Smart Advisor Market Strategies and Share 2031
The smart advisor market size is projected to reach US$ 33.39 billion by 2031 from US$ 5.95 billion in 2023. The market is expected to register a CAGR of 24.1% during 2023–2031. Personalized planning based on AI-driven insights is likely to remain a key trend in the market.
Smart Advisor Market Analysis
The smart advisor market has witnessed significant growth in recent years, steered by innovations in artificial intelligence (AI) and machine learning (ML) technologies. Factors such as increasing adoption of digital platforms and the huge penetration of mobile devices are driving the smart advisor market growth. Increasing demand from the BFSI industry is anticipated to provide growth opportunities for the global smart advisor market in the coming years.
Smart Advisor Market Overview
Smart Advisor is a digital platform for investor communication that helps financial advisors communicate more effectively and efficiently. Smart advisor is a delivery system that enables investment professionals to access and deliver relevant documents to investors for marketing, sales, compliance, and regulatory communications. Smart Advisor saves huge time and money for corporate firms by enabling advisers to transmit any document to clients.
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Smart Advisor Market: Strategic Insights
Market Size Value in US$ 4,979.9 million in 2022 Market Size Value by US$ 23,587.6 million by 2030 Growth rate CAGR of 21.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Smart Advisor Market: Strategic Insights
Market Size Value in | US$ 4,979.9 million in 2022 |
Market Size Value by | US$ 23,587.6 million by 2030 |
Growth rate | CAGR of 21.5% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Base Year | 2022 |
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Speak to AnalystSmart Advisor Market Drivers and Opportunities
Increasing Adoption of Digital Platforms to Favor Market
In a technology-driven world, adoption of smart and intelligent methodologies in financial management are necessary. In such a scenario, the financial advisory industry is increasingly moving towards smart financial services. This demand also is largely promoting growth in the global smart advisor market. Moreover, digital transformation has changed the way the financial industry operates. Increasing adoption of digital platforms in the financial industry increases the adoption of smart advisors among consumers. By embracing smart advisors, organizations can enhance customer satisfaction, improve engagement, and meet the evolving demands of today's digital-savvy consumers.
Increasing demand from the BFSI industry
Nowadays, consumers do not have time to maintain their own finance due to busy schedules & other professional tasks. Estimating financial goals, finding suitable products, and arriving at suitable allocations to various assets requires specific expertise and skills which may not be possible by common people. Moreover, financial planning is a dynamic process, and it requires huge attention due to changing market situations. As financial planning requires time & attention, to meet the future needs, many people were increasingly adopting smart advisor solutions.
Smart Advisor Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart advisor market analysis are offering, application, and end-user industry.
- Based on offering, the smart advisor market is divided into software and services. The software segment held a larger market share in 2023.
- By application, the market is segmented into investment advice and customer support. The investment advice segment held a larger market share in 2023.
- In terms of end use industry, the market is segmented into BFSI, healthcare, retail & e-commerce, consumer electronics, education, government, hospitality, and others. The BFSI segment is expected to grow with the highest CAGR over the forecast period.
Smart Advisor Market Share Analysis by Geography
The geographic scope of the smart advisor market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North American smart advisor market is a rapidly growing sector that is driven by technological advancements and the increasing demand for personalized and efficient customer experiences. North America, which includes countries such as the United States and Canada, is known for its strong technological infrastructure and high adoption rates of digital solutions. North America has been identified as a region with high adoption rates of smart advisor technologies, particularly in the software sector. The region has a well-established market for AI and ML technologies, which form the backbone of smart advisor systems.
Smart Advisor Market Report Scope
Smart Advisor Market News and Recent Developments
The smart advisor market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart advisor market are listed below:
- Betterment, a leading digital investment platform, has recently launched its new Tax-Smart Transitions features tailored specifically for financial advisors. This new offering aims to simplify and optimize the tax transition process for advisors and their clients when transitioning portfolios. The Tax-Smart Transitions features developed by Betterment utilize advanced algorithms and tax optimization strategies to minimize the tax impact during portfolio transitions. Advisors can now seamlessly transition clients' investments while considering tax implications, ensuring a more efficient and cost-effective process (Source: Betterment, Press Release, June 2023)
- GrainFox, a leading technology company, has recently launched its innovative Smart Advisor platform. This platform leverages machine learning and AI technologies to provide advanced advisory services to its users. The introduction of this platform marks a significant milestone in the company's commitment to delivering cutting-edge solutions to its clients. The Smart Advisor platform developed by GrainFox is designed to offer personalized recommendations and guidance to users in various industries. By examining immense amounts of data and leveraging sophisticated algorithms, the platform can provide valuable insights and actionable advice to help users make informed decisions. (Source: GrainFox, Press Release, February 2023)
Smart Advisor Market Report Coverage and Deliverables
The “Smart Advisor Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Smart advisor market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Smart advisor market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Smart advisor market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart advisor Market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering, Application, End-use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The global smart advisor market is projected to reach US$ 33.39 billion by 2031.
