HR Advisory Services Global Market Report 2023 – By Type (Compensation Consulting, Benefits Consulting, Human Resources Management Consulting, Actuarial Consulting, Strategic Consulting, Other Types), By Service (Integration and Deployment, Support and Maintenance, Training and Consulting), By EndUse (IT Services, Manufacturing, Financial Services, Mining And Oil and Gas, Construction, Other EndUses) – Market Size, Trends, And Global Forecast 2023-2032

Investment banking is the subset of a bank or financial institution that provides financial consultancy services, including underwriting (capital raising) and mergers and acquisitions (M&A) advisory services to governments, corporations, and institutions. The main types of investment banking are mergers and acquisitions advisory, financial sponsor/syndicated loans, equity capital markets underwriting, and debt capital markets underwriting. M&A consultants are concerned with giving advise to buy-side and sell-side businesses on their mergers and acquisitions, but they also carry out market research and assist businesses in raising finance for M&A. It is employed in large enterprises, medium and small enterprises and used by financial services, retail and wholesale, information technology, manufacturing, healthcare, construction, and other end-use industries. The global investment banking market is segmented - 1) By Type: Mergers And Acquisitions Advisory, Financial Sponsor/Syndicated Loans, Equity Capital Markets Underwriting, Debt Capital Markets Underwriting 2) By Enterprise Size: Large Enterprises, Medium and Small Enterprises 3) By End-Use Industry: Financial Services, Retail And Wholesale, Information Technology, Manufacturing, Healthcare, Construction, Other End-Use Industries Subsegments Covered: Mergers Advisory, Acquisitions Advisory, Underwritten Deal, Club Deal, Best-Efforts Syndication Deal The global investment banking market size grew from $153.49 billion in 2022 to $166.62 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global investment banking market is expected to grow to $221.78 billion in 2027 at a CAGR of 7.4%. Investment banks across the globe are moving towards businesses requiring less regulatory capital. In this regard, major investment banks from around the world, such as Barclays, Deutsche Bank, and Credit Suisse, have announced their plans to move from traditional underwriting businesses to other activities such as mergers and acquisitions advisory and fundraising. This shift is primarily due to regulatory changes that made some investment banking activities more expensive than others. Although the regulations have restricted the range of some banks, forcing them to specialize, some investment bankers, such as Citibank and JPMorgan, have continued to offer a complete range of investment banking services. Major companies in the investment banking market include Barclays, JP Morgan, Goldman Sachs, Bank of America Merrill Lynch, and Morgan Stanley. Investment banking is focusing on mergers and acquisitions to expand its product offerings and increase its share in the market. Large investment banking firms are acquiring boutique firms (small firms that are specialised in various fields) that cater to specific industries such as technology, health care, the financial sector, the media, and entertainment. The presence of a large number of small firms focusing on niche markets is offering significant opportunities for larger investment banking firms. This is driving the M&A activity in the investment banking industry. North America was the largest region in the investment banking market share in 2022. Asia-Pacific was the second-largest region in the investment banking market. The regions covered in the global investment banking market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the investment banking market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The investment banking market consists of revenues earned by entities by undertaking capital risk in the process of underwriting securities. The market size is the revenues generated from the fees and commissions levied on the services provided. This market excludes companies acting as agents and/or brokers between buyers and sellers of securities and commodities. These establishments primarily underwrite, originate, and/or maintain markets for issue of securities as well as offering other corporate finance services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The investment banking market research report is one of a series of new reports from The Business Research Company that provides investment banking market statistics, including investment banking industry global market size, regional shares, competitors with a investment banking market share, detailed investment banking market segments, market trends and opportunities, and any further data you may need to thrive in the investment banking industry. This investment banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Management consulting is defined as advising and/or implementing services to organizations' management with the goal of improving the effectiveness of their business strategy, organizational performance, and operational processes. The main types of management consulting are operations advisory, financial advisory, technology advisory, strategy advisory, other consulting services, and HR advisory. HR advisory provides advice on human capital matters and/or offerings revolving around the HR function. The services are used by various industries, including IT services, manufacturing, financial services, mining, oil and gas, construction, and others. The different service providers include large enterprises, as well as small and medium-sized enterprises. The global management consulting services market is segmented - 1) By Type: Operations Advisory, Financial Advisory, Technology Advisory, Strategy Advisory, Other Consulting Services, HR Advisory 2) By End Use Industry: IT Services, Manufacturing, Financial Services, Mining And Oil & Gas, Construction, Other End Use Industries 3) By Service Provider: Large Enterprise, Small and Medium Enterprise The global management consulting services market size grew from $976.34 billion in 2022 to $1,022.24 billion in 2023 at a compound annual growth rate (CAGR) of 4.