LONDON, Jan. 02, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Robo Advisory Global Market Report 2024, the global robo advisory market has witnessed extraordinary growth, surging from $41.63 billion in 2023 to an estimated $61.99 billion in 2024 at a remarkable Compound Annual Growth Rate (CAGR) of 48.9%. The trajectory continues to soar, with projections indicating robo advisory market to reach $310.16 billion by 2028 at a CAGR of 49.6%.
Robo Advisory Market Key Segments and Trends:
- Service Types:
- Direct Plan-Based/Goal-Based
- Comprehensive Wealth Advisory
- Providers:
- Fintech Robo Advisors
- Banks
- Traditional Wealth Managers
- Other Providers
- Business Models:
- Pure Robo Advisors
- Hybrid Robo Advisors
- End Users:
- Healthcare
- Education
- Retail
- Other End Users
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Blockchain Technology Driving Growth:
The rising penetration of blockchain technology stands out as a key driver propelling the robo advisory market forward. Blockchain's robust security features, including decentralized and tamper-resistant ledgers, enhance the security and integrity of financial transactions and sensitive data on robo-advisory platforms. Moreover, blockchain enables the tokenization of traditional assets, expanding the range of assets available to investors, including traditionally illiquid ones.
For instance, the USA's Santa Cruz county approved a blockchain technology-based digital wallet for government services, showcasing the potential for innovative blockchain applications.
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Technological Integration - AI and ML:
Companies in the robo advisory market are actively integrating cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) to enhance efficiencies. A prime example is Kenanga Digital Investing (KDI), a fully automated AI-driven robo-advisor introduced by Kenanga Investment Bank Berhad in Malaysia. KDI offers two products, KDI Save and KDI Invest, providing users with daily returns on savings and access to global investment opportunities through US-listed Exchange Traded Funds (ETFs).
Industry players can leverage the insights provided in the comprehensive robo advisory market report to strategically position themselves for success. By staying informed about emerging trends, technological advancements, and market dynamics, companies can tailor their strategies to capitalize on the tremendous growth potential in the robo advisory market.
Robo Advisory Global Market Report 2024 by The Business Research Company provides insights on the robo advisory market size, robo advisory market segments, robo advisory market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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