The financial services market comprises all establishments engaged in financial services related activities such as lending, investment management, insurance, brokerages, payments and transferring service. The financial services industry is categorized on the basis of the business model of the firms present in the industry. Majority of firms come under multiple categories.
The top five companies covered are UnitedHealth Group, Industrial and Commercial Bank of China, AXA, Agricultural Bank of China and Bank of China. UnitedHealth Group was the largest company in the financial services market in 2017.
The countries covered are USA, China, Germany, Brazil, Japan, UK, Spain, Russia, France, Australia, Italy, India and rest of the world.
The global financial services market was valued at around $14 trillion in 2017. Asia Pacific was the largest region in the financial services market in 2017, accounting for around 40% market share. The USA was the largest country in the market in 2017, accounting for around 30% market share.
The global payments industry has witnessed rapid increase in the adoption of EMV technology. This growth is driven by a higher level of data security offered by EMV chip 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 of the cardholder and the account, which is protected using both hardware and software security measures.
The financial services market is segmented into Lending And Payments, Investment and Insurance.
Lending And Payments segment comprises all establishments engaged in lending and payments related activities such as lending, payments and transferring service.
Insurance segment comprises all establishments engaged in insurance and related activities such as underwriting (assuming the risk and assigning premiums) policies, brokerage and reinsurance.
Investment segment comprises all establishments engaged in managing various investment related activities such as securities underwriting, stock brokerage and wealth management service.