Financial Services Coverage

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Accounting and budgeting software refers to computer programs or applications designed to assist businesses and individuals in managing their financial records, tracking income and expenses, preparing financial statements, and creating budgets. It is used to efficiently manage financial data and streamline financial processes for businesses and individuals by keeping track of an organization's actual expenditure and sales data versus budget, defining key performance indicators (KPIs), and reporting in real-time on the performance of your business. The main types of accounting and budgeting software are accounting software and budgeting software. Accounting software is designed to manage an organization’s financial transactions and records, and this software helps businesses maintain accurate records, reconcile accounts, and produce financial reports required for internal analysis and decision-making. The various deployments include on-premises and software as a service (SaaS) in different enterprise sizes, such as large enterprises and small and medium-sized enterprises. These are applied for various applications such as personal money management and business money management in different industry verticals such as information technology(IT) and telecom, healthcare, government and public sector, energy and utilities, banking, financial services, and insurance (BFSI), retail and e-commerce, manufacturing, and others. The global accounting and budgeting software market is segmented - 1) By Type: Accounting Software, Budgeting Software 2) By Deployment Type: On-Premise, Software as a Service (SaaS) 3) By Enterprise Size: Large Enterprises, Small And Medium Sized Enterprises 4) By Application: Personal Money Management, Business Money Management 5) By Industry Vertical: Information Technology(IT) And Telecom, Healthcare, Government And Public Sector, Energy And Utilities, Banking, Financial Services and Insurance (BFSI), Retail and Ecommerce, Manufacturing, Other Industry Verticals The global accounting and budgeting software market is expected to grow from $19.07 billion in 2022 to $21.34 billion in 2023 at a compound annual growth rate (CAGR) of 11.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The accounting and budgeting software market is expected to reach $33.11 billion in 2027 at a CAGR of 11.6%. The increase in the number of startups is expected to propel the growth of the accounting and budgeting software market going forward. Startups refer to newly established companies or businesses in the early stages of development and growth. Accounting and budgeting software for startups streamlines financial management, aids in tracking expenses, optimizes budgets, and provides real-time insights crucial for informed decision-making during the early growth stages. For instance, in April 2023, according to the Center for Entrepreneurs' business startup index report 2022, a UK-based entrepreneurship foundation, the registration for new businesses hit a record high in 2022, with a 4.53% increase from 2021, reaching 790,390 startup registrations in 2022. Therefore, the increase in the number of startups drives the accounting and budgeting software market. Major players in the accounting and budgeting software market are Microsoft Corporation, Prophix Software Inc., Oracle Corporation, SAP SE, Intuit Inc., Wolters Kluwer N.V., Blackbaud Inc., Zoho Corporation Private Limited, Deltek Inc., Xero Limited., NetSuite Inc, Coupa Software Inc., Odoo, Sage Group plc, Adaptive Inc., Expensify Inc., Planful Inc., Acumatica Inc., Wave Financial Inc., FreshBooks, Workday Adaptive Planning, Chargebee Inc., Scoro Software, FreeAgent, Questica, AccountMate Software Corporation, MIP Fund Accounting, 2ndSite Inc., Kashoo, and TimeCamp Inc. Innovations in accounting tracking tools are a key trend gaining popularity in the accounting and budgeting software market. Major companies operating in the accounting and budgeting software market are introducing new accounting tracking and management tools to meet specific demands and sustain their position in the market. For instance, in June 2023, Ledgible, a US-based audit and accounting software company, launched its new NFT Suite, offering professional NFT portfolio management, tax and accounting tracking, reporting, and year-round planning. The suite is a full-service portfolio tracking tool for active investors, traders, and funds, providing easy access to Ethereum-based NFT portfolios. The platform tracks and presents realized and unrealized gain or loss data, enabling informed buying and selling decisions. In September 2022, Visma, a Norway-based software company, acquired Inqom SAS for an undisclosed amount. With this acquisition, Visma aims to enter France market and help more customers with its unique accounting software focusing mainly on accounting, human resource management (HRM), and eGovernment software. Inqom SAS is a France-based software company that offers new-generation SaaS software for accounting production and budgeting. North America was the dominate region in the accounting and budgeting software market in 2022. The regions covered in accounting and budgeting software report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the accounting and budgeting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The accounting and budgeting software market includes revenues earned by entities through customized accounting and budgeting solutions such as invoicing, cash flow management, generating account reports, capturing payments, and sending receipts. 