Global Smart Advisor Market Size, Share Analysis Report By Component (Software, Services), By Application (Mobile Platform, Websites, Social Media, Contact Centers, Others), By Vertical (Retail, Healthcare, BFSI, Government, Travel & Hospitality, Other Verticals), Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2025-2034

Report Overview

The Global Smart Advisor Market size is expected to be worth around USD 50.67 billion by 2034, from USD 7.47 billion in 2024, growing at a CAGR of 21.1% during the forecast period from 2025 to 2034. In 2024, North America held a dominant market position, capturing more than a 35.2% share, holding USD 2.62 Billion in revenue.

The Smart Advisor Market comprises AI‑driven digital assistants and intelligent search systems that deliver real‑time, personalized guidance and operational insights. These platforms employ natural language processing, machine learning, and data analytics to assist users across domains like finance, healthcare, and customer support.

Technologies driving increasing adoption include AI, machine learning, NLP, voice recognition, cloud‑based architectures, IoT integration, and speech interfaces. These enable smart advisors to understand user intent, extract insights, and automate workflows in real time, making human‑like recommendations and reasoning possible without manual oversight.

The key reasons for adopting these technologies center on the need for personalized experiences, the desire to reduce operational costs, and the need to scale service availability. Firms report that smart advisors free human agents to tackle value‑added work, improve response quality, enhance customer satisfaction, and establish competitive differentiation.

For instance, In March 2025, Oura launched Oura Advisor, an AI-powered personal health companion designed for all Oura Ring users. This new feature uses advanced health-sensing algorithms and LLM to deliver personalized health insights based on individual biometrics. Users can interact with the AI through chat to understand their health metrics, set wellness goals, receive tailored guidance, and track progress over time, enhancing their overall well-being experience.

Key Takeaway

• In 2024, the Software segment dominated the Global Smart Advisor Market, accounting for 70% of the total share.
• The Mobile Platform segment led with a 32% share, driven by increasing smartphone penetration and the shift toward on-the-go digital advisory solutions.
• The Retail segment emerged as the leading application, holding 24% of the market share.
• Regionally, North America held a dominant 35.2% share, backed by mature digital infrastructure and high early adoption of intelligent advisory technologies across sectors such as banking, retail, and healthcare.
• The United States alone recorded USD 2.49 Billion in 2024, underpinned by a promising CAGR of 19.7%, reflecting aggressive investments in AI innovations and a strong push from enterprises toward enhancing operational efficiency and customer engagement using smart advisors.

 U.S. Smart Advisor Market Size

The market for Smart Advisor Market within the U.S. is growing tremendously and is currently valued at USD 2.49 billion and growing at a CAGR of 19.7%. This surge is primarily driven by the nation’s rapid adoption of artificial intelligence (AI) technologies, which are revolutionizing customer service across various sectors.

The demand for personalized customer experiences is a major reason for this surge. Smart advisors powered by AI are being utilized by businesses to meet the unique needs of consumers who prefer personalized experiences with brands. Additionally, a competitive environment also helps stimulate innovation in the U.S. market.

In 2024, North America held a dominant market position in the global Smart Advisor Market, capturing more than a 35.2% share, holding USD 2.62 Billion in revenue. The region’s technological base is strong, and it has a significant number of users in various fields, including artificial intelligence (AI) and machine learning.

North America has a significant number of major technology companies and startups that are developing AI-based solutions, leading to ongoing innovation and development in the smart advisor market. IBM, Microsoft, and Salesforce are among the companies using AI to improve customer experience.

For instance, In July 2024, IBM’s Partner Ecosystem in the banking and financial sectors has been instrumental in driving the adoption of generative AI technologies, particularly through the integration of IBM watsonx Assistant. This partnership has allowed many financial institutions to improve the experience for customers by deploying AI-led virtual assistants that can handle large volumes of customer interactions.

Component Analysis

In 2024, the Software segment held a dominant market position, capturing over 70% share of the Smart Advisor market. This leading position is explained by several key factors. First, software solutions are inherently scalable and can be deployed across multiple channels – web, mobile, contact centers – making them more adaptable and cost-effective than service-based offerings.

Second, continuous innovation in natural language processing and machine learning has enhanced software capabilities, enabling advanced personalization and decision support at scale, which further reinforces investment in software. Furthermore, software development benefits from recurring-license models and modular architectures, which allow for rapid integration and feature updates.

For instance, In April 2025, GReminders, an AI-driven meeting and automation platform tailored for financial advisors, announced new integrations with leading CRM providers such as XLR8, Quivr, Smart Office, Envestnet Tamarac, and SS&C Salentica. These integrations enable advisors to synchronize with their existing CRM systems to better manage calendars, automate client communication, and streamline routine workflows.

Application Analysis

In 2024, the Mobile Platform segment held a dominant market position, capturing more than a 32% share of the Smart Advisor market. This leadership reflects multiple converging forces: first, the surge in smartphone usage globally and the rapid shift toward mobile-first interactions compelled enterprises to prioritize mobile channels.

Second, Smart Advisor deployments on mobile platforms provided seamless, context-aware conversational experiences – leveraging device features like push notifications, geolocation, and biometric authentication to drive user engagement and streamline decision-making.

The preference for mobile-based Smart Advisors is further supported by consumer behavior trends. Users increasingly expect real-time, personalized recommendations and support directly within their apps. Mobile platforms satisfy these expectations with 24/7 availability, persistent sessions, and intuitive interfaces that integrate AI-guided assistance into everyday tasks – such as banking, e-commerce, and customer support.

