LONDON, May 04, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the robo advisory market, the growing digitalization in financial services is contributing to the growth of the robo advisory market. In the financial industry, digital technologies such as artificial intelligence (AI), the cloud, blockchain, and fintech are making it easier to access funds and assisting the finance sector by using automated techniques to improve customer experience. For instance, in December 2020, Franklin Templeton, a US-based investment company, announced a partnership with Bambu and Apex Clearing to launch Tango, a new turnkey robo-adviser. This partnership will benefit by using the Apex platform to facilitate trading and custody for the robo-adviser and using the cloud-based platform of Bambu to facilitate a white-label software service. So, rising digital integration in financial services is driving the market's growth.
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The global robo advisory market share is expected to grow from $18.71 billion in 2021 to $28.10 billion in 2022 at a compound annual growth rate (CAGR) of 50.20%. The growth in the market is mainly due to the companies' resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global robo advisory market size is expected to reach $135.11 billion in 2026 at a CAGR of 48.08%.
Advancements in technology are significantly shaping the robo advisory market. With the advancement of technology in areas such as advanced analytics, artificial intelligence, and natural language processing, the effectiveness of robo-advisory is expected to increase. This will enable robo-advisors to strengthen the value proposition and have a greater impact across the value chain. For instance, in November 2020, Unifimoney Inc., a US-based company operating in robo advisory, announced a partnership with Quantel AI Inc. to launch AI-based robo-investing products as part of the Unifimoney investing platform. These products will use Quantel's proprietary AI engines to evaluate the risk profile and stated goals and advise on portfolio selection to meet the customer’s goals.
Major players in the robo advisory market are Betterment LLC, Charles Schwab & Co. Inc., Wealthfront Corporation, Personal Capital Corporation, Bambu, Blooom Inc., Ellevest, FutureAdvisor, Nutmeg Saving and Investment Limited, SigFig Wealth Management, The Vanguard Group Inc., SoFi Wealth, Hedgeable Inc., WiseBanyan Inc., AssetBuilder Inc., Ally Financial Inc., Wealthsimple, Axos Invest Inc., Scalable Capital, Moneyfarm, Acorns, United Income, T. Rowe Price, Rebellion Research, WealthNavi, TD Ameritrade, Schwab Intelligent Portfolios, Stash Invest, Fincite, Ginmon Vermogensverwaltung GmbH, and Social Finance Inc.
The global robo advisory market segmentation is categorised by service type into direct plan-based/goal-based, comprehensive wealth advisory; by provider into fintech robo advisors, banks, traditional wealth managers, others; by business model into pure robo advisors, hybrid robo advisors; by end-user into healthcare, education, retail, others.
In 2021, North America was the largest region in the robo advisory market. Asia-Pacific is expected to be the fastest growing region in the global robo-advisory market during the forecast period. The regions covered in the global robo advisory market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Robo Advisory Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide robo advisory market overviews, robo advisory market analyze and forecast market size and growth for the whole market, robo advisory market segments and geographies, robo advisory market trends, robo advisory market drivers, robo advisory market restraints, robo advisory market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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