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:
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)
Robo Advisory Market – Provider Outlook (Revenue, USD Million, 2017 – 2030)
Robo Advisory Market – Service Type Outlook (Revenue, USD Million, 2017 – 2030)
Robo Advisory Market – End User Outlook (Revenue, USD Million, 2017 – 2030)
Robo Advisory Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
List of Key Players of the Robo Advisory Market
Check out more related studies published by Grand View Research:
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.
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SOURCE Grand View Research, Inc.
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