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, and affecting many markets across the globe. The market size of global management consulting services market is expected to grow from $1,184.03 billion in 2027 at a CAGR of 3.7%. Many clients of the management consulting services market are expanding globally and thus require more sophisticated and internationally-oriented services. Globalization is expected to pave the way for more joint ventures, foreign investments, global expansion, and multi-national companies setting up facilities in high-growth regions. Companies are increasingly forming joint ventures with firms in other countries to test the market. Similarly, some companies are looking to acquire an established company in a new market to minimise the risk. Furthermore, globalisation in the management consulting services industry is gaining momentum due to rapid growth in the internet, automation of consultancy processes, and developments in data security. In response to this, many domestic management consultancies have entered into new markets, collaborating with foreign groups to offer services in a wider range of countries. Major companies in the management consulting market include Accenture, Deloitte Touche Tohmatsu Limited, Total SA, PwC, Ernst & Young, KPMG, Aon P.L.C, Aon Hewitt, McKinsey & Company, and Boston Consulting Group Inc. The outbreak of COVID-19 disease (COVID-19) has acted as a restraint on the management consulting services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province, of the People’s Republic of China and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of "lock down" and the outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the management consulting services market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy. Artificial intelligence (AI) and automation are revolutionising the way management consultants explore data. AI and automation help management consultants handle such processes as processing and analysing massive amounts of data more efficiently and faster than an average human. It can also provide accurate insights in the areas of businesses such as sales, operations, supply chain, and more. For example, JLL, an American professional services and investment management company specialising in real estate, leverages an AI analysis system to drastically streamline workloads. The real estate consultancy advises on client portfolios that can be made up of anything between 1 and 100,000 properties, which traditionally took professionals weeks to analyze. In the consulting area, the information gathered through AI on sales channels, customer journeys, and client behaviour can help consultants identify new opportunities and develop effective strategies for advertising campaigns. According to Euan Cameron, PwC’s UK AI Leader, AI could add huge value to the management consulting sector, which traditionally was conservative and human-driven. Western Europe was the largest region in the management consulting services market share in 2022. North America was the second largest region in the management consulting services market. The regions covered in the global management consulting services market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the management consulting market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The management consulting (MCS) market consists of revenue earned by that provide a range of services providing advice and assistance on organizational planning, financial budgeting, marketing strategies, human resource practices, administration policies and production and logistics scheduling. Such services include solutions for administrative management issues, strategic and organizational planning, business process improvement, human resource and personnel policies, developing marketing planning and strategy, productivity improvement, quality assurance and quality control. Management consulting providers undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The management consulting services market research report is one of a series of new reports from The Business Research Company that provides management consulting services market statistics, including management consulting services industry global market size, regional shares, competitors with a management consulting services market share, detailed management consulting services market segments, market trends and opportunities, and any further data you may need to thrive in the management consulting services industry. This management consulting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Strategy advisory refers to services that advise organisations on high-level decisions in an unbiased fashion, using deep industry knowledge to deliver the best results. Strategy advisory services help businesses stay competitive by analyzing business practices and developing improvement strategies. The main services of strategy advisory are corporate strategy, business model transformation, economic policy, mergers and acquisitions, organisational strategy, functional strategy, strategy and operations, and digital strategy. A corporate strategy is a one-of-a-kind, long-term plan or framework meant to achieve a competitive advantage over other market participants while meeting both customer/client and stakeholder promises (including shareholder value). The different organisation sizes include large enterprises, small and medium enterprises and are used by various industries such as IT and telecommunication, healthcare, BFSI, retail, manufacturing, and others. The global strategy advisory market is segmented - 1) By Services: Corporate Strategy, Business Model Transformation, Economic Policy, Mergers & Acquisitions, Organizational Strategy, Functional Strategy, Strategy & Operations, Digital Strategy 2) By End-User: IT & Telecommunication, Healthcare, BFSI, Retail, Manufacturing, Other End-Users 3) By Organization Size: Large Enterprise, Small and Medium Enterprise The global strategy advisory market size will grow from $131.9 billion in 2022 to $140.