This report describes and explains the financial services market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global financial services market reached a value of nearly $30.9 trillion in 2023, having grown at a compound annual growth rate (CAGR) of 7.23% since 2018. The market is expected to grow from $30.9 trillion in 2023 to $44.1 trillion in 2028 at a rate of 7.39%. The market is then expected to grow at a CAGR of 7.22% from 2028 and reach $62.6 trillion in 2033.
Growth in the historic period resulted from the rapid increase in the adoption of EMV (Europay, MasterCard and Visa) technology, expansion of new business finance models, demand for risk management services and increased use of blockchain to reduce fraudulent transactions. Factors that negatively affected growth in the historic period include rising cybercrime risk, interest rate challenges and data localization.
Going forward, the increase in crypto currencies, increasing wealth of high-net-worth individuals, rising use of digital banking services, rising demand for alternative investments and increasing government support will drive the market. Factors that could hinder the growth of the financial services market in the future include stringent regulatory requirements.
The financial services market is segmented by size of business into small and medium business and large business. The large business market was the largest segment of the financial services market segmented by size of business, accounting for 57.86% or $17.9 trillion of the total in 2023. Going forward, the small and medium business segment is expected to be the fastest growing segment in the financial services market segmented by size of business, at a CAGR of 8.05% during 2023-2028.
The financial services market is segmented by end user into individuals, corporates, government, investment institution. The individuals market was the largest segment of the financial services market segmented by end user, accounting for 40.15% or $12.4 trillion of the total in 2023. Going forward, the individuals segment is expected to be the fastest growing segment in the financial services market segmented by end user, at a CAGR of 8.28% during 2023-2028.
Western Europe was the largest region in the financial services market, accounting for 35.84% or $11.1 trillion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the financial services market will be South America and the Middle East, where growth will be at CAGRs of 11.56% and 8.70% respectively. These will be followed by Western Europe and Africa, where the markets are expected to grow at CAGRs of 7.79% and 7.72% respectively.
The global financial services market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.34% of the total market in 2023. Berkshire Hathaway Inc. was the largest competitor with a 0.85% share of the market, followed by Allianz with 0.54%, JPMorgan Chase & Co with 0.51%, Ping An Insurance Company of China, Ltd with 0.48%, Axa S.A. with 0.36%, Industrial and Commercial Bank of China with 0.35%, China Construction Bank with 0.33%, Bank of America Corporation with 0.32%, Agricultural Bank of China with 0.30% and China Life Insurance Company with 0.29%.
The top opportunities in the financial services market segmented by type will arise in the lending and payments segment, which will gain $5 trillion of global annual sales by 2028. The top opportunities in the financial services market by size of business will arise in the large business segment, which will gain $7.1 trillion of global annual sales by 2028. The top opportunities in the financial services market by end user will arise in the individuals segment, which will gain $6.1 trillion of global annual sales by 2028. The financial services market size will gain the most in the USA at $3.2 trillion.
Market-trend-based strategies for the financial services market include focus on introducing digital credit-as-a-service, launching versatile investment portfolios, integrating AI (artificial intelligence) with existing financial systems, revolutionizing personal finance with new apps, transforming financial institutions with cutting-edge technology, adopting investment strategies focused on equity and related securities and developing innovative loan offerings for a diverse market.
Player-adopted strategies in the financial services market include focus on expanding operational capabilities through strategic partnerships and focus on increasing investments to reinforce position in the global market.
To take advantage of the opportunities, the analyst recommends the financial services companies to focus on digital credit-as-a-service, focus on versatile investment portfolios, focus on Ai integration in financial services, focus on developing comprehensive personal finance apps, focus on integrating cutting-edge technology in financial services, focus on developing innovative loan offerings, focus on the investments market segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on targeted digital marketing, focus on building brand trust, continue to use B2B promotions and focus on the individuals segment.
The global financial services market reached a value of nearly $30.9 trillion in 2023, having grown at a compound annual growth rate (CAGR) of 7.23% since 2018. The market is expected to grow from $30.9 trillion in 2023 to $44.1 trillion in 2028 at a rate of 7.39%. The market is then expected to grow at a CAGR of 7.22% from 2028 and reach $62.6 trillion in 2033.
Growth in the historic period resulted from the rapid increase in the adoption of EMV (Europay, MasterCard and Visa) technology, expansion of new business finance models, demand for risk management services and increased use of blockchain to reduce fraudulent transactions. Factors that negatively affected growth in the historic period include rising cybercrime risk, interest rate challenges and data localization.
