Global Financial Services Market Report 2023: Major Players Include Allianz, Industrial and Commercial Bank of China, JPMorgan Chase, Ping An Insurance and AXA (2024)

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global financial services market grew from $25848.74 billion in 2022 to $28115.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.8%. The financial services market is expected to grow to $37484.37 billion in 2027 at a CAGR of 7.5%.

Financial services are products and services provided by financial institutions that facilitate various financial transactions and other financial activities like loans, insurance, credit cards, investment opportunities, and money management.

The main types of financial services are lending and payments; insurance; reinsurance; insurance brokerage; investments; and foreign exchange services. The lending and payments market refers to the lender's making funds and making them available to a person. The services are offered to small- and medium-sized businesses as well as large businesses. The services are used by individuals, corporations, governments, and investment institutions.

The financial services research report is one of a series of new reports that provides financial services statistics, including financial services industry global market size, regional shares, competitors with financial services share, detailed financial services segments, market trends and opportunities, and any further data you may need to thrive in the financial services industry. This financial services research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The chip carries data for the cardholder and the account, which is protected using both hardware and software security measures. According to the global technical body EMVCo, the number of EMV chip payment cards across the world reached 10.8 billion in 2020. In line with the rest of the world, the adoption rate of EMV chip payment cards has steadily grown across various regions in the world, reaching 71.7% in Canada, Latin America, and the Caribbean region, 61.2% in Africa and the Middle East region, and 32.7% in the Asia-Pacific region.

Banks and financial institutions are adopting digitization to modernise their commercial lending business. This move is mainly a result of increased competition among banks and growing demand for a simplified and quick commercial lending process. Digitization leads to improved customer satisfaction in obtaining a commercial loan, which can otherwise be a complex and slow process.

It also enables banks to target new customer categories and offer customer-centric solutions, which leads to improved efficiencies in the commercial lending business. Some of the banks that have incorporated digitization into lending are Commonwealth Bank of Australia, Hana Bank, and Fidor Bank.

Many wealth management companies are investing in big data analytics capabilities to generate insights about clients. Big data solutions are being implemented to deliver insights around client segments, product penetration, and training programme effectiveness. These technologies are being implemented to assess existing and prospective clients' inclination to purchase various products and services being offered by a wealth management company, their lifetime value, investment pattern, and the ability of the client to take risks.

They are also helping wealth management companies to track business performance, increase client acquisition and retention rates, increase sales, and offer real-time investment advice. For instance, CargoMetrics, an investment firm based in Boston, used the Automatic Identification System (AIS) to collect data on commodity movement such as cargo location and cargo size to develop an analytics platform for trading commodities, currencies, and equity index funds. This tool was also sold to other hedge funds and wealth managers.

Western Europe was the largest region in the financial services market in 2022. North America was the second-largest region in the financial services market. The regions covered in the financial services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa

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 financial services market includes revenues earned by entities by providing financial or money related services such as lending, investment management, insurance, brokerages, payments, and fund transfer services. The financial services industry is categorized on the basis of the business model of the firms present in the industry, and most firms offer multiple services.

Revenues include fees, interest payments, commissions, or transaction charges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Financial Services Market Characteristics
3.1. Market Definition
3.2. Key Segmentations

4. Financial Services Market Product Analysis
4.1. Leading Products/Services
4.2. Key Features and Differentiators
4.3. Development Products

5. Financial Services Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers

6. Financial Services Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth

7. Financial Services Market Trends And Strategies

8. Financial Services Market - Macro Economic Scenario
8.1 COVID-19 Impact On Financial Services Market
8.2 Ukraine-Russia War Impact On Financial Services Market
8.3 Impact Of High Inflation On Financial Services Market

9. Financial Services Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market

10. Financial Services Market Regional Analysis
10.1. Global Financial Services Market, 2022, By Region, Value ($ Billion)
10.2. Global Financial Services Market, 2017-2022, 2022-2027F, 2032F, Historic And Forecast, By Region
10.3. Global Financial Services Market, Growth And Market Share Comparison, By Region

11. Financial Services Market Segmentation
11.1. Global Financial Services Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

12. Financial Services Market Segments
12.1. Global Lending And Payments Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) - Lending; Cards & Payments
12.2. Global Insurance, Reinsurance And Insurance Brokerage Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) - Insurance; Insurance Brokers & Agents; Reinsurance
12.3. Global Investments Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) - Wealth Management; Securities Brokerage And Stock Exchange Services; Investment Banking
12.4. Global Foreign Exchange Services Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion)

13. Financial Services Market Metrics
13.1. Financial Services Market Size, Percentage Of GDP, 2017-2027, Global
13.2. Per Capita Average Financial Services Market Expenditure, 2017-2027, Global