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. The accounting and budgeting software market research report is one of a series of new reports from The Business Research Company that provides accounting and budgeting software market statistics, including accounting and budgeting software industry global market size, regional shares, competitors with an accounting and budgeting software market share, detailed accounting and budgeting software market segments, market trends and opportunities, and any further data you may need to thrive in the accounting and budgeting software industry. This accounting and budgeting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

A money transfer service is a financial service that allows individuals and businesses to send or transfer money electronically from one location to another. It involves the transfer of funds between different individuals or entities, typically across borders or between various financial institutions. The main types of money transfer services are inward money transfer and outward money transfer. Inward money transfer refers to a service where funds are deposited into an account from a domestic or international location and is used in the transfer of funds from an overseas bank to a domestic bank. Money transfers are conducted through various channels, such as banks, money transfer operators, and others, that are used by several end-users, including individuals, small businesses, and others. The global money transfer services market is segmented - 1) By Type: Inward Money Transfer, Outward Money Transfer 2) By Channel: Banks, Money Transfer Operators, Other Channels 3) By End User: Personal, Small Businesses, Other End-Users The global money transfer services market is expected to grow from $27.01 billion in 2022 to $31.41 billion in 2023 at a compound annual growth rate (CAGR) of 16.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The money transfer services market is expected to reach $56.83 billion in 2027 at a CAGR of 16%. The growing acceptance of smartphones is expected to propel the growth of the money transfer services market going forward. A smartphone refers to a mobile electronic device with a cellular network connection. Smartphones have significantly simplified online money transfers, enabling users to pay bills, purchase goods and services, and even send cash to a family member with only a few clicks from any location. For instance, in February 2023, according to a report published by Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, a 3.8% (or around 2.6 million) increase over 2021. Further, the UK population is expected to grow to 68.3 million by 2025, of which 95% (or about 65 million individuals) will own a smartphone. Therefore, the growing acceptance of smartphones is driving the growth of the money transfer services market. Major players in the money transfer services market are JPMorgan Chase and Co., Bank of America Corporation, Citigroup Inc., Wells Fargo and Company, WorldFirst, PayPal Holdings Inc., Western Union Holdings Inc., MoneyGram International Inc., Remessa Online, RIA Financial Services, Wise US Inc., Remitly Inc., Early Warning Services LLC., Transfast, Small World Financial Services, Tor Currency Exchange Ltd., Airwallex Limited, TransferMate, WorldRemit Ltd., Payoneer Global Inc., XE.com Inc., Skrill USA Inc., Paysend Group, TransferGo Ltd., OrbitRemit Limited, HiFX, Xoom Corporation, Pangea Money Transfer, Azimo B.V., and UAE Exchange Centre Co. LLC. Product innovation is a key trend gaining popularity in the money transfer services market. Major companies operating in the money transfer services market focus on developing innovative products and solutions to sustain their positions in the market. For instance, in May 2023, Banque Populaire, a France-based group of cooperative banks, launched Swift Go, the country's first cross-border money transfer service. The unique feature of this service is that it caters to the various requirements of corporate and individual customers while guaranteeing quick and secure transactions with a limit of $10,000. The strategic decision made by Banque Populaire to introduce Swift Go is in line with the changing needs of Moroccan clients, who are looking for more streamlined cross-border transfer services. In March 2022, Papaya Global, a US-based payroll technology provider, acquired Azimo Ltd. for an undisclosed