Global Robo Advisory Market comprehensive analysis 2020- 2027: Outlook by Trends, Potential opportunities, growth restraints and Future Prospects

Worldwide Market Reports added “Robo Advisory Market” to its vast collection of research Database. The report classifies the Global Robo Advisory Market in a precise manner to offer detailed insights into the aspects responsible for augmenting as well as restraining market growth.

Robo advisory is an algorithm-based, automated portfolio management service offered by wealth management companies. Robo advisory helps in decreasing management cost of financial advice provided through manpower. It allows customers to consistently customize and adjust online investments to meet their financial goals. The global robo advisory market is expected to grow at a high rate due increasing internet penetration and growing prevalence of digital advice technologies.

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Rising internet penetration, growing investments by customers at low costs, and increasing maturity of technologies for digital advice are the major factors driving growth of the global robo advisory market. For instance, according to Digital India, a flagship program of the Indian Government, the number of internet users in India is expected to reach 730 million by the end of 2020. Moreover, awareness among people regarding online financial advices is contributing to the market growth.

Lack of direct support to clients, increasing risks in profiles, and inability to adapt changes in scenario are the factors restraining growth of the global robo advisory market.

North America dominates the global robo advisory market due to presence of several key players in the region such as Wealthfront Inc., Betterment LLC, Vanguard Group, and Charles Schwab. Moreover, the key players in the region are focused on bringing developments to robo advisory and therefore aid the market growth. For instance, in March 2020, New York-based Betterment LLC reached US$ 22 billion AUM (Asset under Management) with 500,000 user accounts. Moreover, increasing technological advancements and growing robotics industry are also propelling the regional growth.

Competitors section:

Key player of the global robo advisory market are FutureAdvisor, Vanguard Personal Advisor, Betterment LLC, Personal Capital, WiseBanyan, Wealthfront, and SigFid Wealth Management.

In September 2020, Wealthfront launched ‘Autopilot’, a new series to automate account monitoring and money movement for saving plans of clients.

In August 2020, Personal Capital’s user base and application was valued between US$ 450 million and US$ 690 million.

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