Going forward, the increase in crypto currencies, increasing wealth of high-net-worth individuals, rising use of digital banking services, rising demand for alternative investments and increasing government support will drive the market. Factors that could hinder the growth of the financial services market in the future include stringent regulatory requirements.
The financial services market is segmented by size of business into small and medium business and large business. The large business market was the largest segment of the financial services market segmented by size of business, accounting for 57.86% or $17.9 trillion of the total in 2023. Going forward, the small and medium business segment is expected to be the fastest growing segment in the financial services market segmented by size of business, at a CAGR of 8.05% during 2023-2028.
The financial services market is segmented by end user into individuals, corporates, government, investment institution. The individuals market was the largest segment of the financial services market segmented by end user, accounting for 40.15% or $12.4 trillion of the total in 2023. Going forward, the individuals segment is expected to be the fastest growing segment in the financial services market segmented by end user, at a CAGR of 8.28% during 2023-2028.
Western Europe was the largest region in the financial services market, accounting for 35.84% or $11.1 trillion of the total in 2023. It was followed by North America, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the financial services market will be South America and the Middle East, where growth will be at CAGRs of 11.56% and 8.70% respectively. These will be followed by Western Europe and Africa, where the markets are expected to grow at CAGRs of 7.79% and 7.72% respectively.
The global financial services market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 4.34% of the total market in 2023. Berkshire Hathaway Inc. was the largest competitor with a 0.85% share of the market, followed by Allianz with 0.54%, JPMorgan Chase & Co with 0.51%, Ping An Insurance Company of China, Ltd with 0.48%, Axa S.A. with 0.36%, Industrial and Commercial Bank of China with 0.35%, China Construction Bank with 0.33%, Bank of America Corporation with 0.32%, Agricultural Bank of China with 0.30% and China Life Insurance Company with 0.29%.
The top opportunities in the financial services market segmented by type will arise in the lending and payments segment, which will gain $5 trillion of global annual sales by 2028. The top opportunities in the financial services market by size of business will arise in the large business segment, which will gain $7.1 trillion of global annual sales by 2028. The top opportunities in the financial services market by end user will arise in the individuals segment, which will gain $6.1 trillion of global annual sales by 2028. The financial services market size will gain the most in the USA at $3.2 trillion.
Market-trend-based strategies for the financial services market include focus on introducing digital credit-as-a-service, launching versatile investment portfolios, integrating AI (artificial intelligence) with existing financial systems, revolutionizing personal finance with new apps, transforming financial institutions with cutting-edge technology, adopting investment strategies focused on equity and related securities and developing innovative loan offerings for a diverse market.
Player-adopted strategies in the financial services market include focus on expanding operational capabilities through strategic partnerships and focus on increasing investments to reinforce position in the global market.
To take advantage of the opportunities, the analyst recommends the financial services companies to focus on digital credit-as-a-service, focus on versatile investment portfolios, focus on Ai integration in financial services, focus on developing comprehensive personal finance apps, focus on integrating cutting-edge technology in financial services, focus on developing innovative loan offerings, focus on the investments market segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, focus on targeted digital marketing, focus on building brand trust, continue to use B2B promotions and focus on the individuals segment.
Table of Contents
1 Executive Summary
6 Market Characteristics
8 Supply Chain Analysis
9 Customer Information
10 Major Market Trends
11 Financial Services Market - Macro-Economic Scenario
12 Global Market Size and Growth
13 Global Financial Services Market Segmentation
14 Financial Services Market, Regional and Country Analysis
15 Asia-Pacific Market
16 Western Europe Market
17 Eastern Europe Market
18 North America Market
19 South America Market
20 Middle East Market
21 Africa Market
22 Competitive Landscape and Company Profiles
23 Other Major and Innovative Companies
26 Key Mergers and Acquisitions Market
27 Opportunities and Strategies
28 Financial Services Market, Conclusions and Recommendations
29 Appendix
Executive Summary
Financial Services Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global financial services market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 50 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
Description
Where is the largest and fastest-growing market for financial services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The financial services market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider financial services market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by size of business and by end user.
- Product Analysis- the product analysis section of the report describes the leading products in the financial services market, along with key features and differentiators for those products.
- Supply Chain- the supply chain section of the report defines and explains the key players in the financial services industry supply chain.
