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The global social commerce market is projected to achieve a value of approximately USD 945.92 billion by the year 2023. The widespread use of social commerce is predicted to exceed USD 13,040.3 billion by 2033. According to Future Market Insights, there is an expected annual growth rate of around 30% in the demand for social commerce between the years 2023 and 2033.

The social commerce industry is experiencing rapid growth, as customers are shifting their online shopping behavior towards this innovative platform. The convenience, influence, and opportunities it provides make social commerce a highly attractive option for customers, leading to a bright future for the market.

The adoption of social commerce is being driven by the impact of social media on purchasing decisions. Consumers are increasingly influenced by products that have been recommended or seen by someone they trust, and with the growing number of interested buyers on platforms such as Pinterest, Snapchat, Facebook, and Instagram, the market is expected to continue to grow. Additionally, social commerce provides a unique branding opportunity for merchants and brands, as they can combine social media and e-commerce to enhance their presence and engage with customers through daily content.

Social commerce is not just for large corporations, as it also provides significant opportunities for small businesses and individuals. Consumers are more likely to purchase from small businesses through social commerce compared to traditional e-commerce sites. With the increasing amount of time people spend on social media platforms, small businesses can reach a wider audience and increase their sales.

The social commerce market is also being driven by changes in consumer preferences and attitudes. With advancements in mobile technology and the desire for instant customer service, consumers are looking for new ways to engage with brands using technology. Younger generations, such as millennials and Gen Z, are dominating the social commerce industry, with over 60% of purchases made through social media platforms.

While the future of the social commerce industry looks bright, there are also challenges affecting its growth. Concerns about the collection and potential misuse of personal information by social media platforms are a growing concern among users, and this trend has the potential to hinder the market growth. To mitigate these risks, retailers and vendors are partnering with third-party payment platforms to offer a safer and more secure payment environment to consumers, and these long-term concerns are expected to be addressed shortly.

Key Takeaways from the Social Commerce Market Report:

• The social commerce industry in the United States is likely to account for approximately 40% of the global market.
• The German social commerce industry is expected to account for around 20% of the global market.
• The Asia Pacific social commerce industry is expected to account for around 30% of the global market.
• The South Korean social commerce industry is likely to account for approximately 15% of the global market.
• With a market share of 56% in 2022, the business-to-consumer (B2C) segment dominated the social commerce industry.
• During the forecast period, the customer-to-customer (C2C) segment is expected to grow at a 28% CAGR.
• The apparel industry dominated the social commerce industry in 2022, accounting for approximately 23.4% of total revenue during the forecast period.
• The personal and beauty care segment is expected to grow significantly during the forecast period, with a CAGR of 36.2%.

“The social commerce market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2033. In 2022, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon,” lead analyst Future Market Insights, Inc.

Competitive Landscape:

In recent years, several new entrants have joined the market, including Fashnear Technologies Private Limited (Meesho), Pinduoduo Inc., Roposo, Snap, Inc., Trell Shop, Twitter, Inc., Xiaohongshu, and Yunji Sharing Technology Co., Ltd. These players are leveraging their unique strengths, such as advanced technologies, innovative products, and improved customer experience to increase their market share.

To remain competitive, the leading players are continuously investing in research and development to develop new products and technologies. They are also expanding their product offerings and entering new markets to increase their market share and customer base.

The market is highly fragmented and highly competitive, and the players are focusing on improving their distribution networks and partnerships with retailers to reach new customers. The social commerce market is expected to grow significantly in the coming years, and the competition is expected to become even more intense as new players enter the market.

Leading Key Players in the Social Commerce Market:

• Alibaba
• Amazon
• Taobao
• Pinterest Inc.
• Trell Shop
• Poshmark
• TikTok (Douyin)
• Meta Platforms, Inc. (Facebook)
• Etsy, Inc.
• Fashnear Technologies Private Limited (Meesho)
• Roposo
• Snap Inc.
• Pinduoduo Inc.
• WeChat (Weixin)
• Yunji Sharing Technology Co. Ltd.
• Twitter Inc.
• Xiaohongshu

The wealth management platform market is estimated to grow at a CAGR of 10.0% over the forecast period. The wealth management platform market is expected to grow from USD 3.3 billion in 2023 to USD 8.56 billion in 2033.

