Categories: Business & Finance

Financial Services Market Growth Trajectory Through 2024-2033

The Financial Services by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Financial Services, 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..

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.

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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 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 financial services market report table of contents includes: