Farmington, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The global Smart Advisors market accounted for USD 1,049.2 Million in 2022 and is expected to reach USD 4,498.1 Million by 2030, growing at a CAGR of 20.2% from 2023 to 2030. A smart advisor, also known as a smart advisor program, is an application capable of understanding natural language and performing all of the user's electronic activities on their behalf. Personal assistants used to take dictations, read aloud messages or emails, search up phone numbers, anticipate requests, make calls, and remind users of upcoming appointments. A savvy advisor can perform these tasks and more. In today's intelligent advisers, artificial intelligence, voice recognition, and machine learning are all incorporated. As end users interact with their intelligent advisers, the Artificial Intelligence software employs a sophisticated algorithm to learn from the data inputs and improve its ability to forecast end-user requirements. Future intelligent advisors would be created using modern cognitive computing technology.
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This enables a savvy adviser to comprehend and execute multi-step requests, before moving on to more complex activities such as flight booking. Smart advisers are distinct from digital assistants, a second sort of AI program that individuals employ. Smart advisers concentrate on a topic, whereas digital assistants concentrate on a task. For instance, a Smart Advisor can assist a firm in determining which physicians have the highest or lowest cost and performance. Using an advanced IT (Information Technology) platform, a Smart Advisor sifts through the whole database of physicians to identify just those who should be examined based on statistical significance, caseload, and other essential characteristics.
Smart Advisors Market Recent Developments:
- In December 2022, IBM announced it is working with the Cloud Security Alliance -- a global not-for-profit dedicated to defining standards, certifications, and best practices to help ensure secured cloud computing that aims to further advance security and risk management of cloud within financial services.
- In November 2020, eGain, a leading customer engagement platform provider, today announced eGain SmartIVR™, an all-in-one solution to modernize IVR-based customer engagement.
Smart Advisors Market Segmentation Analysis:
Smart Advisor enables advisers to transmit any document through email, print-and-deliver, or postal mail, depending on the client's preferred method of delivery. At the level of the corporation, it saves a great deal of time and money. The majority of investors prefer to get information online with a link to a branded website that can display content effectively on desktop and mobile devices.
The clients of the smart adviser service include banks, broker-dealers, mutual funds, retirement service providers, corporate issuers, and wealth and asset management companies.
In 2021, the mobile platform segment was the largest, and with a CAGR of 7.8% during the projection period, it is anticipated to remain the largest. The increasing number of mobile users and the widespread deployment of smart advisor technology to give consumers real-time notifications through mobile augmented reality are projected to fuel market expansion. Bring your own device (BYOD) is gaining popularity in the business world.
The financial services sector is anticipated to account for more than 30 percent of the market. In financial institutions, smart advisor technology is a digital communication platform primarily intended to increase the effectiveness and efficiency of financial advisors.
Many individuals have made selections regarding what to purchase from store shelves based on factors such as the behavior and preferences of others. The mix of new technologies such as Big Data, AI, IoT, and automation have dramatically disrupted the retail industry during the past few years.
Regional Outlook:
Investors in the manufacturing industries of emerging economies like China and India have initiated a number of new investments and projects. The top priorities are cutting expenses, which is crucial due to increased compliance costs and a focus on regulations, digitizing the sales force, and making better use of technology overall. Even while there are advantages, disruptive investors are still in their infancy and have not yet attained IT investments or economies of scale. In addition, the failure of specific platform technologies poses a threat to individual businesses, particularly during the ramp-up period of a new company's launch.
The typical investor and the disruptor are the smart advisor's most common clients kinds. In addition, traditional insurers are working on establishing collaborative ventures with tech businesses in order to compete with disruptors and profit from smart advice in China, India, Hong Kong, and Japan. In the Asia-Pacific area, technology is increasingly required to ensure the seamless operation of the manufacturing industry.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 20.2% from 2023 to 2030 |
| Market Size in 2022 | USD 1,049.2 Million |
| Revenue Forecast by 2030 | USD 4,498.1 Million |
| By Component | Software, Services |
| By Industry | Financial Services, Healthcare, Consumer Electronics, Retails, Travel & Hospitality, Government, Education, Others |
| By Applications | Websites, Social Media, Mobile Platform, Contact Centers |
| By Companies | IBM Corporation, eGain Corporation, Creative Virtual Pvt. Ltd, CX Company Limited, 24/7 Customer Inc., Nuance Communications Inc., Artificial Solutions International AB, Next IT Corporation, Speakoit Inc., Codebaby Corporation, Broadridge Solutions, Netformx, Speaktoit Inc., and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers:
The growth of the smart advisor sector over the previous few years is anticipated to continue in the following year. The size of the global market is expanding due to factors such as increased spending on research & development, improved resource management, and increased company competitiveness. New entrants, strategies for product innovation in a variety of industries, and technological advancements are anticipated to be among the most significant factors driving market expansion.
The expansion of the market is primarily driven by the increasing usage of artificial intelligence technology and cloud-based and Internet of Things-based solutions in various end-user industries. New technologies such as speech recognition and machine learning, the growing usage of smartphones and the requirement for the internet, and the rise in the use of smart advisor applications by financial institutions and small and medium-sized organizations are expected to drive market growth over the forecast period.
Smart Advisors Market Key Segments Covered:
Top Market Players:
IBM Corporation, eGain Corporation, Creative Virtual Pvt. Ltd, CX Company Limited, 24/7 Customer Inc., Nuance Communications Inc., Artificial Solutions International AB, Next IT Corporation, Speakoit Inc., Codebaby Corporation, Broadridge Solutions, Netformx, Speaktoit Inc., and Others.
By Component
- Software
- Services
By Industry
- Financial Services
- Healthcare
- Consumer Electronics
- Retails
- Travel & Hospitality
- Government
- Education
- Others
By Application
- Websites
- Social Media
- Mobile Platform
- Contact Centers
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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