New York, USA, April 06, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global robo advisory market is anticipated to rise at a stable CAGR of 39.9%, thereby garnering a revenue of $59,344.5 million by 2028. This comprehensive Research Dive report presents a brief outlook of the current framework of the robo advisory market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Product advancements and business expansion strategies like acquisitions by key market players is predicted to be the primary growth driver of the robo advisory market in the forecast period. Additionally, growing adoption of the robo advisory for the easy use of financial services is expected to further drive the market forward.
Opportunities: Rising use of digital technology and automation in wealth management is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, growing adoption of robo advisors in fintech industry is anticipated to augment the growth rate of the market.
Restraints: However, high initial cost of robo advisory may restrict the growth of the robo advisory market in forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the robo advisory market in a positive way. The pandemic and the subsequent lockdowns saw temporary shutdown of many bank branches which led to many people shifting to online services for banking and investment. This increased the demand for robo advisors and helped the market to grow in the pandemic period.
Segments of the Market
The report has fragmented the robo advisory market into segments based on business model, end use, and region.
Business Model: Pure Robo Advisory Sub-segment to be the Fastest Growing
By business model, the pure robo advisory sub-segment of the global market is expected to have the highest CAGR and is projected to garner $27,931.5 million by 2028. Rising developments in fintech digital service sector are predicted to be the primary growth driver of the sub-segment in the forecast period.
End Use: HNI Sub-segment to be the Most Profitable
By end use industry, the HNI sub-segment is expected to have the dominating share and register a revenue of $21,678.5 million by 2028. Availability of different types of robo advisors for high-net-worth-individuals such as personal capital, betterment, vanguard personal advisor, etc., is anticipated to help in the growth of this sub-segment.
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North America Region to be Most Lucrative
By regional analysis, the robo advisory market in North America region is predicted to grow rapidly in the 2021-2028 timeframe and is expected to register a revenue of $19,488.7 million by 2028. Technological advancements in digital advisory solutions are expected to become main growth driver of the market in this region.
Prominent Market Players
Some leading players in the robo advisory market are
- Charles Schwab Corporation
- WEALTHFRONT CORPORATION.
- Banco Santander S.A.
- The Vanguard Group Inc.
- Ellevest
- Acorns
- Betterment
- SigFig Wealth Management LLC. (Nvest, Inc.)
- T. Rowe Price
- and FMR LLC.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
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For instance, in May 2022, CyborgTech, a leading robo advisory platform, announced the acquisition of Fortuna, a Toronto-based fintech firm. This acquisition is predicted to help CyborgTech to cater to the demands of its customers in a much better way.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Robo Advisory Market:
- Robo advisory for tailor-made investment advice
- Company Acquisitions and Business Expansion by Market Players such as Wealthfront, Vanguard Group, and Others to Foster the Growth of the Global Robo Advisory Market
