Global Robo Advisory Market to Expand at 14.95% till 2023

New York March 27, 2019 : According to a new report released by Research on Global Markets, the global robo advisory market is expected to expand at a compound annual growth rate (CAGR) of 53.8% and reach a market size of USD 74 Bn by 2023.

The advent of artificial intelligence (AI) systems and the internet of things (IoT) have brought revolutionary changes in many sectors and industries of the world. Due to these advanced new technologies, several monotonous and tedious tasks previously performed through manual labor is now increasingly becoming automated. The robo-advisors are also a manifestation of this technologically advanced era and are extensively adopted in the financial sector. Wealth management services providers and financial companies are experiencing a shift as human-advisors are increasingly getting replaced by robo advisors.

Financial services like standard profile creation and asset management, when covered by human financial advisors, are naturally subjected to certain flaws and errors. Robo-advisors are computed systems that can efficiently calculate client goals and risks which saves the financial enterprise a substantial amount of labor costs and time. There have been instances of wealth mismanagement at the hands of human financial advisors that further makes the automated robo-advisors a compelling risk-free asset to financial companies. Robo-advisors are increasingly getting viewed and accepted as reliable digital platforms for primary wealth management solutions. The transparent aspect of this financial management technology is a major factor driving the global robo advisory market.

At present, robo-advisory platforms can only provide a limited number of services and financial advice and are yet not fully developed to perform complex financial calculations. Robo-advisory services are cost-effective both for the financial company employing them and their clients. However, low revenue yield restrains the growth of this market. The replacement of human financial advisors by robo-advisors are a cause for concern to many individuals employed in this sector and this can inhibit the growth of the market to a certain extent. Robo-advisors offer a secure and private platform to investors where they can manage their assets and calculate risks without any human interference and bias.

The region of North America is leading the global robo advisory market as it holds a business share of 52%. This is owing to a significant initial demand for automated advisory since the region experiences a high rate of private wealth accumulation which first escalated the need for financial advisors. The market is fast developing in Europe as it already has more than 80 robo-advisors presently operating. The countries of the U.K. and Germany are expected to be the most potential markets in this region. Asia-Pacific (18% share) is the fastest growing market with a forecasted 61% CAGR during 2018-2023 largely due to younger high net worth individuals since they are quicker at adopting latest technologies, and flourishing international trade in India and China. Latin America (6% share) and the Middle East and Africa (5% share) too, are promising markets.Key insights covered in the report:

1. Market scope and segmentation
2. Global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Bn), geography wise market revenue (USD bn), and key market challenges
3. Global market drivers and current trends
4. Value chain analysis
5. Porter's five forces analysis
6. Regional market segmentation – North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
7. 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
8. 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

For more information, download Global Robo Advisory Market Report: https://www.researchonglobalmarkets.com/global-robo-advisory-market-2018-2023.html

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This release was published on openPR.