The Business Research Company’s report on the Smart Advisor Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the smart advisor market in recent years?
The expansion of cloud computing and SaaS platforms is expected to propel the growth of the smart advisor market going forward. Cloud computing provides on-demand access to shared computing resources over the internet, while SaaS platforms deliver software applications via the cloud on a subscription basis. The expansion of cloud computing and SaaS platforms is driven by increasing demand for scalable, cost-effective, and flexible IT infrastructure across industries. Smart Advisor empowers cloud computing and SaaS platforms by delivering intelligent, data-driven insights to optimize performance, enhance scalability, and drive user engagement. For instance, in December 2023, according to Eurostat, a Europe-based intergovernmental organization, 45.2% of EU enterprises adopted cloud computing services, marking a 4.2 percentage point increase from 2021. Therefore, the expansion of cloud computing and SaaS platforms is driving the growth of the smart advisor market.
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What is the projected market size of the smart advisor industry, and how is it expected to grow?
The smart advisor market size has grown exponentially in recent years. It will grow from $5.59 billion in 2024 to $6.73 billion in 2025 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to the increasing use of artificial intelligence, the rise of machine learning algorithms, the growing adoption of chatbots, the expansion of voice assistants, the rise of personalized customer experiences, and the increasing popularity of mobile-first solutions.
The smart advisor market size is expected to see exponential growth in the next few years. It will grow to $14.01 billion in 2029 at a compound annual growth rate (CAGR) of 20.1%. The growth in the forecast period can be attributed to a rise in demand for automated customer service, increasing investment in AI-driven technologies, growing adoption of virtual assistants in healthcare, expansion of smart home integration, higher demand for 24/7 customer support solutions, and increasing use of predictive analytics. Major trends in the forecast period include the integration of AI with augmented reality (AR) and virtual reality (VR), the expansion of AI-based voice commerce, the adoption of AI-powered smart advisors in small and medium enterprises (SMEs), the integration of AI smart advisors with wearable devices, and the development of AI smart advisors for elderly care.
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Who are the key players driving competition in the smart advisor market?
Major companies operating in the smart advisor market are Microsoft Corporation, Accenture plc, International Business Machines Corporation, SAP SE, Salesforce.com Inc., Amazon Web Services Inc., Broadridge Financial Solutions Inc., Hexagon AB, Genesys Telecommunications Laboratories Inc., Pega Systems Inc., Verint Systems Inc., Inbenta Technologies Inc., Kore.ai Inc., Gupshup Technologies India Pvt. Ltd., 24/7 Customer Inc., Ada Support Inc., LivePerson Inc., Creative Virtual Pvt. Ltd., Tidio LLC, Haptik AI, eGain Corporation, Rasa Technologies Inc., Netformx Inc., Solvvy Inc.
What key trends are expected to drive the small language model market during the forecast period?
Major companies operating in the smart advisor market are focusing on the integration of artificial intelligence and machine learning technology, such as AI-powered financial advisors, to provide personalized financial guidance to enhance decision-making and optimize client portfolios. AI-powered financial advisors deliver tailored investment advice and financial planning solutions that enhance client engagement and optimize portfolio performance through advanced data analysis and automation. For instance, in July 2024, Mool.ai, an India-based financial technology company, launched a Birbal, an AI-powered financial advisor that delivers personalized financial guidance using generative AI, tailoring advice to each user’s unique financial circumstances. It simplifies expense tracking by consolidating multiple bank accounts, allowing users to effectively monitor their spending habits. It offers zero-commission investing, enabling direct investments in curated portfolios without fees.
Which key geographies are driving the growth of the smart advisor market?
North America was the largest region in the smart advisor market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart advisor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the smart advisor market?
The smart advisor market covered in this report is segmented –
1) By Component: Software, Services
2) By Application: Websites, Social Media, Mobile Platform, Contact Centers
3) By End Use Industry: Banking, Financial Services, and Insurance (BFSI), Healthcare, Retail And E Commerce, Consumer Electronics, Education, Government, Hospitality, Other End User Industries
Subsegments:
1) By Software: AI-Based Smart Advisor Software, Virtual Assistant Software, Chatbot Software, Predictive Analytics Software
2) By Services: Smart Advisor Implementation Services, Smart Advisor Maintenance And Support Services, Smart Advisor Consulting Services, Integration Services
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What defines the structure and scope of the smart advisor market?
A smart advisor is an AI-driven system that provides personalized recommendations, advice, or assistance to users by analyzing data and understanding user inputs through natural language processing and machine learning. It enhances decision-making by offering personalized, data-driven recommendations, improving efficiency and user experience.
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