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global strategy advisory is expected to grow to $177.73 billion in 2027 at a CAGR of 6.0%. During the forecast period, the increased number of start-ups globally will support the strategy advisory market’s growth. According to Invest India, in August 2022, India was the third largest start-up ecosystem in the world with over 77,000 DPIIT-recognized start-ups across 656 districts. According to The State of Indian Start-up Ecosystem Report, 2022, by Inc42, the cumulative funding raised by Indian start-ups would reach $180 billion by 2023. Therefore, a growing number of star-tups across industrial and financial sectors is expected to fuel the demand for the strategy advisory market growth. Major players in the strategy advisory market are A.T. Kearney, Inc., Accenture PLC, Deloitte, Bain & Company, Ernst & Young Ltd., KPMG, McKinsey & Company, and The Boston Consulting Group. The high cost associated with strategic advisory services is expected to limit the growth of the strategy advisory market. Different types of services and functions are offered by strategic advisory firms as an expensive package. For instance, a typical strategy case costs between $500,000 and $1.2 million. The high-cost variances occur because of the premium that the brand commands, the length of the case, and the number of consultants required to do the work. Thus, the higher cost of hiring a strategic advisor will negatively impact the strategy advisory market. The launch of artificial intelligence is gaining popularity in the strategy advisory market. As this new technology develops, many companies are increasingly thinking about integrating artificial intelligence (AI) into their operations. For instance, the global AI market is expected to grow rapidly during the next few years, reaching a market value of $190.61 billion by 2025. AI is expected to increase at a 33.2% yearly rate between 2020 and 2027. Artificial intelligence and the future of strategic advisory and its effects on consultancy firms are positive, and if harnessed correctly, artificial intelligence (AI) could significantly accentuate how these firms govern as well as the services they provide to clients. In December 2021, EY-Parthenon, an US-based management consulting company, acquired CMA Strategy Consulting, for an undisclosed amount, to offer joint IoT offerings. With this acquisition EY-Parthenon would improve its offerings in the digital infrastructure and TMT consulting space. CMA Strategy Consulting is a US-based consulting firm providing services to telecommunications, media, and related technology industries. North America was the largest region in the strategy advisory market in 2022. Western Europe was the second largest region in the global strategy advisory market share. The regions covered in the global strategy advisory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the strategy advisory market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The strategy advisory market consists of revenue earned by entities by providing consulting services that aim to increase client’s revenues, profit margins, market share and competitive advantage. Clients consult strategy advisors to seek advice on developing new markets, market entry and expansion strategies, and on reimagining their business models. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The strategy advisory market research report is one of a series of new reports from The Business Research Company that provides strategy advisory market statistics, including strategy advisory industry global market size, regional shares, competitors with a strategy advisory market share, detailed strategy advisory market segments, market trends and opportunities, and any further data you may need to thrive in the strategy advisory industry. This strategy advisory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Technology advisory refers to services that offer advice on developing technology strategies, technology ideation and prototyping, designing digital consulting services, and cybersecurity enhancements. Technology advisory help to create an effective IT strategy, adjust operations to meet corporate objectives, invest in the appropriate technology and implement it, adopt the shifting IT landscape, keep up with the latest technology developments, enhance enterprise architecture, manage and improve IT expenses. The main types of technology advisory services are application development, cloud services, cybersecurity and privacy, data and analytics, technology strategy and enterprise architecture, and others. Application development refers to the process of building a computer program or a series of programs to fulfil the many functions that a business requires. The different industries include banking, financial services, healthcare, IT and telecom, government, and others and involve various sizes of enterprises such as large enterprises and small and medium-sized enterprises. The global technology advisory market is segmented - 1) By Service: Application development, Cloud Services, Cybersecurity and Privacy, Data and Analytics, Technology Strategy and Enterprise Architechture, Other Services 2) By End Use: Banking, Financial Services, Healthcare, IT & telecom, Government, Other End Uses 3) By Enterprise Size: Large Enterprise, Small and Medium Enterprise The global technology advisory market size will grow from $154.47 billion in 2022 to $161.32 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global technology advisory is expected to grow to $184.7 billion in 2027 