Global Robo-advisory Market to Expand a Significant 53.8% CAGR till 2023
According to a new Netscribes report published on Research on Global Markets, the global robo-advisory market is expected to have a significant compound annual growth rate (CAGR) of 53.8% till 2023, and reach a market size of USD 74 Bn during the 2018 – 2023 period.
A Robo-advisor is an algorithm-based digital platform that collects information from customers through online surveys to understand their financial situation and goals. According to the new report, technological advancements coupled with increased internet penetration are the primary growth drivers for the overall robo-advisors market. Diversified services offered by new entrants are also expected to proliferate growth of the global robo-advisory market.
The report also shows that a shift in preference towards automation, cost reduction and simplified client experiences have ensured the emergence of robo-advisors as the most prominent trend in the wealth management industry. Rising demand for customized solutions for complex investment needs is resulting in the growing popularity of robo-advisors across all the regions. Region-wise, North America currently holds the largest share of the global robo-advisory market owing to the increased adoption of robo-advisors for wealth management. Also, the Asia-Pacific region is poised for significant expansion on a CAGR basis during the forecasted period.
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Key highlights of this report:
- Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography wise market revenue (USD bn), and key market challenges
- Qualitative analysis of the drivers and challenges affecting the global market
- Major trends in the global robo-advisory market
- Analysis of the competitive landscape and profiles of the major players operating in the market
- Market segmentation based on types of robo-advisors (pure and hybrid) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on types of client assets (pension funds, insurance companies, sovereign mutual funds, HNWI and the mass affluent) - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), and key market observations
- Market segmentation based on region (North America, Europe, Asia-Pacific, Latin America, and The Middle East and Africa)
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for robo-advisors worldwide to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.