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Expansion Of Cloud Computing And SaaS Platforms Fuels Market Growth Due To Rising Demand For Scalable And Cost-Effective IT Solutions: An Emerging Driver Transforming The Smart Advisor Market Landscape
Smart Advisor Market
What Is the Projected Growth of the Smart Advisor Market?
The market size of smart advisors has experienced significant expansion in the recent past. The market worth is set to surge from $5.59 billion in 2024 to $6.73 billion in 2025, with a CAGR of 20.4%. This historic growth is primarily due to factors like the heightened usage of artificial intelligence, the prevalence of machine learning algorithms, increasing acceptance of chatbots, the proliferation of voice assistants, the trend towards personalized customer experiences, and the widespread appeal of mobile-first solutions.The market size of smart advisors is predicted to undergo major expansion in the forthcoming years, reaching a worth of $14.01 billion by 2029, with a compound annual growth rate (CAGR) of 20.1%. This surge over the predicted period is primarily due to the increasing need for automated customer service, the growth in investments in AI-oriented technologies, the extensive use of virtual assistants in healthcare sectors, the broadening of smart home integration, the escalating demand for round-the-clock customer support solutions, and the amplified usage of predictive analytics. Key emerging trends over the prediction period will be the amalgamation of AI with augmented reality (AR) and virtual reality (VR), the proliferation of AI-based voice commerce, the acceptance of AI-enabled smart advisors in small and medium businesses (SMEs), the fusion of AI smart advisors with wearable technology, and the creation of AI smart advisors for geriatric care.
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What Are the Different Smart Advisor Market Segments?
The smart advisor market covered in this report is segmented -
1) By Component: Software, Services
2) By Application: Websites, Social Media, Mobile Platform, Contact Centers
3) By End Use Industry: Banking, Financial Services, and Insurance (BFSI), Healthcare, Retail And E Commerce, Consumer Electronics, Education, Government, Hospitality, Other End User Industries
Subsegments:
1) By Software: AI-Based Smart Advisor Software, Virtual Assistant Software, Chatbot Software, Predictive Analytics Software
2) By Services: Smart Advisor Implementation Services, Smart Advisor Maintenance And Support Services, Smart Advisor Consulting Services, Integration Services
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What Are the Primary Drivers Shaping the Smart Advisor Market?
The growth of the smart advisor market is predicted to be accelerated by the proliferation of cloud computing and SaaS platforms. Cloud computing offers on-demand resources shared over the internet, and SaaS platforms, meanwhile, provide software applications through the cloud, operating on a subscription basis. The rise in demand for a scalable, cost-effective, and flexible IT infrastructure across various industries drives the expansion of cloud computing and SaaS platforms. Smart Advisor enhances these platforms by providing smart, data-driven insights to boost performance, improve scalability, and foster user engagement. As an example, in December 2023, Eurostat, an intergovernmental organization based in Europe, reported that 45.2% of EU enterprises had incorporated cloud computing services, reflecting a 4.2 percentage point growth from 2021. Hence, the surging popularity and usage of cloud computing and SaaS platforms propels the advancement of the smart advisor market.
Which Companies Are Leading in the Smart Advisor Market?
Major companies operating in the smart advisor market are Microsoft Corporation, accenture* plc, International Business Machines Corporation, SAP SE, Salesforce.com Inc., Amazon Web Services Inc., Broadridge Financial Solutions Inc., Hexagon AB, Genesys Telecommunications Laboratories Inc., Pega Systems Inc., Verint Systems Inc., Inbenta Technologies Inc., Kore.ai Inc., Gupshup Technologies India Pvt. Ltd., 24/7 Customer Inc., Ada Support Inc., LivePerson Inc., Creative Virtual Pvt. Ltd., Tidio LLC, Haptik AI, eGain Corporation, Rasa Technologies Inc., Netformx Inc., Solvvy Inc.
What Are the Major Trends Shaping the Smart Advisor Market?
Primary players in the smart advisor market are prioritizing the implementation of artificial intelligence and machine learning systems, such as AI-fueled financial consultants, to offer custom financial recommendations that foster better decision-making and maximize client portfolios. AI-based financial consultants provide bespoke investment counsel and financial strategy solutions that amplify client interaction and optimize portfolio yield through sophisticated data examination and automation. For instance, in July 2024, Mool.ai, a fintech firm from India, introduced Birbal, an AI-propelled financial guide. This provides customized financial suggestions using generative AI, modifying the advice based on the individual's particular financial situations. By consolidating the data from multiple bank accounts, it simplifies expense management, allowing users to effectively scrutinize their consumption patterns. It also provides a zero-commission investment option, giving way for direct investments in cherry-picked portfolios without any charge.
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What Are the Top Revenue-Generating Geographies in the Smart Advisor Market?
North America was the largest region in the smart advisor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart advisor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Advisor Market?
2. What is the CAGR expected in the Smart Advisor Market?
3. What Are the Key Innovations Transforming the Smart Advisor Industry?
4. Which Region Is Leading the Smart Advisor Market?
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