amount. Through this acquisition, Papaya will be able to provide customers with a payment solution that processes payments in a matter of hours rather than days. Further, Papaya's capacity to assist businesses in managing and paying their remote staff is strengthened by Azimo's global digital payment network, many payment licenses, and in-depth fintech knowledge. Azimo Ltd. is a Netherlands-based money transfer service provider. Asia-Pacific was the largest region in the money transfer services market in 2022. The regions covered in money transfer services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the money transfer services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The money transfer services market includes revenues earned by entities by providing international money transfer (IMT), mobile money transfer, and instant money order (iMO). 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. The money transfer services research report is one of a series of new reports from The Business Research Company that provides money transfer services market statistics, including the money transfer services industry's global market size, regional shares, competitors with a money transfer services market share, detailed money transfer services market segments, market trends and opportunities, and any further data you may need to thrive in the money transfer services industry. This money transfer services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Fintech as a Service (FaaS) refers to a business model that allows organizations to outsource financial technology (fintech) services to a third party. This strategy enables businesses to use fintech services flexibly and cost-effectively, improving their financial operations. The main types of fintech as a service are banking, payment, insurance, investment, lending, and others. Banking refers to the sector of commercial enterprises that manage money, credit, and various other financial affairs for individuals as well as corporate entities. They use various technologies such as artificial intelligence (AI), blockchain, robotic process automation (RPA), application programming interfaces (API), and others, which are used in various applications, including fraud monitoring, KYC (Know Your Account) verification, compliance and regulatory support, and others. Several end-users are included, such as banks, financial institutions, insurance companies, and others. The global fintech as a service (FaaS) market is segmented - 1) By Type: Banking, Payment, Insurance, Investment, Lending, Other Types 2) By Technology: Artificial Intelligence (AI), Blockchain, Robotic Process Automation (RPA), Application Programming Interfaces (API), Other Technologies 3) By Application: Fraud Monitoring, KYC Verification, Compliance And Regulatory Support, Other Applications 4) By End-User: Banks, Financial Institutions, Insurance Companies, Other End-Users The global fintech as a service market is expected to grow from $277.36 billion in 2022 to $327.51 billion in 2023 at a compound annual growth rate (CAGR) of 18.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The fintech as a service market is expected to reach $625.78 billion in 2027 at a CAGR of 17.6%. The increase in the shift towards digital banking and payments is expected to propel the growth of fintech as a service market going forward. Digital banking refers to banking done using a digital platform, eliminating all paper-based transactions, including demand drafts, pay-in slips, and checks. Fintech as a Service (FaaS) plays a significant role in digital banking by providing mobile applications, web-based platforms, APIs, and more sophisticated applications that use artificial intelligence and machine learning to provide financial advice. FaaS also offers digital banking solutions, which enable companies to provide their customers with online banking services. For instance, in July 2023, according to a report shared by Finder.com, an Australia-based independent comparison website, an estimated 93% of Brits were using online banking in 2022. Around another 5.3 million Brits (10%) intend to get a digital-only bank account in 2023. By 2028, the number of digital-only bank account holders is predicted to be 22.6 million (43%). Therefore, the increase in the shift towards digital banking and payments is driving the growth of fintech as a service market. Major players in the fintech as a service market are Stripe Inc., Rapyd Financial Network Ltd., Visa Inc., Mastercard Incorporated, Fiserv Inc., Block Inc., Fidelity National Information Services Inc., Global Payments Inc., NCR Corporation, Broadridge Financial Solutions, Worldline SA, Diebold Nixdorf Incorporated, Coinbase Global Inc, WEX Inc., Jack Henry and Associates Inc., Chime Financial Inc., Finastra, Green Dot Corporation, Envestnet Inc., Adyen NV, Temenos AG, Revolut Ltd., Marqeta Inc., Airwallex Pty Ltd., Plaid Inc., Finix Payments Inc., Square Capital LLC, Dwolla Inc., Synctera Inc., and Solid Financial Technologies