- Customer Information- the chapter covers recent customer trends/preferences in the global financial services market.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- the report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the financial services market.
- Global Market Size and Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by size of business and by end user in the market. Historic (2018-2023) and forecast (2022-2027) and (2027-2032) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations- This section includes recommendations for financial services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
1) by Type: Lending and Payments; Insurance; Reinsurance and Insurance Brokerage; Investments and Foreign Exchange Services2) by Size of Business: Small and Medium Business; Large Business
3) by End User: Individuals; Corporates; Government; Investment Institution
Key Companies Mentioned: Berkshire Hathaway Inc.; Allianz; JPMorgan Chase & Co; Ping An Insurance Company of China, Ltd; Axa S.a.
Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Brazil; Mexico; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Chile; Argentina; Colombia; Peru; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; financial services indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
- Berkshire Hathaway Inc.
- Allianz
- JPMorgan Chase & Co
- Ping An Insurance Company of China, Ltd
- Axa S.A.
- Industrial and Commercial Bank of China
- China Construction Bank
- Bank of America Corporation
- Agricultural Bank of China
- China Life Insurance Company
- Axis Bank
- Bank Of Baroda
- BNL
- FamPay
- Federal Bank
- Finin
- HDFC Bank
- Airwallex
- American Express
- ANZ
- DBS Bank
- ICBC Bank
- WeBank
- ChiantiBanca
- Ant Financial
- General Insurance Corporation of India (GIC Re)
- New India Assurance - General Insurance Brokers
- Oriental Insurance Company (India)
- ICICI Lombard General Insurance Company
- United India Insurance
- HDFC ERGO Non-Life Insurance Company
- Fanhua Inc.
- Chang'an Insurance Brokers Co., Ltd.
- Mintaian Insurance Surveyors & Loss Adjusters Group Co., Ltd.
- Shenzhen Huakang Insurance Agency Co. Ltd.
- PingAn
- CPIC
- China Life Reinsurance Company Ltd.
- China Property and Casualty Reinsurance Company Ltd.
- Allianz Insurance Holding Co., Ltd.
- Deutsche Bank
- Magna Carta Wealth
- FNZ
- Unblu
- RBC Brewin Dolphin
- Alexander House Financial Services
- Quilter
- Sparkassen
- Commerzbank
- ING-DiBa
- Arcano Partners
- UBS Wealth Management
- Raisin
- Worldline SA
- Brite Payments
- Lydia
- CaixaBank
- S.A.
- Santander Bank, N. A.
- Tink AB
- Adyen
- NN Investment Partners
- Ziglu Ltd
- Fneek
- Arthur J Gallagher & Co
- Willis Towers Watson plc.
- Lloyd's of London Limited
- Aon Holding Deutschland GmbH
- Funk Gruppe GmbH
- Ecclesia Holding GmbH
- Credit Kudos
- The Banca Ifis S.p.A.
- JP Morgan
- Citigroup Inc.
- MONETA Money Bank
- UniCredit S.p.A.
- ING Bank Romania
- Black Sea Trade and Development Bank (BSTDB)
- Bank Gospodarstwa Krajowego (BGK)
- Santander Bank Polska S.A.
- European Investment Bank
- Mitsubishi UFJ Financial Group
- BNP Paribas
- Velo BANK
- Sberbank
- ATON
- Credit Suisse
- Grupo Financiero Banorte
- Clara
- Royal Bank of Canada (RBC)
- Fig Financial Inc.
- Munich Re Fidelity Information Services (FIS)
- Estu
- The Bank of New York Mellon Corporation
- U.S. Agency for International Development (USAID)
- Franklin Resources Inc.
- Brookfield Asset Management Inc.
- Hannover Life Reassurance Company
- Ualá
- Argentina’s central bank
- Pismo
- Nuvei Corporation
- MOVii
- Thunes Financial Services Inc.
- Columbia Banking System, Inc.
- Kuady
- i2C and Banco de Credito
- BitOasis
- Pyypl
- Gath3r
- MidChains
- HAYVN
- DEFIYIELD
- MenaPay
- Light Protocol
- Afriex
- BitPesa
- Bitsoko
- BTCGhana
- Luno
- Ice3X
- GeoPay
- Dash
- BitSure
- Sava
- Standard bank
- Chankura
- PayFast
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 389 |
| Published | November 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 30.9 Trillion |
| Forecasted Market Value ( USD | $ 62.6 Trillion |
| Compound Annual Growth Rate | 7.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 128 |
