Robo Advisory Market size was over USD 6.69 billion in 2023 and is anticipated to cross USD 206.71 billion by 2036, witnessing more than 30.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of robo advisory is estimated at USD 8.31 billion.
The market is thriving on the back of growing financial industry and the continuous efforts of organizations to adopt new technologies to deliver financial services in cheaper and more efficient ways. Furthermore, growing need to manage assets of people for long term financial goals with minimal risk of loss are some of the factors anticipated to drive the growth of the market.
Growth Drivers
Challenges
2023 |
|
Forecast Year |
2024–2036 |
CAGR |
30.2% |
Base Year Market Size (2023) |
USD 6.69 billion |
Forecast Year Market Size (2036) |
USD 206.71 billion |
Regional Scope |
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The global robo advisory market is segmented by service type into wealth management and cash management, out of which, wealth management segment is anticipated to hold the largest market share on the back of growing household wealth amongst population as well as for the growth of affluence worldwide. Moreover, growing need amongst customers for asset allocation on the back of limited financial background knowledge is also anticipated to promote significantly towards the growth of the segment in the market.
Our in-depth analysis of the global market includes the following segments:
By Type |
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By Service Type |
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By End User |
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North America industry is estimated to hold largest revenue share by 2036, led by increased awareness amongst consumers for robo advisory solutions and services as well as the need amongst the consumers to manage their financial activities. Moreover, presence of numerous affluences in the regions is also anticipated to contribute significantly towards the growth of the market over the coming years.
Additionally, Asia Pacific is anticipated to gain significant market share on the back of rising household wealth amongst the population in the region and growing awareness for robo advisory services amongst the consumers. According to Global Wealth Databook 2019 of the Credit Suisse Research Institute, Asia Pacific constituted the largest share of total household wealth of around 39.16% amongst all other regions in the year 2019. North America had the second largest share followed by Europe with 31.78% and 25.17% respectively.
Charles Schwab & Co., Inc. have announced the launch of Schwab Intelligent Income™, which is an income solution designed to modernize how investors can pay themselves in retirement or any other time from their investment portfolios.
The Vanguard Group, Inc. have announced a joint partnership with Ant Financial to bring a new streamlined and broadly available investment advisory wealth management services to retail consumers in China.
Author Credits: Abhishek Verma
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