The global Smart Advisors market accounted for USD 1,049.2 Million in 2022 and is expected to reach USD 4,498.1 Million by 2030, growing at a CAGR of 20.2% from 2023 to 2030.

Smart Advisors Market Overview:

A smart advisor, also called a smart advisor programme, is an application programme that can understand natural language and do all the user's electronic tasks for them. Personal assistants used to do things like taking dictations, reading texts or emails out loud, looking up phone numbers, anticipating requests, making calls, and reminding users of appointments. A smart advisor can do all of these things and more. Artificial intelligence, voice recognition, and machine learning are all built into the smart advisors of today. As the end users interact with their smart advisors, the Artificial Intelligence programme uses a sophisticated algorithm to learn from the data inputs and get better at predicting what the end user needs. Smart advisors of the future would be made with modern cognitive computing technology. This lets a smart advisor understand and carry out multi-step requests, and then do more complicated tasks like booking a flight. Smart advisors are different from digital assistants, which are another type of AI programme that people use. Smart advisors focus on a subject, while digital assistants focus on a task. For example, a Smart Advisor can help a business find the doctors with the highest or lowest cost and performance. Using an intelligent IT (Information Technology) platform, a Smart Advisor sorts through all of the physicians in the database to find only those who should be evaluated based on statistical significance, case load, and other key factors.

The growing use of artificial intelligence in different industries to automate tasks is the main thing driving the smart advisors market. The rise of mobile phones and social media is another thing that is making the smart advisors market grow. The smart advisors market is also growing because banks and other financial institutions are using smart advisors more and more. Smart advisors are being used more and more by both small and large businesses. This is another thing that is helping the smart advisors market grow. Another thing that is helping the smart advisors market grow is that technology is being used more and more in health care to provide virtual doctors. The market is also driven by the fact that more and more tasks need to be done by machines. The biggest problem for the smart advisors market is that it needs to spend a lot of money to start using the technology. The complexity of the technology is another problem for the smart advisors market. This means that people need to learn more, get more training, and get better at what they do.

Market Dynamics:

In the past few years, the smart advisor industry has grown a lot, and this is expected to continue in the coming year. The size of the global market is growing because of things like more money going into research and development, better use of resources, and more competition between businesses. Some of the most important things that are expected to drive market growth are the entry of new players, strategies for product innovation in many industries, and technological breakthroughs.

The main things driving the growth of the market are the increasing use of artificial intelligence technology and the increasing use of cloud-based and Internet of Things-based solutions in different end-user industries. During the forecast period, the market is likely to grow because of new technologies like voice recognition and machine learning, the growing use of smartphones and the need for the internet, and the rise in the use of smart advisor apps by financial institutions and small and medium-sized businesses. Also, the smart advisor application gives major benefits to industrial enterprises, such as reliable, easy, and advanced inspection solutions. This, in turn, helps the market grow. On the other hand, the growth of the market could be slowed down by a lack of knowledge, a lack of awareness among emerging economies, and high deployment costs.

Smart Advisors Syndicate a Human Touch with Innovative Technology

In the near future, the market is likely to grow because of improvements in artificial intelligence, machine learning, and voice recognition technologies, the large number of smart advisor solution and service providers, and the trend of using cognitive computing technology in smart advisor applications. At the moment, the Artificial Intelligence programme uses a complex algorithm to learn from the data it receives, which helps it make the best predictions possible for the end user. The need for smart advising is likely to grow as Artificial Intelligence (AI) is used more and more in different industries to automate tasks and machines are used to do more and more tasks. Now, smart advisors are fighting back by developing their own technology. They are turning the tables by putting data analytics to work for them to improve the client experience. With the rise of automated technology, advisors are under more pressure to stay relevant and give useful information.

Key players in the market are focusing on putting in place the important infrastructure that powers investing, corporate governance, and communications to help people do better with their money. The need for smart advisors is likely to grow because of the growing need to digitise and share financial services, as well as the power of data and the value of networks. Passive investing, managed accounts, and trading with no fees are becoming more popular. This makes it harder for individual investors to get started and increases the democratisation of investing. Key new players are asking for better data, new digital tools, and more access. New technologies like blockchain and artificial intelligence (AI) are creating key opportunities and putting more pressure on people to come up with good solutions.

Even though technology is being used, more and more investors are paying attention to robo-advisors and passive investing, and this has caused a lot of trouble for financial advisors.

Smart Advisors Market Segment Analysis:

Smart Advisor lets advisors send any document by email, print and deliver, or mail, depending on how the client wants to receive it. At the corporate firm level, it saves a lot of time and money. Most investors would rather get information electronically with a link to a branded web page that can show content well on both desktop computers and mobile devices. Smart Advisor gives financial advisors easy-to-use tools for communication and gives investors access to those tools as needed.

The smart adviser service works with a wide range of clients, including banks, broker-dealers, mutual funds, retirement service providers, corporate issuers, and wealth and asset management firms. In the financial services industry, clients include retail and institutional brokerage firms, global banks, mutual funds, asset managers, insurance companies, annuity companies, institutional investors, specialty trading firms, clearing firms, third-party administrators, hedge funds, and financial advisors. Most of the time, the corporate issuer clients are public companies. Aside from financial services firms, corporate clients from the healthcare, insurance, consumer finance, telecommunications, utilities, and other service industries are also big users of smart adviser services.

