Newark, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 5.82 Billion in 2022 robo advisory market will reach USD 98.09 Billion by 2032. The widespread digitalization of the financial sector is expected to increase demand for robo advisors by giving consumers access to the tech-enabled insights that these advisers provide for investment advice. The rapid shift from traditional investment services to robo-advising investment services is another factor propelling the market's expansion. Furthermore, the fact that more and more investment platforms are offering robo-advisers as new digital financial advisors in addition to traditional investment services has expanded the potential for growth for robo advisors.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 5.82 Billion |
| Market Size in 2032 | USD 98.09 Billion |
| CAGR | 32.64% |
| No. of Pages in Report | 238 |
| Segments Covered | Type, Provider |
| Drivers | Demand for individualised financial plans |
| Restraints | Limited flexibility |
Key Insight of the Robo Advisory Market
Asia Pacific is anticipated to expand at the highest CAGR of 34.27% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 34.27% over the forecast period. The growth of the regional market can be attributed to consumers' increasing knowledge of the advantages of utilising automated financial help for investments and savings. It is anticipated that the initiatives being taken by numerous businesses in the Asia Pacific region to encourage the usage of robo advising services would also aid in the region's expansion. For example, TradeSmart, one of India's top new-age online discount brokerage companies, announced in July 2022 that it has partnered with Modern Algos to provide AI-powered advising services. AI is included into this platform to give users a productive order management solution. Using deep insights derived from algorithms, it guarantees that each user receives a personalised advisory that is appropriate for their age, investment portfolio, and future objectives.
The pure robo advisors segment is expected to register the highest CAGR of 35.64% over the projected period in the robo advisory market.
The pure robo advisors segment is anticipated to grow at the highest CAGR of 35.64% in the robo advisory market. Pure robo advisor demand is predicted to rise as a result of consumers' increasing preference for robo advisers on a global scale, greatly boosting the market's expansion. Furthermore, affordable consultation fees, thorough instruction, security features, and attentive client support are provided by pure robo advisers. The usage of pure robo advisers has increased as a result of these factors.
Over the projected period, the banks segment is expected to register the highest CAGR of 35.92% in the robo advisory market.
Over the forecasted period, the banks segment is anticipated to grow at the highest CAGR of 35.92% in the robo advisory market. Banks work hard to enhance the customer experience and digitise their products. Particularly small banks are choosing digitalized services when opening an account, which is driving up demand for chat-based robo advising services. These improvements are being made in the banking industry to improve competitiveness and obtain leverage, which will likely accelerate segment expansion.
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Market Dynamics
Driver: Demand for individualised financial plans
The rise of robo-advisors provides an alternative to traditional financial counsellors. One essential element of robo-advisors' sustainability is their ability to offer personalised financial advice. Investors are starting to favour customised investing solutions more and more. Businesses that can offer customised options at scale are obtaining an advantage over rivals in the new era of investment management. It has become more and more important in recent times for clients to have highly customised and automated investing solutions. A growing number of end users, including institutional clients, retail investors, and others, are requesting tailored investment strategies, which is contributing to the growth of the robo advisory market. Personalised robo-advisory systems offer content and recommendations tailored to the user's preferences and needs. Roboadvisors, for instance, can send customised emails, newsletters, and alerts to their clients with relevant information, suggestions, and updates regarding the performance of their portfolios, market trends, and financial goals. By utilising data analytics and machine learning, businesses can also suggest suitable products, services, and strategies to their clients depending on their financial requirements, time horizon for investments, and risk tolerance. As a result, the growing need for personalised investment solutions will fuel the growth of the robo-advisory market.
Restraint: Limited flexibility
The limited flexibility of the robo advisers is anticipated to limit the market's growth over the forecast period. Moreover, it is expected that the lack of face-to-face interactions between advisers and investors will hinder both market expansion and consultation. While automated services are handy for some investors, others value face-to-face communication and the chance to discuss investments with a financial advisor. Robo-advisory platforms might not be able to provide certain people with the intricate financial or emotional help they need.
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Some of the major players operating in the robo advisory market are:
• Fincite GmbH
• The Vanguard Group, Inc.
• Ellevest
• Wealthify Limited
• SigFig Wealth Management
• Wealthfront Corporation.
• Ginmon Vermögensverwaltung GmbH
• Betterment
• Social Finance, Inc.
• Charles Schwab & Co., Inc.
Key Segments cover in the market:
By Type:
• Hybrid Robo Advisors
• Pure Robo Advisors
By Provider:
• Banks
• Fintech Robo Advisors
• Traditional Wealth Managers
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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