Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- The "Financial Services Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The financial services market reached a value of nearly $23,328.73 billion in 2021, having grown at a compound annual growth rate (CAGR) of 3.5% since 2016. The market is expected to grow from $23,328.73 billion in 2021 to $33,313.50 billion in 2026 at a rate of 7.4%. The market is then expected to grow at a CAGR of 6.3% from 2026 and reach $45,149.00 billion in 2031.
Growth in the historic period resulted from 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.
Going forward, 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 will drive the growth. Factors that could hinder the growth of the financial services market in the future include data localization, rising interest rates.
The financial services market is segmented by type into lending and payments, insurance, reinsurance and insurance brokerage, investments and foreign exchange services. The lending and payments market was the largest segment of the financial services market segmented by type, accounting for 33.6% of the total in 2021. Going forward, the investments segment is expected to be the fastest growing segment in the financial services market segmented by type, at a CAGR of 9.3% during 2021-2026.
The lending and payments market is further segmented by type into lending and cards and payments. The lending market was the largest segment of the lending and payments market segmented by type, accounting for 90.3% of the total in 2021. Going forward, the cards and payments segment is expected to be the fastest growing segment in the lending and payments market segmented by type, at a CAGR of 8.5% during 2019-2023.
The insurance, reinsurance and insurance brokerage market are further segmented by type into insurance, reinsurance and insurance and brokers and agents. The insurance market was the largest segment of the insurance, reinsurance and insurance brokerage market segmented by type, accounting for 85.8% of the total in 2021. Going forward, the reinsurance segment is expected to be the fastest growing segment in the insurance, reinsurance and insurance brokerage market segmented by type, at a CAGR of 8.1% during 2021-2026.
The investments market is further segmented by type into securities brokerage and stock exchange services, wealth management and investment banking. The securities brokerage and stock exchange services market was the largest segment of the investments market segmented by type, accounting for 48.1% of the total in 2021. Going forward, the wealth management segment is expected to be the fastest growing segment in the investments market segmented by type, at a CAGR of 9.8% during 2021-2026.
The financial services market is also segmented by size of business into small and medium business and large business. The small and medium business market was the largest segment of the financial services market segmented by size of business, accounting for 84.5% of the total in 2021. Going forward, the large business segment is expected to be the fastest growing segment in the financial services market segmented by size of business, at a CAGR of 7.5% during 2021-2026.
The financial services market is also segmented by end user into corporates, individuals, investment institution and government. The corporates market was the largest segment of the financial services market segmented by end user, accounting for 32.5% of the total in 2021. Going forward, the investment institution segment is expected to be the fastest growing segment in the financial services market segmented by end user, at a CAGR of 7.7% during 2021-2026.
Western Europe was the largest region in the financial services market, accounting for 39.0% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the financial services market will be Africa, and, Middle East where growth will be at CAGRs of 8.7% and 8.4% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 7.7% and 7.6% respectively.
The top opportunities in the financial services market segmented by type will arise in the lending and payments market segment, which will gain $3,470.3 billion of global annual sales by 2026. The top opportunities in the lending and payments market segmented by type will arise in the lending market segment, which will gain $3,086.7 billion of global annual sales by 2026. The top opportunities in the insurance, reinsurance and insurance brokerage market segmented by type will arise in the insurance market segment, which will gain $1,936.4 billion of global annual sales by 2026. The top opportunities in the investment market segmented by type will arise in the wealth management market segment, which will gain $902.5 billion of global annual sales by 2026.
The top opportunities in the financial services market segmented by size of business will arise in the small and medium business market segment, which will gain $8,386.1 billion of global annual sales by 2026. The top opportunities in the financial services market segmented by end user will arise in the corporates market segment, which will gain $3,264.5 billion of global annual sales by 2026. The financial services market size will gain the most in UK at $2,308.4 billion.
Market-trend-based strategies for the financial services market 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.
Competitor-based strategies in the financial services industry include focusing on the long-term income prospects of stakeholders, focusing on development of different value added services in order to increase the reach and presence of financial products and focuses on new innovations.
The report covers the following chapters:
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the financial services market.
- Product Analysis
The product analysis section of the report describes the leading products in the 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
This chapter covers recent customers' trends/preferences in the global financial services market.
- Key Trends
Highlights the major trends shaping the global financial services market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2016-2031) and analysis for each segment by type, by size of business and by end user in the market.
- Regional Market Size and Growth
Regional market size (2021), historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and growth and market share comparison of countries within the region. This report includes information on 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.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market 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
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.
Scope
Markets Covered
1) By Type: Lending And Payments; Insurance, Reinsurance And Insurance Brokerage; Investments; Foreign Exchange Services
a) By Lending And Payments: Lending; Cards And Payments
b) By Insurance, Reinsurance And Insurance Brokerage: Insurance; Reinsurance; Insurance Brokers And Agents
c) By Investments: Securities Brokerage And Stock Exchange Services; Wealth Management; Investment Banking
2) By Size Of Business: Small And Medium Business; Large Business
3) By End-User: Individuals; Corporates; Government; Investment Institution
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 530 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $23328.73 Billion |
| Forecasted Market Value (USD) by 2031 | $45149 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Allianz
- Ping An Insurance Group
- Industrial and Commercial Bank of China
- JPMorgan Chase & Co.
- AXA
For more information about this report visit https://www.researchandmarkets.com/r/om11eo
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
