Robo Advisory Market Size Worth $41.83 Billion by 2030: Grand View Research, Inc.

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Aug 31, 2022, 08:00 ET

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

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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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