The Robo-advisors market is expected to grow almost 50% this year, reaching $1.4 trillion worth industry in 2020, and $2.5 trillion in 2023, reported LearnBonds on February 3.
Since typical robots-advisors offer customized algorithm-driven financial planning services for very small fees and low entry barrier, comparing to traditional advisors, the robo-advisors market has continued its growth, despite 2008 financial crisis.
Analysts from LearnBonds predict that this industry growth will accelerate in the upcoming years, reaching more than 2.5 trillion assets under management in three years, in 2023.
The number of users in the robs-advisors segment is expected to reach 70.5 million users this year, which is almost 25 million more than last year. In 2023 LearnBonds analytics predict that it will triple to 147 million users in the robo-advisor segment.
According to the analytical firm, the transaction value is expected to be dominated by the US in 2020, followed by China. The US was the first to introduce automated financial advisors, and currently hold around 75% of the market. In the top 5 countries, the place is also reserved for the UK, Germany in Canada.