at a CAGR of 3.4%. The increasing requirement for simplifying business operating models and IT investment monitoring is a major driver contributing to the growth of the technology advisory market. Technology consulting firms help companies integrate technology into their business operations and create better experiences, thereby improving business processes, reducing costs, and maximizing technology-based opportunities. Technology advisory firms also help companies address cybersecurity concerns and keep data safe. For instance, Louis Vuitton uses technology consulting to create small modules in business and IT strategy and IT governance to run its operations effectively. In addition to this, companies such as Canon and Samsung have been using technology advice to optimize their operations and reduce IT costs. Technology advisory services help companies focus more on core business, access the latest technology, and minimize hardware failure, virus and spyware attacks, and database corruption. Major players in the technology advisory market are Fujitsu Ltd., HCL Technologies Limited, Booz & Co., Infosys Limited, Dell Technologies Inc., KPMG, IBM Corporation, Tata Consultancy Services Limited, Ernst & Young (EY) and McKinsey & Company. Security and reliability concerns are expected to limit the growth of the technology advisory market. Security hacks, illegal surveillance, lack of transparency, misuse of personal data, and algorithmic bias are some of the key factors that have come along with increased technological advancement. According to Verizon’s 2021 Data Breach Investigations Report, the info-tech sector is highly susceptible to external (66%) and internal (37%) threats, industrial espionage (9%), and financial motives (88%). For example, according to security tracker Firefox Monitor, Paytm Mall, a premier shopping app, experienced a major data breach that affected nearly 3.4 million customers in 2020. Organizations today rely very much on applications and IT software to conduct business. Software defects resulting in unauthorized access and the use of malicious intruders and malicious code to breach the security of the system are adding more to the security and reliability of third-party technology advisory services and hence restraining the technology advisory market growth. Artificial Intelligence (AI) is a leading trend gaining traction in various business processes. AI is an amalgamation of different technologies that enables a machine to sense, understand, and act. AI helps businesses identify and solve business problems and drive measurable business value. AI helps in designing hardware infrastructure - on-premise or cloud-based, ingestion, and analysis of big data, and to enable flexibility of computing resources. For instance, in 2022, Tech Mahindra launched YANTR.AI, a cognitive artificial intelligence (AI) solution that automates and simplifies field services. With YANTR.AI, operational efficiency, productivity, and workflow control are enhanced by combining advanced analytics, artificial intelligence (AI), machine learning (ML), and optimisation with people, allowing field operations to be hyper-automated, thus increasing efficiency and customer satisfaction. With the improvement in AI technology with every passing day, it is gaining huge importance in data expertise, business processes, and workflow management. In October 2020, Accenture PLC., an Ireland-based global professional services company providing services in strategy, consulting, technology, and operations, acquired SALT Solutions AG, a German technology consultancy, for an undisclosed amount. The acquisition is expected to help Accenture plc build a cloud-based industrial internet-of-things (IoT) platform that will enable the client to reduce quality and waste issues in the whole supply chain. SALT has deep expertise in manufacturing and supply chain systems, complementing Accenture's expertise in cloud solutions and planning systems. The acquisition will help Accenture to expand its digital manufacturing and operations business in Germany. SALT Solutions AG is a German technology consultancy company implementing and maintaining IT systems for a variety of companies across different sectors. North America was the largest region in the technology advisory market in 2022. Western Europe was the second largest region in the global technology advisory market share. The regions covered in the global technology advisory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the technology advisory market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The technology advisory market consists of revenue earned by entities that provide advisory services to clients to identify, prioritize, design, and manage their investments in a various advanced technology. Technology advisory services provide consultancy on developing technology strategies, technology ideation and prototyping, design digital consulting services, and ways to enhance cybersecurity. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products. The technology advisory market research report is one of a series of new reports from The Business Research Company that provides technology advisory market statistics, including technology advisory industry global market size, regional shares, competitors with a technology advisory market share, detailed technology advisory market segments, market trends and opportunities, and any further data you may need to thrive in the technology advisory industry. This technology advisory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Insurtech refers to technological innovations created and implemented to improve the efficiency of the insurance industry. Insurtech provides authority for the insurance business's creation, distribution, and management. The main types of products in insurtech are health insurance, life insurance, travel insurance, car insurance, business insurance, home insurance, and others. The health insurance offers insurance