Financial Services Market Size, Share & Growth Report | 2031
Financial Services Market Size, Share & Growth Report | 2031
Segments - Financial Services Market by Business Enterprises (Small & Medium Enterprises and Large Enterprises), Types (Cards Payments, Insurance, Investment Banking, Wealth Management, Lending, Securities Brokerage & Stock Exchange Services, and Insurance Brokerage & Agents), End-users (Corporates, Government, Investment Institution, and Individuals), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :BFSI-4142
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| 210 Pages
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Report Description
The global financial services market size was valued at USD 25.51 Trillion in 2022 and is expected to surpass USD 58.69 Trillion by 2031, expanding at a CAGR of 9.7% during the forecast period, 2023–2031.
The growth of the market is attributed to the wide acceptance of digitalization of banks and other financial institutions along with the rapid expansion of commercial lending business including loans. Financial services play a crucial role in the functioning of the global economy as these services have made a robust inflow of the exchange of commodities and products possible between a payer and a receiver.
As per the report released in October 2021 by the International Monetary Fund World Economic Outlook, the financial services constitute nearly 24% of the global economy. The services basically offer a wide range of financial activities such as banking, insurance, and investment, which help to benefit both individuals and corporations.
Expansion of industries or business enterprises require the assistance of various financial services from money lenders, insurance companies, real estate brokers, and investment house to aid in boosting their business operations.
Brokerage firms are becoming major agency for fueling the demand for financial services as they are crucial elements for stock exchange investment services and selling or buying of security or bonds. One of the key aspects for the rapid expansion of the market is due to the introduction of easy payment method or account settlement process using credit and debit cards or other smart cards using online platforms.
Moreover, financial services offers several other facilities such as accounting, loans, taxes, and payroll processing that represent key components for consumers’ financial support. Introduction of Europay, MasterCard, and Visa (EMV) set a global standard that laid the foundation for secured payment method using credit, debit or prepaid smart cards.
EMV offers interoperability financial services between the card users and financial service providers. According to global reports, the use of EMV chip payment cards globally has expanded significantly over the decades, with Canada as the leading country for the market.
The COVID-19 pandemic had negatively impacted the market due to the sudden closure of non-essential sectors such as banking and insurance business in the beginning and mid-months of 2020. However, as companies are increasingly shifting towards digital platforms for their business operations, the demand for financial services are likely to accelerate in the coming years.
Financial Services Market Trends, Drivers, Restraints, and Opportunities
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High penetration of digitalized financial service facilities as well as wider connection between service providers and consumers using digital platforms are key factors propelling the market.
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Increasing acceptance of banking and insurance systems especially in developing countries is expected to boost the market during the forecast period.
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Growing need for the services both for small & medium businesses and large businesses, while expanding its users to individuals, corporates, governments, and investment institutions are anticipated to spur the market in the coming years.
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Widespread growth of commercial banks, insurance companies, and investment banks globally have pushed to rapid expansion of domestic or international trade and commerce. This is a key factor driving the market.
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Issues concerning to the protection of users’ privacy rights act as major restraining factor of the market.
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Rising participation from both large as well as small players in the advancement of financial service across industries and ensuring better consumers’ experience are offering several growth opportunities of the market.
Scope of Financial Services Market Report
The report on the global financial services market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Financial Services Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Business Enterprises (Small & Medium Enterprises and Large Enterprises), Types (Cards Payments, Insurance, Investment Banking, Wealth Management, Lending, Securities Brokerage & Stock Exchange Services, and Insurance Brokerage & Agents), and End-users (Corporates, Government, Investment Institution, and Individuals) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Bank of China; AXA; Commonwealth Bank of Australia; Industrial and Commercial Bank of China; UnitedHealth Group Inc.; Agricultural Bank of China; Hana Bank; and Fidor Bank |
Financial Services Market Segment Insights
Business Enterprises Segment Analysis
Based on business enterprises, the global financial services market is bifurcated into small & medium enterprises and large enterprises.
The large enterprises segment is expected to expand at a rapid pace during the forecast period owing to wide requirement for upgrade financial assistant services and effective handling of financial positions of companies.
Large enterprises basically determine their financial planning and set targeted goals using various financial assistant tools to minimize management risk and channelize their efforts in maintaining financial stability.
Types Segment Analysis
In terms of types, the market is divided into cards payments, insurance, investment banking, wealth management, lending, securities brokerage & stock exchange services, and insurance brokerage & agents.
The wealth management segment is anticipated to hold a key share of the market in the coming years due to massive investment in advanced technology such as big data analytics to arrive better decision for management performance.
Using these services, companies can perform thorough evaluation and analysis of existing demand and preference of clients as well as their satisfaction level of services and products provided by various wealth management companies.
With the help of big data solutions, the wealth management companies can easily arrive decision to improve their real-time investment and track the overall business performance.
End-Users Segment Analysis
On the basis of end-users, the global financial services market is segregated into corporates, government, investment institution, and individuals.
The corporates segment is projected to register a considerable CAGR during the forecast period owing to rising expansion of commercial banks and insurance companies that help in the rapid growth of lending money and granting loans to consumers.
The global banking sector is projected to reach a market capitalization of USD 9.50 trillion in the first quarter of 2022, which represented nearly 14.3% of the global economy.
Regional Analysis
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Europe accounted for a key market share, representing nearly 40% of the total market share in 2021 and is expected to constitute a key share of the market during the projected period owing to the presence of several key players and wide acceptance of digitalized financial services among corporates based in the region.
