Market Size of Smart Advisor Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 6.96 Billion |
Market Size (2029) | USD 17.29 Billion |
CAGR (2024 - 2029) | 19.96 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Smart Advisor Market Analysis
The Smart Advisor Market size is estimated at USD 6.96 billion in 2024, and is expected to reach USD 17.29 billion by 2029, growing at a CAGR of 19.96% during the forecast period (2024-2029).
An application program that is used to understand the natural language and complete all the electronic tasks for an end user is called the smart advisor program. A smart advisor provides operational data for better decision-making. A smart advisor is an intelligent search engine that gives agents access to the knowledge bases of multiple businesses. Additionally, it allows knowledge base managers and chatbot content creators to collaborate while agents chat with clients.
- Many instances of financial fraud were reported during the COVID-19 pandemic, resulting in fraud claims costing governments worldwide billions of dollars. The Fintech companies started to move towards innovative tools to handle these frauds. UK Govt., in collaboration with fintech company Quantexa, launched "Spotlight," an automated due-diligence tool. Using Spotlight, a lot of data can be collected, and risk indicators can be provided against those data points, resulting in a better informed and timely award decision.
- Increasing cybercrimes are posing challenges to the smart advisor market. A recent KPMG survey identified cyber security risk as the biggest threat to the organization's growth in the near future. This will impact the security of software that help agents in real time based on what the visitor is asking in the chat. A survey revealed cybercrime costs the global economy USD 470 billion in annual losses due to consumer data breaches, financial crimes, market manipulation, and intellectual property theft.
- A financial counselor is necessary for successful business operations in every area. The healthcare sector is one industry implementing smart advice for improved performance. Companies that have analytical capacity handle the most urgent healthcare demands. Storage, query, and analysis of clinical data are currently tricky due to the need for more data consolidation. These Business Intelligence companies provide decision-makers with the right tools to assess the use of resources and find economies of scale.
- In January 2023, Creative Virtual, one of the global leaders in conversational AI for customer and employee engagement, published a buyer's guide written to assist with chatbot purchasing decisions in the current year. The in-depth guide includes a comparison chart that evaluates the capabilities of conversational AI solutions. A conversational AI specialist differs from an add-on bot vendor, and their core product is their conversational AI platform and established history of delivering highly successful virtual agent and chatbot solutions.
- Real estate companies also look forward to technological advancements to gain valuable insights into buyer portfolios. Tools like the suitable intelligent document processor (IDP) are being used to feed more data into desired end systems with little to no manual intervention. AI's in-depth knowledge of various document types will equip the company to make profitable deals and financial decisions.
Smart Advisor Industry Segmentation
In earlier days, some personal assistants were employed to remind the end users about appointments, place calls, take dictations, read emails, look for phone numbers, anticipate requests, and more. These tasks are now handled by an application program used to understand the natural language and complete all the electronic tasks for an end user called the smart advisor program. A smart advisor provides operational data for better decision-making.
The smart advisor market is segmented by offerings (software and services), applications (healthcare, consumer electronics, and retail), and geography (North America, Europe, Asia Pacific, Rest of the World). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
By Offerings | |
Software | |
Services |
By End-user Verticals | |
BFSI | |
Retail | |
Travel and Hospitality | |
Government | |
Other End-user Verticals (Healthcare and Consumer Electronics) |
Geography | |
North America | |
Europe | |
Asia Pacific | |
Rest of the World |
Smart Advisor Market Size Summary
The smart advisor market is poised for significant growth, driven by the increasing demand for intelligent applications that enhance decision-making and operational efficiency across various sectors. These applications, which include advanced search engines and collaborative tools for knowledge management, are becoming integral in industries such as finance, healthcare, and real estate. The market is characterized by the integration of AI and machine learning technologies, enabling real-time data analysis and improved client interactions. The rise of cybercrime and the need for robust security measures are challenges that the market faces, but innovations like automated due-diligence tools and conversational AI solutions are helping to mitigate these risks.
The competitive landscape of the smart advisor market is marked by the presence of established players like IBM, eGain, and Creative Virtual, who are leveraging their expertise to offer comprehensive solutions that combine data-driven insights with personalized engagement. The fintech sector, in particular, is experiencing a surge in activity, with European banks and startups collaborating to enhance customer experiences and streamline operations. The market's expansion is further supported by strategic partnerships and investments aimed at fostering innovation and addressing emerging market needs. As businesses increasingly adopt digital solutions to navigate complex challenges, the smart advisor market is expected to continue its upward trajectory, offering promising opportunities for growth and development.
Smart Advisor Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Burgeoning Demand for Intelligent Customer Engagement
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1.2.2 Demand for Automation for Cost Management in the Healthcare
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1.2.3 Increasing Penetration of Websites and Mobile Applications Integrated with Cloud Computing
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1.3 Market Restraints
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1.3.1 Lack of Awareness and Information and Availability as add-in Under Analytics
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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1.6 Assessment on the Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Offerings
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2.1.1 Software
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2.1.2 Services
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2.2 By End-user Verticals
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2.2.1 BFSI
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2.2.2 Retail
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2.2.3 Travel and Hospitality
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2.2.4 Government
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2.2.5 Other End-user Verticals (Healthcare and Consumer Electronics)
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia Pacific
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2.3.4 Rest of the World
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Smart Advisor Market Size FAQs
How big is the Smart Advisor Market?
The Smart Advisor Market size is expected to reach USD 6.96 billion in 2024 and grow at a CAGR of 19.96% to reach USD 17.29 billion by 2029.
What is the current Smart Advisor Market size?
In 2024, the Smart Advisor Market size is expected to reach USD 6.96 billion.