Dublin, Dec. 21, 2023 (GLOBE NEWSWIRE) -- The "Robo Advisory Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive Robo Advisory Global Market Report meticulously details the industry's substantial growth, with its current global market size, regional shares, competitive landscape, and in-depth segment analysis. Revealing pivotal data and projecting a significant uptick in market growth, the in-depth analysis is a vital tool for understanding the prevailing trends revolutionizing wealth management services.
Driven by technological innovation, the robo-advisory domain has witnessed remarkable expansion, with market size growing from $41.63 billion in 2023 to a forecasted $61.99 billion in 2024 at a compound annual growth rate (CAGR) of 48.9%. This record-breaking growth trajectory emphasizes the sector's efficiency and appeal in today's digital world. The market is further estimated to balloon to $310.16 billion by 2028, boasting a CAGR of 49.6%, propelled by cutting-edge regulatory frameworks, holistic service integrations, and advancing global economic currents.
Key drivers facilitating this surge include heightened digital banking adoption, as underscored by data pointing to a whopping 98.9% of banking interactions being digital in Australia. The transition to mobile platforms is underscored by an impressive 73% global smartphone penetration rate among individuals aged 10 and over, spotlighting the increasing reliance on smart technologies for financial management.
Seamless integration of artificial intelligence, comprehensive analytics, and natural language processing advances serve as the bedrock for optimizing robo-advisory services. Major market players are leveraging these innovations to refine their offerings, as seen in the collaborative efforts between an esteemed Germany-based online broker and a pioneering US-based robo-advisor targeted at retail investors.
- Customization and personalization features remain at the forefront, aligning investment solutions with individual financial goals.
- The integration of AI and machine learning continues to elevate service models, enhancing user experience, and optimizing asset management.
- An upward trend in sustainable and ESG investing reflects a growing consumer awareness towards responsible wealth generation.
- Strategic partnerships within the industry are breeding innovation and expanding service capabilities, as depicted by a notable UK-based collaboration that introduced a new digital investing platform within a rapid nine-month period.
With a focus on high-growth regions, Asia-Pacific is distinguished as the fastest growing area, complementing North America's lead in market size for 2023. Niche sectors such as hybrid robo-advisory services are garnering considerable attention, offering clients the perfect blend of human financial expertise and algorithmic precision.
The report delves into the diverse array of services provided, ranging from goal-based advisory to comprehensive wealth management solutions across multiple sectors, including retail, education, and healthcare. Countries like Australia, Brazil, China, France, Germany, and India feature prominently in the research, spotlighting the various regional dynamics at play.
Major firms making succinct waves in this domain include Betterment LLC, Charles Schwab & Co. Inc., Wealthfront Corporation, and an array of other influential organizations that are contributing to the robust growth of the industry.
For more information about this report visit https://www.researchandmarkets.com/r/9my0nx
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