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Robo Advisor User Base Set to Nearly Double by 2024Robo Advisor User Base Set to Nearly Double by 2024

A new report predicts massive growth in both users and marketshare before the middle of the decade.

Samuel Steinberger, Senior Technology Editor

June 11, 2020

1 Min Read
robot businessmen

Global robo advisor market value is predicted to reach $2.4 trillion in less than five years, according to data compiled by BuyShares. The expansion represents a compound annual growth rate of 26%, with today’s global robo picture weighing in at $987 billion. 

Low fees, small opening balance requirements and an easy-to-use interface have fueled the growth of robo advisor platforms, according to the report. “They are an excellent option for entry-level advisors.”

“The market volume increased by 230% in the last three years,” the report added. 

The small opening balance requirements also mean smaller average AUM per account. In 2020, the average AUM per user was just $4,398 and it’s expected to rise to $5,700 by 2024. The global number of robo advisor users is expected to rise from 224 million today to 436 million by the end of 2024.

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About the Author

Samuel Steinberger

Senior Technology Editor, WealthManagement.com

Samuel Steinberger is Senior Technology Editor for Informa Connect’s WealthManagement.com. In his role, Mr. Steinberger provides the publication’s wealth and financial technology coverage. 

Mr. Steinberger’s editorial insight and familiarity with technology accelerates Informa’s growth within the financial advisor and wealth management communities, providing in-depth news for advisors and financial professionals. 

Before joining Informa Connect, Mr. Steinberger produced documentaries with former CNN anchor Soledad O’Brien at Soledad O’Brien Productions (formerly Starfish Media Group). He specialized in research, shooting and editing, as well as finding distinct voices to explain topics like mental health, poverty and racial divide. 

Prior to joining Soledad O’Brien Productions, Mr. Steinberger managed multi-departmental technology projects for global legal technology leader Transperfect Legal Solutions. After obtaining his graduate degree in journalism from Columbia University, he completed his transition from technology management to media. 

Mr. Steinberger is an award-winning journalist, author and researcher who has written, edited and reported for a number of publications, including The New York Times, Financial PlanningAmerican Banker and PBS. He is founder of beverages publication Give Me Weird Drinks

Mr. Steinberger’s technology analysis and insight has been featured in several books on virtual and augmented reality. Mr. Steinberger has received awards and recognition for his reporting and research, including the American Business Media's prestigious Jesse H. Neal Award for editorial excellence.

Follow on Twitter: @slsteinberger