There are more than 9.8mn DIY investor accounts in the UK as at Q1 2023 and over 2mn of these accounts are held with a robo-adviser, Boring Money found.
This is equivalent to 21 per cent market share by customer accounts.
In monetary terms, these account for 4.2 per cent of all DIY assets.
Holly Mackay, chief executive officer at Boring Money, said: “It’s interesting to see robo-adviser market share levels rise above 20 per cent in terms of customers.
“There is almost an even split from a gender lens, and on average, robo-customers are 12 years younger than traditional platform customers”.
Boring Money said the DIY investment market has nearly recovered to levels seen at the end of Q1 in 2022.
Total assets under administration were £359.1bn as at Q1 2023.
Mackay added: “Although the average platform’s account size is 7 times larger than a robo-adviser’s average balance, they now hold a meaningful market share in terms of tomorrow’s customers and are growing at the fastest pace of any provider type in the market.”