coverage for the medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured, depending upon the health insurance coverage plan. The different technologies include blockchain, cloud computing, IoT, machine learning, Robo advisory, and others and are deployed on-premises, in the cloud. It offers solutions, and services and is used by various sectors such as the automotive industry, banking, and financial services, government sector, healthcare industry, manufacturing industry, retail industry, and others. The global insurtech market is segmented - 1) By Product: Health Insurance, Life Insurance, Travel Insurance, Car Insurance, Business Insurance, Home Insurance, Other Products 2) By Technology: Blockchain, Cloud Computing, IoT, Machine Learning, Robo Advisory, Other Technologies 3) By Offering: Solutions, Services 4) By Deployment: On-Premise, Cloud 5) By Application: Automotive Industry, Banking And Financial Services, Government Sector, Healthcare Industry, Manufacturing Industry, Retail Industry, Other Applications The global insurtech market size will grow from $10.44 billion in 2022 to $13.49 billion in 2023 at a compound annual growth rate (CAGR) of 29.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global insurtech is expected to grow to $39.44 billion in 2027 at a CAGR of 30.7%. Insurtech companies are increasingly using hyper-automation to satisfy the rising client demands and to provide competitive pricing. Hyper automation is a combination of machine learning (ML), artificial intelligence (AI), and robotic process automation (RPA) that allows insurtech professionals in conducting business more quickly, efficiently, and securely. According to a study by Cigniti, an India-based software company, more than 65% of insurtech companies are likely to adopt at least partial hyper-automation by 2024, as new technologies and evolving client expectations drive rapid transition in the the growth of the insurtech market. Major players in the insurtech market are Quantemplate Limited, Oscar Health, Shift Technologies Inc., ZhongAn, Trov Inc., Neos, Clover Health, Acko General Insurance, Lemonade Inc., Metromile Inc., Damco Group, DXC Technology, Insurance Technology Services, Majesco, Bauxy, Anorak Technologies, Moonshot-Internet, and KFin Technologies Private Limited. In June 2021, MGA CorvusInsurTech, a US-based company offering insurtech market acquired Wingman Insurance for an undisclosed amount. This purchase presents additional opportunities for MGA CorvusInsurTech as they launched an acquisition strategy and maintained organic development by increasing their presence in the small and midsize business sector and establishing the option to white label their products and services as they further examine different product lines. Wingman Insurance is a US-based company that provides digital insurance services. North America was the largest region in the insurtech market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global insurtech market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the insurtech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The insurtech market includes revenues earned by entities by providing solutions that integrate the traditional insurance industry with modern technologies. The term insurtech refers to applying technological innovations to extract cost and efficiency from the current insurance industry model. Insurtech market intends to collect information from a variety of sources, including automotive GPS tracking and activity trackers on wristwatches. The information gathered can be utilized to create more precisely defined risk groups, allowing for more competitive pricing of products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the insurtech market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. Insurtech is cost-effective which is contributing to the growth of the insurtech market. Insurtech is more cost-effective than traditional insurance companies as insurtech eliminates the need for a middle man between the insurance provider and customer. Through digitization and highly responsive customer engagement software, insurtech reduces the steps taken by a customer during their onboarding and claim processing experience, lowering the overall cost of the insurance policy. For instance, in 2020, Accenture, an Ireland-based professional services company reported that around 96% of insurers are willing to adopt digital ecosystems as it is having a major impact on the insurance industry. The insurtech market research report is one of a series of new reports from The Business Research Company that provides insurtech market statistics, including insurtech industry global market size, regional shares, competitors with an insurtech market share, detailed insurtech market segments, market trends, and opportunities, and any further data you may need to thrive in the insurtech industry. This insurtech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Robo-advisor refers to a type of automated financial advisor that provides algorithm-driven wealth management services with little to no human intervention. The robo advisory is engaged in providing financial advice in an online mode. Robo-advisors offer digital investment management services platforms with the help of automated, algorithm-driven financial planning services with very little to no human intervention. They use an online questionnaire to collect information from clients regarding their financial situation, degree of risk, and future goals, and then use the data to offer advice and automatically invest client assets. The main types of business models in robo-advisory are pure robo advisors and hybrid robo advisors. A pure robo advisor is a digital financial service that uses automated technology to help investors with financial solutions. A hybrid robo advisor is a service that typically combines human financial advisors with robo advisors with access to financial guidance or planning. The providers of robo-advisory include fintech robo-advisors, banks, traditional wealth managers, and others. The types of services provided include direct plan-based/goal-based and comprehensive wealth advisory. The robo advisory services are used by healthcare providers, retail, education, and other end-users. The global robo advisory market is segmented – 1) By Service Type: Direct Plan-Based/Goal-Based, Comprehensive Wealth Advisory 2) By Provider: Fintech Robo Advisors, Banks, Traditional Wealth Managers, Other Providers 3) By Business Model: Pure Robo Advisors, Hybrid Robo Advisors 4) By End User: Healthcare, Education, Retail, Other End Users The global robo advisory market size will grow from $28.24 billion in 2022 to $41.52 billion in 2023 at a compound annual growth rate (CAGR) of 47.