Personalized planning based on AI-driven insights is anticipated to play a significant role in the global smart advisor market in the coming years.
The leading players operating in the smart advisor market are Artificial Solutions, Creative Virtual Pvt. Ltd., CX Company, eGain Corporation, IBM Corp, iDAvatars (IDA), Ivanti, Next IT Corporation, Nuance Communications Inc., Speaktoit Inc., 24/7 Customer Inc, Broadridge, Genesys, AMETEK Surface Vision, Tencent Cloud., Oracle, Smart Advisors Group, Temenos, Microsoft, and GrainFox.
The major factors driving the smart advisor market are the increasing adoption of digital platforms and the huge penetration of mobile devices.
The global smart advisor market is expected to grow at a CAGR of 24.1% during the forecast period 2024 - 2031.
North America is expected to dominate the market in 2023
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Smart Advisors Market - By Type
1.3.2 Smart Advisors Market - By Application
1.3.3 Smart Advisors Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SMART ADVISORS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. SMART ADVISORS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SMART ADVISORS MARKET - GLOBAL MARKET ANALYSIS
6.1. SMART ADVISORS - GLOBAL MARKET OVERVIEW
6.2. SMART ADVISORS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SMART ADVISORS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SOFTWARE
7.3.1. Overview
7.3.2. Software Market Forecast and Analysis
7.4. SERVICE
7.4.1. Overview
7.4.2. Service Market Forecast and Analysis
8. SMART ADVISORS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. BFSI
8.3.1. Overview
8.3.2. BFSI Market Forecast and Analysis
8.4. HEALTHCARE
8.4.1. Overview
8.4.2. Healthcare Market Forecast and Analysis
8.5. TRAVEL AND HOSPITALITY
8.5.1. Overview
8.5.2. Travel and Hospitality Market Forecast and Analysis
8.6. EDUCATION
8.6.1. Overview
8.6.2. Education Market Forecast and Analysis
8.7. GOVERNMENT
8.7.1. Overview
8.7.2. Government Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. SMART ADVISORS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Smart Advisors Market Overview
9.1.2 North America Smart Advisors Market Forecasts and Analysis
9.1.3 North America Smart Advisors Market Forecasts and Analysis - By Type
9.1.4 North America Smart Advisors Market Forecasts and Analysis - By Application
9.1.5 North America Smart Advisors Market Forecasts and Analysis - By Countries
9.1.5.1 United States Smart Advisors Market
9.1.5.1.1 United States Smart Advisors Market by Type
9.1.5.1.2 United States Smart Advisors Market by Application
9.1.5.2 Canada Smart Advisors Market
9.1.5.2.1 Canada Smart Advisors Market by Type
9.1.5.2.2 Canada Smart Advisors Market by Application
9.1.5.3 Mexico Smart Advisors Market
9.1.5.3.1 Mexico Smart Advisors Market by Type
9.1.5.3.2 Mexico Smart Advisors Market by Application
9.2. EUROPE
9.2.1 Europe Smart Advisors Market Overview
9.2.2 Europe Smart Advisors Market Forecasts and Analysis
9.2.3 Europe Smart Advisors Market Forecasts and Analysis - By Type
9.2.4 Europe Smart Advisors Market Forecasts and Analysis - By Application
9.2.5 Europe Smart Advisors Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Smart Advisors Market
9.2.5.1.1 Germany Smart Advisors Market by Type
9.2.5.1.2 Germany Smart Advisors Market by Application
9.2.5.2 France Smart Advisors Market
9.2.5.2.1 France Smart Advisors Market by Type
9.2.5.2.2 France Smart Advisors Market by Application
9.2.5.3 Italy Smart Advisors Market
9.2.5.3.1 Italy Smart Advisors Market by Type
9.2.5.3.2 Italy Smart Advisors Market by Application
9.2.5.4 United Kingdom Smart Advisors Market
9.2.5.4.1 United Kingdom Smart Advisors Market by Type
9.2.5.4.2 United Kingdom Smart Advisors Market by Application
9.2.5.5 Russia Smart Advisors Market
9.2.5.5.1 Russia Smart Advisors Market by Type
9.2.5.5.2 Russia Smart Advisors Market by Application
9.2.5.6 Rest of Europe Smart Advisors Market
9.2.5.6.1 Rest of Europe Smart Advisors Market by Type
9.2.5.6.2 Rest of Europe Smart Advisors Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Smart Advisors Market Overview
