Global Financial Services Market Trends And Strategies Of Major Players In The Financial Services Market 2021-2030
5 Jul, 2021
The financial services market consists of sales of financial or money related services by entities (organizations, sole traders and partnerships) that are engaged in financial services related activities 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.
Global Financial Services Market Size And Drivers:
The global financial services market is expected to grow from $20.49 trillion in 2020 to $22.52 trillion in 2021 at a compound annual growth rate (CAGR) of 9.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The financial services market is expected to reach $28.53 trillion in 2025 at a CAGR of 6%. A rapid increase in the adoption of EMV technology is the main driver of the market.
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Trends In The Global Financial Services Market
Banks and financial institutions are adopting digitization to modernize their commercial lending business. This move is mainly a result of increasing competition among banks and growing demand for 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.
Global Financial Services Market Segments:
The global financial services market is further segmented based on type and geography.
By Type: Lending And Payments, Insurance, Reinsurance And Insurance Brokerage, Investments, Foreign Exchange Services
Sub segments Covered: Lending, Cards & Payments, Insurance, Insurance Brokers & Agents, Reinsurance, Wealth Management, Securities Brokerage And Stock Exchange Services, Investment Banking
By Geography: The global financial services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global Financial Services Market At:https://www.thebusinessresearchcompany.com/report/financial-services-global-market-report-2020-30-covid-19-impact-and-recovery
Financial Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides financial services market overviews, analyzes and forecasts market size and growth for the global financial services market, financial services market share, financial services market players, financial services market segments and geographies, financial services market’s leading competitors’ revenues, profiles and market shares. The financial services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.