size using an approach that is bottom-up, in which the data of various end users' industries and their applications across different product types were recorded and forecasted for the coming years.
TechSci Research sourced these values from industry experts and representatives of companies, and then externally verified these values by analyzing the data from these historical products and their applications to get an appropriate, general market size. Numerous secondary sources, such as the company's website, news articles or press releases, annual reports of the company as well as investor presentations along with financial documents were analyzed through TechSci Research.
Key Target Audience for India Wealth Management Market
- Service providers in the field of wealth management
- Authorities of the government, such as regulatory authorities as well as policymakers
- Associations for industry
- Forums, organizations, and alliances that are related to the market for wealth management
- Consulting and market research firms
The research is helpful in providing solutions to a variety of important questions to the stakeholders in the industry including suppliers of product services and end-users, and so on. In addition, it assists them to make better investments and taking advantage of market opportunities.
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