Wealth management technology spending is accelerating across the globe. This inaugural report presents Celent's estimates for technology spending by wealth management firms from 2019 to 2028, leveraging Celent's new Wealth Management IT Spending Forecast Model. The forecast is based on primary insights from the Celent Technology Insight and Strategy Survey (CTISS), as well as reported data from financial institutions.
Despite the macro-economic challenges of 2023, which included rising interest rates and recession fears, global wealth management IT spending grew 4.1% year-over-year – the strongest growth in five years. Total spending reached $53.7 billion last year, and is projected to rise to $56.1 billion in 2024.
Wealth management IT spending is expected to accelerate in 2024 and 2025. Looking ahead, the wealth management industry is entering an age of automation, advanced analytics, and AI – which will be the future growth drivers of technology spending.
The scope of the report covers IT spending by technology type, looking at how wealth management firms are spending on:
- internal IT workforce
- services
- infrastructure
- applications
- cloud computing
Regional breakouts derived from individual country forecasts are also included:
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
