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Smart Advisor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 102 Pages
  • January 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 5120134

The smart advisors market is expected to register a CAGR of 20.3% over the forecast period (2021-2026). The smart advisor is an innovative digital investor communication platform for financial advisors. This platform allows investment professionals to access and deliver relevant documents to investors required for regulatory compliance communications, marketing, and sales campaigns.

Key Highlights

  • Over the years, as the wealth of the affluent upper-middle-class in emerging economies increased, there has been an increase in demand for a wealth advisory across the countries in the world. Additionally, there is substantial increase in the number of high-net-worth individuals (HNWIs), worldwide. This is one of the main factors driving the adoption of smart advisors solutions by users.
  • Currently, the raw material cost is the most important cost for any industry. Hence, managing the inventory and purchases is very crucial, so that losses are not caused by the businesses. Companies are increasingly deploying smart advisors solutions for their companies to get assistance with complex cost management.
  • Due to the ongoing outbreak of COVID-19, companies across the core domains are experiencing an economic downturn. This has resulted in the need for advisors to manage the business cost and investments. By the end of 2020, the market is expected to align with normalcy. Moreover, companies may look for proper investment plans with smart advisor solutions to be ready for the upcoming growth in 2021.

Key Market Trends

The Retail Segment is Expected to Witness Significant Adoption for Smart Advisor Solutions.

  • Consumers have traditionally made purchase decisions at the store shelves, giving institutional brick-and-mortar retailers high power to learn about and influence behaviors and preferences of consumers. With the rise of e-commerce, mobile shopping, and smart technologies, the retail industry is adapting faster. New cutting-edge technologies, such as intelligent point of sales solutions and self-checkout kiosks, are transforming traditional brick-and-mortar stores to omnichannel stores. According to ZDNet, 70% of the companies either have a digital transformation strategy in place or are working with one.
  • Big Data, artificial intelligence, IoT, automation, blockchain technology, and virtual reality are some of the prominent technologies that are digitally disrupting the retail industry. The AI-equipped retailers with sharper forecasting tools help in making smarter business decisions. The use of algorithms increases the visibility into ROI implications, translating to lower costs, and higher sales. AI brought real disruption to the retail sector by improving efficiency and prediction.
  • A UK-based high street fashion retailer is dploying smart advisor solutions to increasing its customer engagement campaigns, as it was facing higher operational costs with its e-commerce expansion. With this deployment, the company was able to manage customer inquiries on its website, and the email traffic reduced by 51%, which was about 14% more than the target. Such continuous successes are expected to create more awareness about the solutions in the retail industry.

European Market is Expected to Grow Significantly

  • The European government is increasingly focusing on reducing its operation cost service desk support costs and improving employee productivity. The UK government mentioned that, in the past five years, it has been looking forward to adopting smart advisor solutions to achieved on reduced operational cost. The government department experienced a 30% reduction in cost while maintaining the same level of service.
  • Additionally, the European Tax Agency also adopted a smart advisor solution as part of its digitization program. It serves 41 million individual customers and five million business customers. With this adoption, 257,000 interactions were handled using the Virtual Assistant, instead of a real agent, which increased the volume of tax returns that were completed online to 89%. Moreover, 88,000 calls were deflected using webchat, and a further 41,000 calls were eliminated, with call waiting times halved.

Competitive Landscape

The market for smart advisors is more inclined to consolidation with the presence of few companies in the market. Additionally, the companies that are currently operating in the market are well established, and the primary competition in the market is between themselves. However, in the past year, the market is experiencing continuous entry of new entrants. As smart advisor solutions deal with the company's sensitive data, data protection is an issue to deal with. Thus, customers prefer established players for smart advisor solutions.

  • November 2019 - eGain announced the introduction of AI and knowledge embedded in the salesforce agent console for delivering smooth omnichannel customer engagement for service and sales.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Burgeoning Demand for Intelligent Customer Engagement
4.2.2 Demand for Automation for Cost Management in the Healthcare
4.2.3 Increasing Penetration of Websites and Mobile Applications Integrated with Cloud Computing
4.3 Market Restraints
4.3.1 Lack of Awareness and Information and Availability as add-in Under Analytics
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment on the Impact of COVID-19 on the Market
6.1 By Offerings
6.1.1 Software
6.1.2 Services
6.2 By End-user Verticals
6.2.1 BFSI
6.2.2 Retail
6.2.3 Travel and Hospitality
6.2.4 Government
6.2.5 Other End-user Verticals (Healthcare and Consumer Electronics)
6.3 Geography
6.3.1 North America
6.3.2 Europe
6.3.3 Asia-Pacific
6.3.4 Rest of the World
7.1 Company Profiles*
7.1.1 IBM Corporation
7.1.2 eGain Corporation
7.1.3 Creative Virtual Pvt. Ltd
7.1.4 CX Company Limited
7.1.5 24/7 Customer Inc.
7.1.6 Nuance Communications Inc.
7.1.7 Artificial Solutions International AB
7.1.8 Next IT Corporation
7.1.9 Speakoit Inc.
7.1.10 Codebaby Corporation

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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