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The robo advisory market size is expected to grow to $205.84 billion in 2027 at a CAGR of 49.2%. The growing digitalization in financial services is contributing to the growth of the robo advisory market. In the financial industry, digital technologies such as artificial intelligence (AI), the cloud, blockchain, and fintech are making it easier to access funds and assisting the finance sector by using automated techniques to improve customer experience. For instance, in December 2020, Franklin Templeton, a US-based investment company, announced a partnership with Bambu and Apex Clearing to launch Tango, a new turnkey robo-adviser. This partnership will benefit by using the Apex platform to facilitate trading and custody for the robo-adviser and using the cloud-based platform of Bambu to facilitate a white-label software service. So, rising digital integration in financial services is driving the market's growth. Major players in the robo advisory market are Betterment LLC, Charles Schwab & Co. Inc., Wealthfront Corporation, Personal Capital Corporation, Bambu, Blooom Inc., Ellevest, FutureAdvisor, Nutmeg Saving and Investment Limited, SigFig Wealth Management, The Vanguard Group Inc., SoFi Wealth, Hedgeable Inc., WiseBanyan Inc., AssetBuilder Inc., Ally Financial Inc., Wealthsimple, Axos Invest Inc., Scalable Capital, Moneyfarm, Acorns, United Income, T. Rowe Price, Rebellion Research, WealthNavi, TD Ameritrade, Schwab Intelligent Portfolios, Stash Invest, Fincite, Ginmon Vermogensverwaltung GmbH, and Social Finance Inc. Advancements in technology are significantly shaping the robo advisory market. With the advancement of technology in areas such as advanced analytics, artificial intelligence, and natural language processing, the effectiveness of robo-advisory is expected to increase. This will enable robo-advisors to strengthen the value proposition and have a greater impact across the value chain. For instance, in November 2020, Unifimoney Inc., a US-based company operating in robo advisory, announced a partnership with Quantel AI Inc., to launch AI-based robo-investing products as part of the Unifimoney investing platform. These products will use Quantel's proprietary AI engines to evaluate the risk profile and stated goals and advise on portfolio selection to meet the customer’s goals. In August 2022, Goldman Sachs, a US-based Investment banking company, acquired NextCapital Group for an undisclosed amount. This acquisition will help accelerate the expansion of Goldman Sachs’ services in the defined contribution (DC) retirement market through personalized managed accounts and digital advice solutions. NextCapital Group is a US-based robo-advisor company that provides financial plans for clients. North America will be the largest region in the robo advisory market in 2022. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the robo advisory market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the robo advisory market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK,and USA. The robo-advisor market includes revenues earned by entities by providing robo-advisory services (e.g., fund-based robo advisory, equity-based robo advisory, comprehensive wealth advisory). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The robo advisory research report is one of a series of new reports from The Business Research Company that provides robo advisory market statistics, including robo advisory industry global market size, robo advisory market regional shares, competitors with robo advisory market shares, detailed robo advisory market segments, robo advisory market trends and robo advisory market opportunities, and any further data you may need to thrive in the robo advisory industry. This robo advisory research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Cognitive services are a set of tools and frameworks that helps businesses to build AI-infused applications and operationalize AI services quickly without the need for data scientists. These enable the computer to process pieces of external information. The cognitive services are used to implement artificial intelligence (AI) into several components for easy utilization in applications. The main service types of cognitive services are data transformation, cloud and web-based application programming interface, knowledge management, cognitive risk intelligence, data integration and cognitive automation, training and support, communication monitoring, consulting and advisory, and others. The different technologies include natural language processing, machine learning and deep learning. Natural language processing refers to the branch of computer science—specifically, the branch of artificial intelligence or AI concerning giving computers the ability to understand the text and spoken words in the same way that humans do. The natural language processing is used for text analytics, predictive text, language translation, digital phone calls, and data analysis. The different deployment modes include on-premises and cloud that are used in several applications such as predictive maintenance, marketing analysis, quality management