SAN FRANCISCO, Aug. 31, 2022 /PRNewswire/ -- The global robo advisory market size is expected to reach USD 41.83 billion by 2030, growing at a CAGR of 29.7% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing use of smartphones coupled with the increased applications of chatbots on various investment and e-commerce platforms worldwide is anticipated to drive the demand for robo advisory during the projected period. In addition, the increasing awareness of digital investment consultation services is expected to drive market growth during the forecast period.
Key Industry Insights & Findings from the report:
- The pure robo advisors' segment is expected to witness the fastest growth during the forecast period owing to minimal human intervention offered by pure robo advisors.
- The banks segment is expected to witness the fastest growth during the forecast period. The growth of the segment can be attributed to the increasing digitalization across the banking sector, which is further expected to drive the demand for robo advisors in banks.
- The comprehensive wealth advisory segment is expected to witness the fastest growth during the projected period. The ability of comprehensive wealth advisory to cater to investment consultation inclusion at reasonable costs is propelling the segment growth.
- The High Net Worth Individuals (HNWIs) segment dominated the market in 2021. The dominance can be attributed to the increasing adoption of robo advisory by the HNWIs to save time and increasing investment returns. Hence, HNIWs are inclined towards adopting robo advisors.
- The Asia Pacific regional market is expected to witness the fastest growth during the forecast period. The regional growth is attributable due to the rising internet penetration and the swift uptake of new technologies.
Read 130-page market research report, "Robo Advisory Market Size, Share & Trends Analysis Report By Type (Pure Robo Advisors, Hybrid Robo Advisors), By Provider, By Service Type, By End-use, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Robo Advisory Market Growth & Trends
Robo-advisory includes algorithm and automated driven financial planning with little human involvement. Additionally, through an online survey, the robo-advisor gathers financial information from clients, such as their current financial position and future financial goals. Furthermore, using this information, robo advisors offer clients certain benefits such as quick account setup, portfolio management, and security features. Such factors are anticipated to drive the market in the near future.
Numerous emerging economies are encouraging regional players to improve their testing and research into robo-advisory services. Such initiatives are also expected to stimulate market growth. For instance, in August 2019, the Saudi Capital Market Authority (CMA) gave Haseed Investing Company and Wahed Capital authorization to test their robo-advisory services. This strategy is to promote the use of financial technology in the Arab market.
The pandemic has contributed positively to the market growth, thereby driving the demand for robo advisors in the near future. Several businesses have reported increased digital consulting activity in the first quarter of 2020. For instance, in April 2021, Betterment reported an increase in account openings by over 25% due to the COVID-19 pandemic These factors are expected to fuel the market growth during the forecast period.
Robo Advisory Market Segmentation
Grand View Research has segmented the global robo advisory market based on type, provider, service type, end user, and region:
Robo Advisory Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
- Pure Robo Advisors
- Hybrid Robo Advisors
Robo Advisory Market - Provider Outlook (Revenue, USD Million, 2017 - 2030)
- Fintech Robo Advisors
- Banks
- Traditional Wealth Managers
- Others
Robo Advisory Market - Service Type Outlook (Revenue, USD Million, 2017 - 2030)
- Direct Plan-based/Goal-based
- Comprehensive Wealth Advisory
Robo Advisory Market - End User Outlook (Revenue, USD Million, 2017 - 2030)
- Retail Investor
- High Net Worth Individuals
Robo Advisory Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of the Robo Advisory Market
- Betterment
- Fincite Gmbh
- Wealthfront Corporation
- The Vanguard Group, Inc.
- Charles Schwab & Co., Inc.
- Ellevest
- Ginmon Vermögensverwaltung GmbH
- Wealthify Limited
- Social Finance, Inc.
- SigFig Wealth Management
Check out more related studies published by Grand View Research:
- Educational Robots Market - The global educational robots market size is anticipated to reach USD 3.27 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 19.8% from 2021 to 2028. An educational robot can be defined as a learning companion that uses real-life educational models to aid students of different ages in obtaining new skills by making learning a fun process.
- Autonomous Mobile Robots Market - The global autonomous mobile robots market size is expected to reach USD 8.3 billion by 2027 registering a CAGR of 19.6% from 2020 to 2027, according to a new report by Grand View Research, Inc. Autonomous Mobile Robots (AMRs) have triggered a paradigm shift in performing tasks that are commonly associated with manufacturing and distribution, such as material picking, handling, and sorting.
- Cleaning Robot Market - The global cleaning robot market size is expected to reach USD 6.2 billion by 2025, registering a revenue-based CAGR of 14.6% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. The rising penetration of technologies such as Artificial Intelligence (AI), and Virtual Reality (VR) is a major factor driving the market growth. In addition, the higher costs of mopping labors in emerging countries is boosting the demand for robotic vacuums.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