Global digitization is accelerating, which is boosting the market outlook. The wealth management platform enables businesses to get insights and make better decisions, resulting in increased production and profitability.

The market expansion is being supported by the widespread usage of products in trading and exchange organizations to successfully manage large numbers of customers, understand the financial portfolio process, and access trading accounts.

A boost to the market’s expansion is being given by several technical developments, such as the introduction of digital wealth management platforms that give financial firms access to new integrated tools and data-driven analytics.

Artificial intelligence (AI) is being integrated to efficiently manage investment preferences, and offer individualized and carefully curated advice for clients, which is positively boosting the market growth.

The market for wealth management platforms is expected to expand as a result of increasing smartphone saturation, technological advancements, increased use of and interest in smart gadgets, and other factors.

Wealth management solutions may also help HNWIs better structure their wealth management objectives by using a variety of analytical methodologies. Modern advising technology adoption is gaining traction.

For instance, the HNI and UHNWI categories in India have increased dramatically in the preceding decade, fuelling demand for wealth management services, according to a September 2021 report from the India Brand Equity Foundation (IBEF).

Key Takeaways from Market Study

The big market share for wealth management platforms is held by North America and with a revenue share of US$ 1.0 billion in 2022. In North America, wealth management services are increasingly important for attracting and keeping successful retail customers.

During the prediction period, it is predicted that Asia Pacific is likely to expand significantly with a rate of 8.4% due to the region’s growing use of digital platforms, and economic consultants are expected to have strong job chances.

In 2032, the wealth management platform market in Europe is estimated to account for 20% of total revenue. This expansion needs to be aided by wealth managers’ adoption of Environmental, Social, and Governance (ESG) frameworks into their investment strategies. As the need for AI-enabled investment solutions increases, banks, wealth managers, and other financial institutions throughout the area are implementing wealth management platforms.

In 2022, the end-user segment for banks accounted for 30% of the market share for wealth management platforms. Due to high-net-worth professionals’ demand for a better customer experience and individualized care, wealth management platforms are growing in popularity.

The asset management sub-segment of the service type sector is predicted to earn the most income over the projection period, followed by financial planning, tax planning, estate planning, and others. By 2028, the asset management market is expected to generate revenues of US$ 224.92 billion, up from US$ 142.35 billion in 2020, with a 7.2% CAGR.

Competitive Landscape

The market participants plan to increase the size of their customer bases by acquiring new clients, growing their current clientele, releasing new products, expanding their technological leadership through ongoing R&D investments, and expanding internationally through partnerships and collaborations.

Latest Developments in the Wealth Management Platform Market

To transform its core banking systems and support the bank’s expansion plans in the United States, BMO Harris Bank expanded its partnership with FIS, a provider of financial service technology, in June 2021.

In January 2021, D-fine and Avaloq worked together to implement and upgrade projects in Switzerland and Germany by utilizing D-strong fine’s technical capabilities and in-depth knowledge of banking regulation.

Key Companies Profiled

SS & C Technologies, Inc.
Fiserv Inc.
FIS
Profile Software
Broadridge Financial Solutions, Inc.
InvestEdge, Inc.
Temenos Headquarters SA
InvestCloud
SEI Investments Company
Comarch SA
Dorsum Limited
Avaloq Group AG

Key Segments Covered in the Market Report

By Advisory Mode:

Human Advisory
Robo Advisory
Hybrid
By Deployment Model
On-premise
Cloud

By Application:

Financial Advice & Management
Portfolio
Accounting & Trading Management
Performance Management
Risk & Compliance Management
Reporting

By End-use:

Banking Investment Management Firms
Trading & Exchange Firms
Brokerage Firms

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.

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