Inc. Technological innovations are a key trend gaining popularity in the fintech as a service market. Major companies operating in the fintech as a service market are focused on innovating technologically advanced solutions to strengthen their position in the market. For instance, in April 2023, Valley National Bank, a US-based regional bank holding company, launched a new fintech innovation platform powered by NayaOne. Through a straightforward and user-friendly onboarding process, the platform is already integrated with the goods and services of numerous financial businesses. It offers a set of tools for producing and using synthetic data, enabling Valley and its fintech partners to quickly test-drive novel solutions in a controlled, secure environment. In March 2023, TD Bank Group, a Canada-based banking and financial services business, acquired Cowen Inc. for an undisclosed sum. The acquisition strengthens TD Securities' long-term growth strategy in the United States and expands its current operations with products and services that are very complementary. Cowen Inc. is a US-based fintech company that offers equity and debt financing, investment banking, and other financial-related services. North America was the largest region in the fintech as a service market in 2022. The regions covered in fintech as a service report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the fintech as a service market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The fintech as a service market includes revenues earned by financial services such as white-label E-Wallet platforms, card acceptance, payment acceptance, payouts, and remittances. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. 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. The fintech as a service market research report is one of a series of new reports from The Business Research Company that provides fintech as a service market statistics, including fintech as a service industry global market size, regional shares, competitors with a fintech as a service market share, detailed fintech as a service market segments, market trends, and opportunities, and any further data you may need to thrive in the fintech as a service industry. This fintech as a service market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Aviation insurance refers to a policy that provides aircraft with property and liability protection. It includes damages brought on by aviation risks caused by the upkeep and operation of aircraft, including property damage, cargo loss, and personal harm. It is utilized to guard against unplanned losses for both aircraft owners and operators. The main types of aviation insurance are public liability insurance, passenger liability insurance, ground risk hull insurance not-in-motion, ground risk hull insurance in-motion, combined single limit, and in-flight insurance. Public liability insurance refers to a type of insurance coverage that protects individuals, businesses, or organizations from claims made by third parties for bodily injury, property damage, or other losses that happen on their property or because of their business operations. The several applications include commercial aviation, business and general aviation, and others, used by various end-user industries such as service providers, airport operators, and others. The global aviation insurance market is segmented - 1) By Insurance Type: Public Liability Insurance, Passenger Liability Insurance, Ground Risk Hull Insurance Not-In-Motion, Ground Risk Hull Insurance In-Motion, Combined Single Limit, In Flight Insurance 2) By Application: Commercial Aviation, Business And General Aviation, Other Applications 3) By End User Industry: Service Providers, Airport Operators, Other End User Industries The global aviation insurance market is expected to grow from $4.04 billion in 2022 to $4.27 billion in 2023 at a compound annual growth rate (CAGR) of 5.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The aviation insurance market is expected to reach $5.24 billion in 2027 at a CAGR of 5.2%. The rise in air passenger traffic is expected to propel the growth of the aviation insurance market going forward. Air passenger traffic refers to all travelers using the airport, including those arriving and departing. It represents the number of individuals transported by commercial airlines or private aircraft on domestic and international flights. With increased air passenger traffic, airlines will be in great demand, which will require the use of aviation insurance to protect people within the aircraft and the owners of the aircraft from any aviation risks. For instance, in March 2023, according to the reports shared by the Bureau of Transportation Statistics, a US-based government agency, in 2022, US airlines carried 194 million more passengers than in 2021, an increase of 30% from year to year. The US airlines carried 853 million passengers (unadjusted) over the entire 2022 calendar year, compared to 658 million in 2021 and 388 million in 2020. Therefore, the rise in air passenger traffic is driving the growth of the aviation insurance market. Major players in the aviation insurance market are Allianz SE, AXA SA, American International Group Inc., Chubb Ltd., USAA Inc.