Robo-advisors continue gaining market share in the wealth management space, although their growth rate is slowing, according to a recent report.

Robo-advisors are projected to manage $1.4 trillion in 2020, a 47% surge from 2019, according to a report from In 2017, robos had only close to $240 billion in assets, the web publication writes, citing data from statistics portal Statista.

And by 2023, assets managed by robo-advisors are expected to reach $2.5 trillion, representing a compound annual growth rate of 21%, according to

Similarly, the number of robo-advice users has grown from 13.1 million in 2017 to 45.7 million last year, the web publication writes.

This year, that figure is projected to reach 70.5 million, and 147 million by 2023, which would be an 11-fold increase over 2017, according to

As the birth country of robo-advice, the U.S. is projected to account for $1 trillion of the $1.4 trillion expected to be managed by robo-advisors in 2020, the web publication writes.

China trails far behind, with around $300 billion projected to be managed by robos for 2020, according to Meanwhile, in the U.K., which is in third place, robo-advisors are expected to manage just $24 billion this year, while in fourth-ranked Germany they’re projected to oversee $13 billion, the web publication writes. Canada follows closely behind, with the robo-advice market there expected to manage $8 billion in 2020, according to

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