Financial Services Market Characteristics
The financial services market consists of the revenues of financial or money related services by entities (organizations, sole traders and partnerships) that engage 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. Most firms offer multiple services. Revenues include fees, interest payments, commissions or transaction charges
Competitive Landscape of the Financial Services Market
Major players in the global financial services market include Unitedhealth group, Industrial and Commercial Bank of China, AXA, Agricultural Bank of China, Bank of China.
Financial Services Market Size
The financial services market size is expected to reach $1.5 trillion by 2022, significantly growing at a CAGR of around 5% during the forecast period. The growth in the financial services market is due to increasing demand for insurance and loans, increasing demand in end user investments and global economic growth.
However, the market for financial services is expected to face certain restraints from several factors such as safety concerns, stringent government regulations and fluctuating interest rate.
Financial Services Market Segmentation
The global financial services market is further segmented based on type of financial and geography.
By Type of Financial - The financial services market is segmented into lending and payments, insurance, and investments.
Among these segments, the lending and payments market accounts for the largest share in the global financial services market.
By Geography - The global financial services is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific Financial Services market accounts the largest share in the global Financial Services market.
Trends in the Financial Services Market
Eco-friendly dyes, migration of manufacturing capacities and rising investments in R&D departments of financial services are the major trends witnessed in the global financial services market.
Potential Opportunities in the Financial Services Market
With increasing demand for demand for cheaper loans, adoption of advanced technologies, the scope and potential for the global financial services market is expected to significantly rise in the forecast period.