The existing access to insurance policy by a large number of the population in the region further drives the regional market. On the other hand, the market of Asia Pacific is anticipated to register a robust growth rate in the coming years owing to rising acceptance of insurance service and rapid expansion of digitalized banking systems in the region.
By 2030, the region is projected to represent a share of more than 38% of the total market revenue, with China as the leading country to account for almost half of the total regional market share.
Segments
The global financial services market has been segmented on the basis of
Business Enterprises
- Small & Medium Enterprises
- Large Enterprises
Types
- Cards Payments
- Insurance
- Investment Banking
- Wealth Management
- Lending
- Securities Brokerage & Stock Exchange Services
- Insurance Brokerage & Agents
End-users
- Corporates
- Government
- Investment Institution
- Individuals
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Bank of China
- Commonwealth Bank of Australia AXA
- Industrial and Commercial Bank of China
- UnitedHealth Group Inc.
- Agricultural Bank of China
- Hana Bank
- Fidor Bank
Competitive Landscape
Key players competing in the global financial services market are Bank of China; AXA; Commonwealth Bank of Australia; Industrial and Commercial Bank of China; UnitedHealth Group Inc.; Agricultural Bank of China; Hana Bank; and Fidor Bank.
Some of these financial service providers have adopted a series of business expansion strategies such as acquisition, development of innovative technology, and massive R&D investment for expansion of their business operations in the market.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Financial Services Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Financial Services Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Financial Services Market - Supply Chain
4.5. Global Financial Services Market Forecast
4.5.1. Financial Services Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Financial Services Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Financial Services Market Absolute $ Opportunity
5. Global Financial Services Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Financial Services Market Size and Volume Forecast by Types
5.3.1. Cards Payments
5.3.2. Insurance
5.3.3. Investment Banking
5.3.4. Wealth Management
5.3.5. Lending
5.3.6. Securities Brokerage & Stock Exchange Services
5.3.7. Insurance Brokerage & Agents
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Financial Services Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Financial Services Market Size and Volume Forecast by End Users
6.3.1. Corporates
6.3.2. Government
6.3.3. Investment Institution
6.3.4. Individuals
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Financial Services Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Financial Services Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Financial Services Demand Share Forecast, 2019-2026
8. North America Financial Services Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Financial Services Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Financial Services Market Size and Volume Forecast by Types
8.4.1. Cards Payments
8.4.2. Insurance
8.4.3. Investment Banking
8.4.4. Wealth Management
8.4.5. Lending
8.4.6. Securities Brokerage & Stock Exchange Services
8.4.7. Insurance Brokerage & Agents
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Financial Services Market Size and Volume Forecast by End Users
8.7.1. Corporates
8.7.2. Government
8.7.3. Investment Institution
8.7.4. Individuals
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Financial Services Demand Share Forecast, 2019-2026
9. Latin America Financial Services Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Financial Services Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Financial Services Market Size and Volume Forecast by Types
9.4.1. Cards Payments
9.4.2. Insurance
9.4.3. Investment Banking
9.4.4. Wealth Management
9.4.5. Lending
9.4.6. Securities Brokerage & Stock Exchange Services
9.4.7. Insurance Brokerage & Agents
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Financial Services Market Size and Volume Forecast by End Users
9.7.1. Corporates
9.7.2. Government
9.7.3. Investment Institution
9.7.4. Individuals
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Financial Services Demand Share Forecast, 2019-2026
10. Europe Financial Services Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Financial Services Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Financial Services Market Size and Volume Forecast by Types
10.4.1. Cards Payments
10.4.2. Insurance
10.4.3. Investment Banking
10.4.4. Wealth Management
10.4.5. Lending
10.4.6. Securities Brokerage & Stock Exchange Services
10.4.7. Insurance Brokerage & Agents
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Financial Services Market Size and Volume Forecast by End Users
10.7.1. Corporates
10.7.2. Government
10.7.3. Investment Institution
10.7.4. Individuals
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Financial Services Demand Share Forecast, 2019-2026
11. Asia Pacific Financial Services Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Financial Services Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Financial Services Market Size and Volume Forecast by Types
11.4.1. Cards Payments
11.4.2. Insurance
11.4.3. Investment Banking
11.4.4. Wealth Management
11.4.5. Lending
11.4.6. Securities Brokerage & Stock Exchange Services
11.4.7. Insurance Brokerage & Agents
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Financial Services Market Size and Volume Forecast by End Users
11.7.1. Corporates
11.7.2. Government
11.7.3. Investment Institution
11.7.4. Individuals
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Financial Services Demand Share Forecast, 2019-2026
12. Middle East & Africa Financial Services Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Financial Services Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Financial Services Market Size and Volume Forecast by Types
12.4.1. Cards Payments
12.4.2. Insurance
12.4.3. Investment Banking
12.4.4. Wealth Management
12.4.5. Lending
12.4.6. Securities Brokerage & Stock Exchange Services
12.4.7. Insurance Brokerage & Agents
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Financial Services Market Size and Volume Forecast by End Users
12.7.1. Corporates
12.7.2. Government
12.7.3. Investment Institution
12.7.4. Individuals
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Financial Services Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Financial Services Market: Market Share Analysis
13.2. Financial Services Distributors and Customers
13.3. Financial Services Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Bank of China
13.4.2. Commonwealth Bank of Australia AXA
13.4.3. Industrial and Commercial Bank of China
13.4.4. UnitedHealth Group Inc.
13.4.5. Agricultural Bank of China
13.4.6. Hana Bank
13.4.7. Fidor Bank
Methodology
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