Global Robo Advisory market size was valued at USD 968.97 Billion in 2022, and is projected to reach USD 2612.65 Billion by 2030, growing at a CAGR of 13.2% from 2022 to 2030.
Market Overview:
Wealth management firms provide Robo-Advisory, which is essentially an automated algorithm-based portfolio management service. It significantly lowers the administrative expenses of delivering all financial advice through labor, allowing wealth management firms to offer this service to their clients at a low cost. Robo Advisory is an automated portfolio management program that allows clients to alter and adapt their online investments to meet their long-term financial goals and short-term investing strategies. Robo advising services provide several benefits, including high-quality and low-cost portfolios, safe investments, and tax-loss harvesting. Furthermore, Robo advising platforms' analyses are based on current economic situations and real-time facts, reducing the danger of credit risk.
Top Key Players for Robo Advisory Market:
Betterment LLC, Charles Schwab Corporation, FutureAdvisor, Hedgeable Inc, Nutmeg, Personal Capital, SigFig Wealth Management, Stash Invest, Vanguard Personal Advisor, Wealthfront Inc., WiseBanyan and Other Major Players.
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Market Dynamics and Factors for Robo Advisory Market:
Drivers:
Exponential Digitalization in The Finance Sector
Rapid digitization in financial services, a movement in preference from traditional investment services to robot advising, and the need for cost-effective investment advisory are the primary reasons driving the worldwide Robo advisory market's growth. However, the Robo advising market's expansion is hampered by a lack of human competence. During the projection period, however, the untapped potential of emerging economies, as well as an increase in government support and efforts for robot advice, are projected to create a profitable opportunity for the robot advisory market to expand. Robo advising services have several benefits over traditional investing and advice methods, including high-quality and low-cost portfolios, tax-loss harvesting, and safe investments.
Opportunities:
Integration of Smart Contracts in the Robo Advisory Sector
Robo-advising services primarily comprise financial advisory services for people's finances. Due to the increased acceptance of digitalization across the investment business, along with the deployment of AI in robotics, Robo-advisers are fast replacing the gaps produced by human investment advisors, such as capability, capacity, and cost. Fintechs all across the world rely on a combination of technology and personal advice. They are fast developing Robo-advice services using AI and machine learning, which will provide accurate and transparent advisory services to ordinary investors, preventing them from making poor investing decisions.
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Segmentation Analysis of the Robo Advisory Market:
By Business Model, the Pure Robo Advisor segment dominates the Robo Advisory Market. The robot advisor is incorporated into the bank or financial firm’s business model, and rob advisor clients are also bank customers. It is not a separate legal entity nor an autonomous advisor, and it does not operate outside of the service offering.
By Service Provider, FinTech Robo Advisors dominates the Robo Advisory Market. Fintech software is already a part of the wealth management, financial planning, investing, and consultancy revolutions. In big data research, AI-powered apps are faster, produce more accurate findings, allow for remote operation, and are less expensive than skilled financial advisers in opulent offices.
By Business Model
- Pure Robo Advisors
- Hybrid Robo Advisors
By Service Provider
- FinTech Robo Advisors
- Banks
- Traditional Wealth Managers
- Others
By Service Type
- Direct Plan-Based/Goal-Based
- Comprehensive Wealth Advisory
By End User
- Retail Investor
- High Net Worth Individuals
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Regional Analysis of the Robo Advisory Market:
North America region dominating the Robo Advisory Market. Because of the existence of various major participants in the region, such as Betterment LLC, Charles Schwab & Co., Inc., Wealthfront Inc., and Vanguard Group, among others, the North American region is likely to dominate the market. In terms of technical progress and the robotics sector, the area has also surpassed other regions. To capitalize on the first-mover advantage and acquire maximum market traction, the company's major financial institutions are developing and launching new products. Citigroup, for example, introduced a new digital Robo-advisor in January 2020, which would offer free services to Citi's Priority clients who have at least USD 50,000 in accounts or investments with the bank.
By Regional Outlook
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
March 2022, California-based FinTech start-up Acorns specializing in micro-investing and Robo-investing has raised $300 million from private investors.
January 2022, UBS to acquire Wealthfront, automated investment services and Robo-adviser firm for USD 1.4 bn to expand in the American region.
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