Key regions: Singapore, United Kingdom, Switzerland, Asia, Germany
The Financial Advisory market in Oman has been experiencing significant growth in recent years. This can be attributed to several factors, including customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences in Oman have shifted towards seeking professional financial advice to help them navigate the complexities of the financial landscape. This is partly due to the increasing complexity of financial products and services, as well as the growing awareness among individuals and businesses about the importance of financial planning and wealth management. Customers are now more inclined to seek the expertise of financial advisors who can provide them with personalized advice and guidance tailored to their specific needs and goals.
Trends in the market have also played a role in the development of the Financial Advisory sector in Oman. One notable trend is the increasing adoption of technology in the industry. Financial advisory firms are leveraging digital platforms and tools to enhance their service offerings and reach a wider customer base.
This includes the use of robo-advisors, online investment platforms, and mobile applications that enable customers to access financial advice and services anytime, anywhere. Another trend in the market is the growing demand for Islamic financial advisory services. Oman, being a predominantly Muslim country, has a strong demand for Sharia-compliant financial products and services.
This has led to the emergence of specialized Islamic financial advisory firms that cater to the unique needs and preferences of Muslim customers. Local special circumstances also contribute to the development of the Financial Advisory market in Oman. The government has been actively promoting the growth of the financial sector, including the advisory segment, as part of its efforts to diversify the economy and reduce dependence on oil revenues.
This has created a favorable regulatory environment and incentives for financial advisory firms to establish a presence in the country. Underlying macroeconomic factors have also played a role in the growth of the Financial Advisory market in Oman. The country's strong economic growth, driven by sectors such as tourism, logistics, and manufacturing, has resulted in an increase in disposable income and wealth accumulation among individuals and businesses.
This has created a greater need for professional financial advice to manage and grow their wealth effectively. In conclusion, the Financial Advisory market in Oman is developing rapidly due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. As individuals and businesses in Oman become more financially savvy and seek to optimize their financial resources, the demand for professional financial advice is expected to continue growing in the coming years.
Data coverage:
The data encompasses B2C enterprises. The figures are based on gross revenues, assets under management, and user & advisor data of relevant services and products offered within the Wealth Management market.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research activities (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as: GDP, gross national income (GNI), consumer spending, total investment (% of GDP), high income (% of population), and number of high-net-worth individuals (HNWI). This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The market is updated twice a year in case market dynamics change. The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).
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