Advisory requirements exist in several work sectors, ranging schools and industries to healthcare and finance. Of these, a major demand for quality advice from professionals is seen from the finance department or with different financial processes. With such a widespread demand for this service coupled with penetration of smart technologies in the same, a distinct smart advisors market exists from a global perspective.
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A humungous demand for wealth advisory exists all over the world thanks to customers’ demand for quality consultation. This is mainly due to rising wealth of the affluent upper-middle class in emerging economies coupled with a substantial surge in high-net-worth individuals. Rising demand for improved customer engagement is a primary factor driving demand in the global smart advisors market. Moreover, with rising disposable income, the number of individuals earning huge amount of income has increased too. A rising usage for automation in applications regarding patient management in the healthcare industry, coupled with rising penetration of websites and mobile applications too is driving growth in the global smart advisors market.
However, high costs of developing quality high-tech smart advisory systems are a major hindrance to the global smart advisors market. Moreover, less penetration of these systems might exist in remote and underdeveloped regions. This too could hinder the global smart advisors market from a geographical perspective. Nonetheless, several players are expected to come up with less costly systems as well as expand their geographical horizons. This could reduce effects of most restraining factors affecting the global smart advisors market in the near future.
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The market depicts the presence of a substantially fragmented vendor landscape thanks to the presence of numerous players. With the number of companies predicted to increase, the competition is predicted to further rise in this sector. IBM Watson, eGain Corporation, Creative Virtual Pvt. Ltd., CX Company, 24/7 Customer Inc., Nuance Communications Inc., Artificial Solutions, Next IT Corporation, Speakoit Inc., and Codebaby, are key players operating in the global smart advisors market.