Overview and Scope
Robo-advisor refers to a type of automated financial advisor that provides algorithm-driven wealth management services with little to no human intervention. The robo advisory is engaged in providing financial advice in an online mode. Robo-advisors offer digital investment management services platforms with the help of automated, algorithm-driven financial planning services with very little to no human intervention. They use an online questionnaire to collect information from clients regarding their financial situation, degree of risk, and future goals, and then use the data to offer advice and automatically invest client assets.
Sizing and Forecast
The robo advisory market size has grown exponentially in recent years. It will grow from $41.63 billion in 2023 to $61.99 billion in 2024 at a compound annual growth rate (CAGR) of 48.9%. The growth in the historic period can be attributed to cost efficiency, democratization of finance, market awareness and acceptance.
The robo advisory market size is expected to see exponential growth in the next few years. It will grow to $310.16 billion in 2028 at a compound annual growth rate (CAGR) of 49.6%. The growth in the forecast period can be attributed to regulatory environment, integration with traditional services, global economic trends, cybersecurity measures. Major trends in the forecast period include customization and personalization, technological advancements, hybrid models, ai and machine learning advances, sustainable and esg investing, crypto and alternative investments, partnerships and collaborations.
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Segmentation & Regional Insights
The robo advisory market covered in this report is segmented –
1) By Service Type: Direct Plan-Based/Goal-Based, Comprehensive Wealth Advisory
2) By Provider: Fintech Robo Advisors, Banks, Traditional Wealth Managers, Other Providers
3) By Business Model: Pure Robo Advisors, Hybrid Robo Advisors
4) By End User: Healthcare, Education, Retail, Other End Users
North America will be the largest region in the robo advisory market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the robo advisory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing digitalization in financial services is contributing to the growth of the robo advisory market. In the financial industry, digital technologies such as artificial intelligence (AI), the cloud, blockchain, and fintech are making it easier to access funds and assisting the finance sector by using automated techniques to improve customer experience. For instance, in June 2023, according to the Australian Banking Association, an Australia-based trade group representing the Australian banking sector, Australians had firmly shifted to digital banking, with 98.9% of interactions happening digitally. So, rising digital integration in financial services is driving the market’s growth.
Key Industry Players
Major companies operating in the robo advisory market report are Betterment LLC, Charles Schwab & Co. Inc., Wealthfront Corporation, Personal Capital Corporation, Bambu Labs Inc., Blooom Inc., Ellevest Inc., FutureAdvisor Inc., Nutmeg Saving and Investment Limited, SigFig Wealth Management LLC, The Vanguard Group Inc., Social Finance Inc., Hedgeable Inc., WiseBanyan Inc., AssetBuilder Inc., Ally Financial Inc., Axos Invest Inc., Scalable Capital Limited, Moneyfarm Ltd., Acorns Grow Incorporated, United Income LLC, T. Rowe Price Associates Inc., Rebellion Research, Ginmon Vermogensverwaltung GmbH, Invesco Ltd., WisdomTree Investments Inc., Northern Trust Corporation, First Trust Advisors LP, VanEck Associates Corporation, ProShares Advisors LLC, Global X Management Company LLC, Direxion Investments
The robo advisory market report table of contents includes:
1. Executive Summary
2. Robo Advisory Market Characteristics
3. Robo Advisory Market Trends And Strategies
4. Robo Advisory Market – Macro Economic Scenario
5. Global Robo Advisory Market Size and Growth
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26. South America Robo Advisory Market
27. Brazil Robo Advisory Market
28. Middle East Robo Advisory Market
29. Africa Robo Advisory Market
30. Robo Advisory Market Competitive Landscape And Company Profiles
Top Major Players:
- Betterment LLC
- Charles Schwab & Co. Inc
- Wealthfront Corporation
- Personal Capital Corporation
- Bambu Labs Inc
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