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Financial Services Market Size, Industry Overview, Demand Factors And Forecast To 2033
Financial Services Market
The Business Research Company offers in-depth market insights through Financial Services Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The financial services market size has grown strongly in recent years. It will grow from $31138.82 billion in 2023 to $33539.52 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to increasing demand for fast & real-time fund transfer, rise in adoption of blockchain technology in the banking sector, rising use of digital banking services, government led insurance reforms, strong economic growth in emerging markets, rising use of cryptocurrency.
The financial services market size is expected to see strong growth in the next few years. It will grow to $44925.71 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to increasing wealth of high-net-worth individuals, rising demand for alternative investments, increase use of blockchain to reduce fraudulent transactions, growth in individual investors investments, increase in home ownership and mortgages, rising urbanization, increasing investments. Major trends in the forecast period include integrating smarter safety systems into financial services, implementing artificial intelligence (ai) in financial services for improved service, invest in new product launches to increase the product portfolio and to increase market share, adopting cloud technology to improve resilience, deliver new capabilities, offering custom and personal services especially for wealth management..
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Market Segmentation:
The financial services market covered in this report is segmented -
1) By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services
2) By Size Of Business: Small And Medium Business, Large Business
3) By End-User: Individuals, Corporates, Government, Investment Institution
Sub segments: Lending , Cards And Payments, Insurance, Reinsurance, Insurance Brokers And Agents, Securities Brokerage And Stock Exchange Services, Wealth Management, Investment Banking
Major Driver - Rapid Growth In Emv Technology Adoption For Financial Services Market
The global payments industry has witnessed a rapid increase in the adoption of EMV technology. This growth is driven by the higher level of data security offered by EMV chips and PIN cards as compared to traditional magnetic stripe cards. EMV is a security standard for various payment cards, including debit, credit, charge, and prepaid cards. The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. For instance, in August 2023, according to Thales Group, a France-based company that designs, develops and manufactures electrical systems, stated that over 12.8 billion EMV chip cards was in circulation during 2022. This is an increase of close to 6% over 2021. Therefore, the increasing payment industry helps to drive the financial services market.
Competitive Landscape:
Major companies operating in the financial services market report are Allianz, Ping An Insurance Group, Industrial and Commercial Bank of China, JPMorgan Chase & Co, AXA, China Construction Bank, Agricultural Bank of China, China Life Insurance Company, Bank of America, Generali Group, Axis Bank, Bank Of Baroda, BNL, FamPay, Federal Bank, Finin, HDFC Bank, Airwallex, American Express, ANZ, DBS Bank, ICBC Bank, WeBank, ChiantiBanca, Ant Financial, New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, Fanhua Inc, Chang'an Insurance Brokers Co., Ltd, Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd, Shenzhen Huakang Insurance Agency Co. Ltd, CPIC, China Property and Casualty Reinsurance Company Ltd, PICC Reinsurance Co. Ltd, Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group, Caixa Geral De Depositos, La Banque Postale, Cofidis, Hello bank!, BNP Paribas, Santander, Marsh & McLennan Companies UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Aon Holding Deutschland GmbH, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Munich Re, Swiss Re, Crédit Agricole Assurances, CNP Assurance, Société Générale, Deutsche Bank, Sberbank, TKB Investment Partners (JSC), Alfa Capital, RSHB Asset Management, UFG Asset Management, PZU Group, Aviva Investors Poland, Ipopema, BT Asset Management SAI, Prudential, Lincoln National, MassMutual, John Hancock, Transamerica, Manulife Financial, Chubb Life, Great-West Lifeco, Inc, Sun Life Financial, IA Financial Group, Fairfax Financial Holdings Ltd, Northwestern Mutual, New York Life, BlackRock, Vanaguard, State Street Global Advisors, Fidelity Investments, Berkshire Hathaway Re, Elevance Health, Capital Group, Bank Of New York Mellon, PIMCO, Goldman Sachs, PGIM, TD Asset Management, Brookfield, RBC Global Asset Management, BMO Global Asset Management, Companhia de seguros alliance do Brazil, Bradesco Vida E Previdencia S.A, AR LIFE, Moontek, EvaCodes, Innowise Group, Infograins, ZirconTech, Tech Exactly, Chimpare, SoluLab, BitOasis, Pyypl, Zone, Gath3r, MidChains, HAYVN, DEFIYIELD, MenaPay, Light Protocol, Afriex, BitPesa, Bitsoko, BTCGhana, Luno, Ice3X, GeoPay, Dash, BitSure, Sava, Standard bank, Chankura, PayFast
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Top Trend - Innovations In Financial Services Market
Major companies operating in the financial services market are innovating new financial products, such as capital and accounts platforms, to provide reliable services to customers. Capital and Account is a financial service product to provide fast and flexible cash advances and instant access to funds for users on the platform. For instance, in October 2022, Adyen, a Netherlands-based financial technology platform, launched the capital and accounts platform. Capital and Accounts is a platform that offers users the ability to easily spend their funds on platform-branded payment cards. This platform is available in the US and Europe. The capital product provides users on the platform with fast and flexible cash advances based on historic payment data, and the account product allows users to run their finances and get instant access to funds.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Financial Services Market Characteristics
3. Financial Services Market Trends And Strategies
4. Financial Services Market - Macro Economic Scenario
5. Financial Services Market Size And Growth
…..
27. Financial Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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