For instance, In June 2024, HDFC Bank launched the SmartWealth app, a digital investment platform aimed at simplifying wealth creation for all investors. The app offers personalized portfolio suggestions, flexible SIP options, and one-click rebalancing. It also helps users set financial goals, track mutual fund investments, making investing more accessible and goal-driven.

Vertical Analysis

In 2024, the Retail segment held a dominant market position, capturing more than a 24% share of the Smart Advisor market. This leading performance can be attributed to retailers’ strong need for personalized customer experiences and efficient recommendation systems.

In an increasingly competitive environment, retailers have been driven to adopt advanced Smart Advisor technologies – such as chatbots, virtual stylists, and AI-driven recommendation engines – to enhance conversion rates, reduce cart abandonment, and strengthen customer loyalty. This strategic focus reflects the segment’s capacity to improve metrics across acquisition, basket size, and retention, ultimately supporting its prominence within the market .

Moreover, the retail vertical benefits from abundant real-time transactional data – such as purchase history, browsing behavior, and loyalty interactions – that empowers Smart Advisors to deliver context-aware recommendations. These AI platforms facilitate personalized product suggestions, dynamic pricing, and timely offers.

For instance, In May 2025, Lowe’s introduced Mylow Companion, an AI-powered assistant developed with OpenAI to support customer service and employee onboarding across over 1,700 U.S. stores. This tool enables store associates to access product information, project guidance, and inventory data using conversational voice-to-text prompts.

Key Market Segments

By Component

• Software
  • AI-based Software
  • Virtual Assistant Software
  • Chatbot Software
  • Predictive Analytics Software
• Services

By Application

• Mobile Platform
• Websites
• Social Media
• Contact Centers
• Others

By Vertical

• Retail
• Healthcare
• BFSI
• Government
• Travel & Hospitality
• Other Verticals

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Singapore
  • Thailand
  • Vietnam
  • Rest of Latin America
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Drivers

Advancements in AI and Machine Learning

The integration of AI and ML technologies has significantly enhanced the capabilities of smart advisors. Businesses can gain personalized, data-driven insights through the use of these technologies, which enable intelligent advisors to analyze and process massive amounts of data at high speed. By utilizing AI and machine learning, businesses can automate intricate tasks, improve decision-making processes, and deliver personalized customer experiences.

For Instance, In January 2025, Al-Futtaim launched Blue AI, a smart lifestyle advisor powered by AI and designed to enhance consumer experiences in the UAE. This AI-driven assistant aims to offer tailored services, utilizing advanced data analytics to provide users with relevant recommendations for products, services, and experiences. By utilizing AI and machine learning, customers can experience personalized service and improved outcomes, as demonstrated by Blue AI.

Restraint

Data Privacy and Security Concerns

Data privacy and security concerns are particularly problematic due to the heavy reliance on large datasets for AI model training. Smart advisors are processing more and more personal and sensitive data, which poses a risk of data breaches and unauthorized access. The occurrences can cause consumer distrust and prompt governments to take action through oversight and monitoring.

For instance, in November 2024, Apple introduced Apple Intelligence, an AI feature integrated into the latest iPhone 15 and 16 models. Its primary objective is to offer personalized recommendations and insights to enhance user experience. But experts have raised serious privacy concerns over its ability to access sensitive data from many different apps, including banking, health services, and even location-based services.

Opportunities

Expansion of Open Finance Ecosystems

Open finance initiatives that extend beyond banking into areas such as pensions, investments, and insurance present an important growth opportunity. By leveraging API‑based data sharing, smart advisors can access a wider range of financial data, enabling more holistic advice. This broader ecosystem empowers providers to develop richer offerings – such as cross‑product budgeting or integrated insurance planning – while promoting financial inclusion.

Challenges

Maintaining Trust and Human Oversight

While AI‑driven advisors offer efficiency, user trust depends on maintaining human‑in‑the‑loop oversight and transparency. The “black‑box” nature of many AI systems can undermine accountability unless explainable models and oversight mechanisms are in place.

Additionally, users still value empathy and the nuanced judgement offered by human advisors. Without a hybrid model that combines tech agility with human insight, smart advisors risk failing to address deeper emotional or behavioural finance needs.

Key Players Analysis

IBM Corporation has reinforced its leadership in enterprise Smart Advisor platforms through its May 2025 launch of advanced hybrid AI agent technologies. At the IBM Think 2025 event, it introduced watsonx Orchestrate with integration capabilities across 80+ business applications, enabling AI agents to be built in as little as five minutes and promising 176 % ROI over three years.

eGain Corporation continues to innovate within customer engagement analytics by enhancing its Smart Advisor offerings, though public 2025 headlines are limited. Latest market reports confirm its sustained presence among top Smart Advisor vendors. The firm is expected to focus on modular deployment across cloud and contact‑center environments, building on previous generational improvements in SmartIVR and knowledge‑hub intelligence tools.

Top Key Players in the Market

• 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
• Others

Recent Developments

• May 2025: IBM launched Watsonx AI Labs in New York City. This incubator aims to speed up enterprise AI adoption. As part of this initiative, IBM acquired Seek AI, a startup specializing in natural language analysis. This acquisition will enhance Watsonx tools used in customer‑service applications – relevant to smart advisor systems.
• May 2025: CyberLink unveiled AI Marketing Advisor, a feature within its Promeo design platform. This Smart Advisor uses content analytics and large‑language models to aid in swift, effective marketing campaign creation.

Report Scope