(United Services Automobile Association), Marsh LLC, Aon plc, Willis Towers Watson Public Limited, Arthur J Gallagher And Co., Tokio Marine HCC, AssuredPartners Inc., BWI (Berkshire Hathaway Specialty Insurance), Great American Insurance Company, Hallmark Financial Services Inc., AIG Aerospace Insurance Services Inc., Global Aerospace Inc., Starr International Company Inc., AOPA Insurance Services, Avion Express Insurance, Avemco Insurance Company, JS Johnson And Co. Ltd., Avion Insurance Agency Inc., JLT Specialty Ltd., Aviation Insurance Resources, Gallagher Aviation LLC, Ace Aviation Private Limited, Aerospace Insurance Managers Inc., and Travers And Associates Inc. Innovation in aviation insurance is a key trend gaining popularity in the aviation insurance market. Major companies operating in the aviation insurance market are focused on developing innovative aviation insurance solutions to sustain their position in the market. For instance, in March 2023, HDI Global SE, a Germany-based insurance company, launched Aviation IQ, a new digital platform for general aviation in Canada. It is a new insurance platform that delivers end-to-end digital automation of general aviation insurance contracts that cover tiny fixed-wing aircraft used for personal travel or business. This innovative platform provides brokers with policy documents in a matter of minutes. Therefore, this powerful tool can help brokers and aircraft owners save time and money. Additionally, it is also a valuable resource for pilots, as it allows them to track their flight hours and mileage and adjust their insurance coverage as needed. In December 2022, Arthur J. Gallagher & Co., a US-based insurance brokerage and risk management services company, acquired Aviation Insurance Australia for an undisclosed amount. Through this acquisition, Arthur J. Gallagher & Co. aims to expand its global aviation insurance capabilities by gaining access to Aviation Insurance Australia's experienced team, and grow its market share in Australia. Aviation Insurance Australia is an Australia-based insurance agency that provides aviation insurance policies and insurance brokerage services to aerospace clients. Asia-Pacific was the largest region in the aviation insurance market in 2022. The regions covered in the aviation insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the aviation insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The aviation insurance market includes revenues earned by entities by providing aircraft hull insurance, aviation liability insurance, aviation third-party liability insurance, cargo insurance, aviation product liability insurance, aircraft protection, death benefits, and aircraft and passenger security insurance. 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. The aviation insurance market research report is one of a series of new reports from The Business Research Company that provides aviation insurance market statistics, including aviation insurance industry global market size, regional shares, competitors with an aviation insurance market share, detailed aviation insurance market segments, market trends and opportunities, and any further data you may need to thrive in the aviation insurance industry. This aviation insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Guaranteed auto protection (GAP) insurance refers to additional coverage that people can buy to protect them if their car is totaled or stolen and the amount left on their loan or lease is greater than the value of their car. It is typically offered as an add-on coverage option when financing or leasing a vehicle. GAP insurance covers the loan balance that the primary insurance carrier doesn't cover. The main types of guaranteed auto protection (GAP) insurance are return-to-invoice gap insurance, finance gap insurance, vehicle replacement gap insurance, return-to-value gap insurance, and others. Return-to-invoice GAP insurance refers to a type of insurance coverage that protects the customer financially in the event their vehicle is stolen or written off (totaled) in an accident. It is sold through several distribution channels, including agents and brokers, direct response, and others. The various applications include passenger vehicles and commercial vehicles, used by several end-users, such as individuals and corporates. The global guaranteed auto protection (GAP) insurance market is segmented - 1) By Type: Return-To-Invoice GAP Insurance, Finance GAP Insurance, Vehicle Replacement GAP Insurance, Return-To-Value GAP Insurance, Other Types 2) By Distribution Channel: Agents And Brokers, Direct Response, Other Distribution Channels 3) By Application: Passenger Vehicle, Commercial Vehicle 4) By End-User: Individuals, Corporates The global guaranteed auto protection (GAP) insurance market is expected to grow from $3.27 billion in 2022 to $3.61 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The guaranteed auto protection (GAP) insurance market is expected to reach $5.27 billion in 2027 at a CAGR of 9.9%. Increasing vehicle sales is significantly contributing to the growth of the guaranteed auto protection (GAP) insurance market going forward. Vehicle sales are increasing mainly due to increasing demand for transportation, customer preference for vehicles as a lifestyle product, increasing income levels, and others. Guaranteed auto protection (GAP) insurance helps users by paying the difference between what a vehicle is currently worth (which the regular insurance will pay) and the amount a person really owes on it in the case of an accident in which they severely damage or total the vehicle. For instance, in June 2023, According to reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, sales of passenger cars in the UK is expected to rise by 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Furthermore, in 2022, according to reports shared by the International Organization of Motor Vehicle Manufacturers, a France-based trade association, the sales of passenger vehicles across the globe increased from 56.43 million in 2021 to 57.48 million in 2022. Therefore, the increase in vehicle sales is driving the growth of the guaranteed auto protection (GAP) insurance market. Major players in the guaranteed auto protection (gap) insurance market are Berkshire Hathaway Inc., Axa S.A., State Farm Mutual Automobile Insurance Company, Nationwide Mutual Insurance Company, Allstate Insurance Company, Liberty Mutual Insurance Company, Progressive Casualty Insurance Company, Zurich Insurance Group Ltd., Chubb Limited, The Travelers Indemnity Company, Government Employees Insurance Company, The Hartford Financial Services Group Inc., American Family Insurance, Allianz SE, Auto-Owners Insurance Group, Arch Insurance Group Inc., Kemper Corporation, Amica Mutual Insurance Company, Erie Insurance, Infinity Auto Insurance, Admiral Group plc, Esurance Insurance Services Inc., American Automobile Association Inc., Assurity Solutions, and Motor Gap Limited. Product innovation is the key trend gaining popularity in the guaranteed auto protection (GAP) insurance market. Major companies operating in the guaranteed auto protection (GAP) insurance market are developing innovative auto insurance products and services for vehicles to sustain their position in the market. For instance, in April 2021, AXA Affin General Insurance, a Malaysia-based general insurance company, launched Guaranteed Asset Protection – Return to Insured Value (GAP-RTIV), a plan that safeguards a car's complete worth in the event of a total loss scenario. With this product, the company enhanced its product offering, with a purpose to safeguard car owners from such unexpected setbacks so they don't have to bear the financial load of covering the vehicle's uninsured outstanding value but can instead quickly recover and buy a new replacement vehicle. It is accessible for cars with a maximum age of five years through a single upfront payment. Following the resolution of the comprehensive vehicle insurance claim and the owner's submission of the necessary paperwork, the company will swiftly settle the GAP-RTIV claim. In May 2022, Protective Life Insurance Company, a US-based financial services company, acquired AUL Corp. for an undisclosed amount. Through this acquisition, Protective Life Insurance Company aims to expand its product offerings, increase its geographic reach, strengthen its balance sheet, and achieve economies of scale. AUL Corp. is a US-based vehicle insurance company that provides guaranteed auto protection insurance services for vehicles. North America was the largest region in the guaranteed auto protection (GAP) insurance market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the guaranteed auto protection (GAP) insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the guaranteed auto protection (GAP) insurance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The guaranteed auto protection (GAP) insurance market includes revenues earned by entities by providing agreed value gap insurance and contract hire gap insurance. 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. The guaranteed auto protection (GAP) insurance market research report is one of a series of new reports from The Business Research Company that provides guaranteed auto protection (GAP) insurance market statistics, including guaranteed auto protection (GAP) insurance industry global market size, regional shares, competitors with a guaranteed auto protection (GAP) insurance market share, detailed guaranteed auto protection (GAP) insurance market segments, market trends and opportunities, and any further data you may need to thrive in the guaranteed auto protection (GAP) insurance industry. This guaranteed auto protection (GAP) insurance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.