9.3.2 Asia-Pacific Smart Advisors Market Forecasts and Analysis
9.3.3 Asia-Pacific Smart Advisors Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Smart Advisors Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Smart Advisors Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Smart Advisors Market
9.3.5.1.1 Australia Smart Advisors Market by Type
9.3.5.1.2 Australia Smart Advisors Market by Application
9.3.5.2 China Smart Advisors Market
9.3.5.2.1 China Smart Advisors Market by Type
9.3.5.2.2 China Smart Advisors Market by Application
9.3.5.3 India Smart Advisors Market
9.3.5.3.1 India Smart Advisors Market by Type
9.3.5.3.2 India Smart Advisors Market by Application
9.3.5.4 Japan Smart Advisors Market
9.3.5.4.1 Japan Smart Advisors Market by Type
9.3.5.4.2 Japan Smart Advisors Market by Application
9.3.5.5 South Korea Smart Advisors Market
9.3.5.5.1 South Korea Smart Advisors Market by Type
9.3.5.5.2 South Korea Smart Advisors Market by Application
9.3.5.6 Rest of Asia-Pacific Smart Advisors Market
9.3.5.6.1 Rest of Asia-Pacific Smart Advisors Market by Type
9.3.5.6.2 Rest of Asia-Pacific Smart Advisors Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Smart Advisors Market Overview
9.4.2 Middle East and Africa Smart Advisors Market Forecasts and Analysis
9.4.3 Middle East and Africa Smart Advisors Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Smart Advisors Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Smart Advisors Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Smart Advisors Market
9.4.5.1.1 South Africa Smart Advisors Market by Type
9.4.5.1.2 South Africa Smart Advisors Market by Application
9.4.5.2 Saudi Arabia Smart Advisors Market
9.4.5.2.1 Saudi Arabia Smart Advisors Market by Type
9.4.5.2.2 Saudi Arabia Smart Advisors Market by Application
9.4.5.3 U.A.E Smart Advisors Market
9.4.5.3.1 U.A.E Smart Advisors Market by Type
9.4.5.3.2 U.A.E Smart Advisors Market by Application
9.4.5.4 Rest of Middle East and Africa Smart Advisors Market
9.4.5.4.1 Rest of Middle East and Africa Smart Advisors Market by Type
9.4.5.4.2 Rest of Middle East and Africa Smart Advisors Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Smart Advisors Market Overview
9.5.2 South and Central America Smart Advisors Market Forecasts and Analysis
9.5.3 South and Central America Smart Advisors Market Forecasts and Analysis - By Type
9.5.4 South and Central America Smart Advisors Market Forecasts and Analysis - By Application
9.5.5 South and Central America Smart Advisors Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Smart Advisors Market
9.5.5.1.1 Brazil Smart Advisors Market by Type
9.5.5.1.2 Brazil Smart Advisors Market by Application
9.5.5.2 Argentina Smart Advisors Market
9.5.5.2.1 Argentina Smart Advisors Market by Type
9.5.5.2.2 Argentina Smart Advisors Market by Application
9.5.5.3 Rest of South and Central America Smart Advisors Market
9.5.5.3.1 Rest of South and Central America Smart Advisors Market by Type
9.5.5.3.2 Rest of South and Central America Smart Advisors Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. SMART ADVISORS MARKET, KEY COMPANY PROFILES
11.1. [24]7.AI, INC
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ARTIFICIAL SOLUTIONS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. CREATIVE VIRTUAL PVT. LTD.
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. CX COMPANY
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. EGAIN CORPORATION
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IBM CORP
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. IDAVATARS (IDA)
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. IVANTI
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. NEXT IT CORPORATION
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. NUANCE COMMUNICATIONS INC.
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. [24]7. ai, Inc
2. Artificial Solutions
3. Creative Virtual Pvt. Ltd.
4. CX Company
5. eGain Corporation
6. IBM Corp
7. iDAvatars (IDA)
8. Ivanti
9. Next IT Corporation
10. Nuance Communications Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.