investigation and recommendation, supply chain management, diagnosis and treatment systems, safety and security management, and other applications. The several end users include healthcare, banking, financial services, and insurance, it and telecommunication, retail, manufacturing, education, government, others. The global cognitive services market is segmented - 1) By Service Type: Data Transformation, Cloud and Web-Based Application Programming Interface, Knowledge Management, Cognitive Risk Intelligence, Data Integration and Cognitive Automation, Training and Support, Communication Monitoring, Consulting and Advisory, Other Service Types 2) By Deployment: On-Premises, Cloud 3) By Technology Type: Natural Language Processing, Machine Learning and Deep Learning 4) By Application: Predictive Maintenance, Marketing Analysis, Quality Management Investigation And Recommendation, Supply Chain Management, Diagnosis And Treatment System, Safety And Security Management, Other Applications 5) By End User: Healthcare, Banking, Financial Services, and Insurance, IT and Telecommunication, Retail, Manufacturing, Education, Government, Other End Users The global cognitive services market size will grow from $9.66 billion in 2022 to $13.3 billion in 2023 at a compound annual growth rate (CAGR) of 37.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the cognitive services is expected to grow to $48.03 billion in 2027 at a CAGR of 37.9%. An increase in data volume and complexity is expected to propel the growth of the cognitive services market going forward. The volume of data refers to the size of the data sets that must be evaluated and processed, which can be in the terabyte and petabyte range. With the increased use of social media, mobile, analytics, and the cloud paradigm, massive amounts of real-time, multimodal, unstructured, and redundant data are generated. Cognitive Services reduce data redundancy and result in faster big data processing. For instance, according to Tech Jury, a US-based business software solution company, 181 zettabytes of data will be produced globally by 2025. Therefore, an increase in data volume and complexity is driving the cognitive services market growth. Major players in the cognitive services market are IBM Corporation, Amazon Web Services, Inc., Google LLC, Nuance Communications, SAS Institute Inc., Microsoft Corporation, Attivio Inc., Tata Consultancy Services Limited, Qualcomm Technologies Inc., Nokia Corporation, Infosys Limited, Wipro Limited, Enterra Solutions LLC, Apple Inc., and BMC Software. Technological advancement is a key trend gaining popularity in the cognitive services market. Major players operating in the cognitive services sector is focused on developing and implementing new technologies to meet consumer demand and reinforce their position. For instance, in May 2022, Microsoft Corporation, a US-based technology company expanded the Azure OpenAI service with the help of InstructGPT. InstructGPT is a collection of GPT-3-based models that are less faulty and do not generate as much problematic text as their rivals. In January 2022, ei3 Corporation, a US-based company providing artificial intelligence technology acquired Cognitive Solutions and Innovation AG (COGSI AG) for an undisclosed amount. As a result of this acquisition, industrial clients of ei3 gain deep insights into their operations to reduce unplanned downtime in the future, improve asset efficiency, and increase sustainability. COGSI AG is a Switzerland-based company that provides cutting-edge artificial intelligence solutions for industrial manufacturing. North America was the largest region in the cognitive services market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cognitive services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. The countries covered in the cognitive services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA. The cognitive services market includes revenues earned by entities by providing data transformation, cloud and web-based application programming interface, knowledge management, cognitive risk intelligence, data integration and cognitive automation, training and support, communication monitoring, and consulting and advisory. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The cognitive services market research report is one of a series of new reports from The Business Research Company that provides cognitive services market statistics, including cognitive services industry global market size, regional shares, competitors with a cognitive services market share, detailed cognitive services market segments, market trends and opportunities, and any further data you may need to thrive in the cognitive services industry. This cognitive services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Wealth Management Market Definition

The wealth management market consists of sales of wealth management services by entities (organizations, sole traders and partnerships) that plan, advise on and manage various kinds of assets primarily belonging to high net worth and ultra-high net worth individuals, corporations, and government and non-government institutions. The market includes establishments that offer financial and investment advice, retirement planning and legal or estate planning. Wealth management is an investment advisory service that addresses the needs of clients. Wealth management services provide their clients with a comprehensive service to sustain and grow their wealth. It provides comprehensive research-based advisory along with convenient and personalized investment execution. The creation of wealth is through a team of experts who examine the financial needs of the client and suggest the appropriate financial products. The wealth management process includes the protection of wealth, management of risk, assembling of wealth, proper positioning of wealth, and later wealth distribution. The primary motive of wealth management is long term wealth creation.