Smart Advisors Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
There has been a significant rise in demand for demand for wealth advisory across the globe over the past few years, chiefly owing to the rising wealth of the affluent upper-middle class in emerging economies and the substantial increase in the number of high-net-worth individuals (HNWIs) globally. While financial advisory firms across the globe position themselves to benefit from the vast rise in growth opportunities, a number of challenges have arisen as the business outlook has become highly complex. Competition has become intense and regulatory oversights have become more prevalent.
A vast rise in the client/advisor churn has intensified profit margin pressures. In this scenario, financial advisory companies are compelled to move on to innovation and provide technologies to advisors that could help them better understand, serve, and also create an excellent mode of communicate with client. Many companies have started adopting modes such as mobile, social media, data analytics, and cloud. Smart advisors - the concept of using automation and digital techniques to improve the advisor-client relationship significantly, also provides an interesting value proposition to investors in terms of massive savings for a number of services.
Smart advisors are expected to gain increased adoption in the next few years as financial advisory companies look ways to make advice delivery more effective, especially for a rising client base that is highly digital, and leverage the effectiveness of the conventional direct engagement techniques. Insurance companies are expected to adopt smart advisors to achieve a larger exposure in the wealth management sector while allowing agents to focus more on core activities such as insurance sales.
The smart advisors market is expected to display phenomenal growth in the coming years. Smart advisors use smart machine technology to provide an ambient user experience for applications and services. With the increasing adoption of Internet of Things (IoT), the need for smart advisors has intensified as machines interact with other machines and humans autonomously.
The smart advisors market can be segmented on the basis of type, industry vertical, deployment type, end user, usage, and region. In terms of usage, mobile platform is expected to display the highest growth rate owing to the increasing number of mobile users and implementation of bring your own devices (BYOD) policy in the corporate sector. In the healthcare industry, the rising need for integrated patient management for high quality end to end services will bode well for this segment’s growth.
By deployment type, on-cloud currently accounts for the largest market share and is expected to register the highest growth rate during the forecast period. This is because cloud-based solutions reduce up-fronts costs and eliminate the need of maintenance of servers. By end user, large enterprises are expected to hold the largest market share during the forecast period. Factors such as customer retention and increased revenue generation are encouraging the adoption of smart advisors technology solutions in large enterprises.
The report provides facts and figures relevant to the global smart advisors market in a chronological order. Analyzing past and current growth trends, the report presents satisfactory projections regarding the growth prospects of this market. The accurate projections presented in this report can be utilized by market participants to devise cutting-edge business strategies to leverage growth opportunities in the future. Using standard analytical tools such as Porter’s Five Forces analysis and SWOT analysis, the research report provides valuable indices of strengths, weakness, opportunities, and threats of the market during the forecast period of 2017 to 2025.
The major factors driving the global smart advisors market include the burgeoning demand for intelligent customer engagement, surging demand for automation for patient management in the healthcare industry, and increasing penetration of websites and mobile applications. In addition, the rising demand for integrated and next generation technology, increasing wave of mobile applications, and evolution of cloud-based solutions are expected to present considerable growth opportunities to this market.
However, factors such as lack of awareness due to its relatively early presence in tech-adoption life cycle, high cost and complexities involved in the deployment and integration of these solutions, and lack of expertise are restraining this market’s growth.
The global smart advisors market can be broadly segmented into the regional segments of North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. The regional analysis involves the categorization of type, industry verticals, end users, usage, and deployment type into the aforementioned regional segments.
Amongst these, Asia Pacific is expected to develop at a significant rate due to the ceaseless technological development in this region.
The major vendors for smart advisors solution profiled in this report include IBM Watson, eGain Corporation, Creative Virtual Pvt Ltd., CX Company, 24/7 Customer Inc., Nuance Communications Inc., Artificial Solutions, Next IT Corporation, Speakoit Inc., and Codebaby. These players are focused on new product development, strategic alliances, mergers and acquisitions, and regional expansions to gain a competitive advantage in the global smart advisors market.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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