The mobile platform segment was the biggest in 2021, and with a CAGR of 7.8% during the forecast period, it is expected to stay the biggest. Some of the things that are expected to drive market growth are the growing number of mobile users and the high adoption of smart advisor technology to provide real-time notifications to users through mobile augmented reality. Bring your own device (BYOD) is becoming more popular in the corporate sector. This is expected to boost the growth of the market over the next few years.

During the time frame of the forecast, the financial services segment is expected to make up more than 30% of the market. In financial institutions, smart advisor technology is a digital communication platform that is mostly used to make financial advisors more effective and efficient. This platform lets financial advisors email, print, send, or deliver any important document to their clients or customers. It also helps them save money and time. So, the growth of the market can be traced to the rise in the number of banks and insurance companies that use smart advisor applications.

Many people have made decisions about what to buy at the store shelves by taking into account things like how other people behave and what they like. In the last few years, the retail industry has been digitally shaken up by the combination of new technologies like Big Data, AI, IoT, and automation. With the rise of e-commerce, mobile shopping, and smart technologies, the retail industry is adopting new, cutting-edge technologies like intelligent point of sales solutions and self-checkout kiosks. This is also making traditional brick-and-mortar stores into omnichannel stores. Many retailers in developed countries are using smart advisor solutions to get their customers more involved and to deal with risks like higher operational costs caused by the growth of e-commerce.

Regional Analysis

Asia Pacific is emerging market for Smart Advisor

Several new investments and projects have been started by investors in the manufacturing industries of emerging economies like China and India. The top priorities include lowering costs, which is important because of rising compliance costs and a focus on regulations, digitising the sales force, and making better use of technology in general. Even though there are benefits, disruptive investors are still in their early stages and have not yet reached their IT investments or economies of scale. Also, the failure of certain platforms' technologies is a risk for individual companies, especially during the ramp-up phase of a new company's start-up.

The traditional investor and the disruptor are the most common types of clients for the smart advisor. Also, traditional insurers are focusing on setting up joint ventures with tech companies to compete with disruptors and take advantage of smart advice in China, India, Hong Kong, and Japan for their own financial gain. In the Asia-Pacific region, technology is now a must-have for making sure that the manufacturing industry runs smoothly. The fast growth of end-user industries is likely to make investors want smart advising solutions more, which helps them improve their financial services.

Scope Analysis

Recent Development

• In December 2022, IBM (NYSE: IBM) announced it is working with the Cloud Security Alliance -- a global not-for-profit dedicated to defining standards, certifications, and best practices to help ensure secured cloud computing that aims to further advance security and risk management of cloud within financial services.
• In November 2020, eGain (NASDAQ: EGAN), a leading customer engagement platform provider, today announced eGain SmartIVR™, an all-in-one solution to modernize IVR-based customer engagement.

Market Segmentation

By Component 

• Software
• Services

By Industry        

• Financial Services
• Healthcare
• Consumer Electronics
• Retails
• Travel & Hospitality
• Government
• Education
• Others

By Application 

• Websites
• Social Media
• Mobile Platform
• Contact Centers

By Companies

• IBM Corporation
• eGain Corporation
• Creative Virtual Pvt. Ltd
• CX Company Limited
• 24/7 Customer Inc.
• Nuance Communications Inc.
• Artificial Solutions International AB
• Next IT Corporation
• Speakoit Inc.
• Codebaby Corporation
• Broadridge Solutions
• Netformx
• Speaktoit Inc.

Overview of the regional outlook of the Smart Advisor Market:

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Reasons to Purchase this Report:

• Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors;
• Provision of market value (USD Billion) data for each segment and sub-segment;
• Indicates the region and segment that is expected to witness the fastest growth and to dominate the market;
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the market's dominance by region;
• Analysis by product/service type
• Competitive landscape that includes the market ranking of the top competitors, as well as new service/product launches, collaborations, business expansions, and acquisitions of companies featured during the previous five years
• Extensive company profiles with business overview, company insights, product benchmarking, and SWOT analysis for the leading market players
• The current and future market outlook of the industry in light of recent developments (which include growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions)
• Includes an in-depth analysis of the market from multiple perspectives using Porter's five forces analysis Provides market insight across the Value Chain
• Market dynamics situation, as well as development potential for the market in the coming years
• 6-month post-sale analyst assistance

Frequently Asked Questions-

What is the CAGR of Smart Advisor Market?

The Smart Advisor Market is growing at a CAGR of 20.2% During Forecast Period.

What is the by Industry of Smart Advisor Market?

Financial Services, Healthcare, Consumer Electronics, Retails, Travel & Hospitality, Government, Education, Others

What are the key applications of Smart Advisor Market?

Websites, Social Media, Mobile Platform, Contact Centers

Who are the key players in Smart Advisor Market?

IBM Corporation, eGain Corporation, Creative Virtual Pvt. Ltd, CX Company Limited, 24/7 Customer Inc., Nuance Communications Inc., Artificial Solutions International AB, Next IT Corporation, Speakoit Inc., Codebaby Corporation, Broadridge Solutions, Netformx, Speaktoit Inc.