Global Whole Life Insurance Market

Life And Health Reinsurance Definition

Doll, Toy and Game Market Definition

The asset servicing market consists of services for wealth management companies and capital markets. Asset servicing comprises services such as reorganization and proxy services, safekeeping services for physical securities, dividends, and electronic registration and transfer of securities. The assets servicing industry is a critical component of global financial markets and plays a vital role in the safekeeping of financial assets. The main services offered in asset servicing are fund services, custody and accounting, outsourcing services, and securities lending. Securities Lending is the process of lending shares of stock, commodities, derivative contracts, or other securities to other investors or firms. The borrower must put up collateral in the form of cash, other assets, or a letter of credit when applying for a securities loan. The services are offered to large enterprises, medium and small enterprises of capital markets, and wealth management firms. The global asset servicing market size is expected to grow from $712.8 billion in 2021 to $784.03 billion in 2022 at a compound annual growth rate (CAGR) of 10%. The global asset servicing market size is then expected to grow to $1,149.92 billion in 2026 at a CAGR of 10%. Globalization acts as a major driver for the growth of the asset servicing industry. According to a study on global asset servicing, nearly 60% of assets services in Assets Under Administration (AUA)/Assets Under Contract (AUC) predict that globalization is likely to be a strong driver for the asset servicing market’s growth over the coming years. The players dealing in the assets servicing industry are majorly focusing on APAC markets and other growing economies. Moreover, according to the BNP Paribas Securities Services article published in January 2020, India was expected to experience impressive growth in assets management and servicing industry owing to the increasing working population, the rising buying power of the populace, and expected growth in the GDP of the country. Thus, globalization creates a large avenue for the expansion and growth of the asset servicing market over the coming years. The stringent regulatory framework is predicted to limit the growth of the asset servicing industry over the forecast period. According to Funds Europe’s asset servicing roundtable, rising global regulation is adding cost and risk to asset servicing, creating a requirement for asset servicers to constantly engage with the client and the regulators. In addition to this, according to EY’s new opportunities for asset servicing study, nearly 75% of the companies see the impact of regulations as the greater risk facing the asset servicing industry. Therefore, the increased scrutiny from regulatory agencies is anticipated to hinder the asset service market’s growth in the coming years. Robotic process automation (RPA)/ automation is a major trend shaping the growth of the asset servicing market. Robotic process automation alone could reduce the headcount by 60-70% in the assets servicing industry while also achieving cost savings of approximately 30-40%. Robotic process automation (RPA) refers to a set of software tools known as bots or robots that are used to perform a repetitive or routine business process which is currently used by transaction processing teams or service centers. RPA can replace manual tasks involved in assets servicing such as reconciliation, trade processing, and reporting for regulators and clients, reducing the time required with cost-efficiency. For instance, the ANZ Banking Group was one of the early ones to adopt RPA aggressively and automated its HR, finance, and technology processes in its Bengaluru hub creating thousands of bots. In April 2020, JP Morgan has sought to take whole ownership of China International Fund Management (CIFM), a local assets management firm for an amount of $1 billion. This step was taken following China's reforms on the elimination of caps on foreign companies taking full control of local assets management operations. This acquisition is expected to enable JP Morgan's long-term involvement with CIFM and strengthen the company’s position in the Chinese market. China International Fund Management (CIFM) was founded in 2004 and offers assets management and related services to China. Major players in the asset servicing market are National Australia Bank Limited, CACEIS, BNY Mellon, HSBC, JP Morgan, Citi, The Bank of New York Mellon Corporation (BNY Mellon), State Street Corporation, UBS, and Clearstream (Deutsche Börse Group). North America was the largest region in the asset servicing market in 2021. Western Europe was the second largest region in the global asset servicing market. The regions covered in the global asset servicing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the asset servicing market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global asset servicing market is segmented - 1) By Service: Fund Services, Custody and Accounting, Outsourcing Services, Securities Lending 2) By End-User: Capital Markets, Wealth Management Firms 3) By Enterprise Size: Large Enterprises, Medium and Small Enterprises

The securities brokerages and stock exchanges market consists of sales of securities brokerage and stock exchange services by entities (organizations, sole traders, and partnerships) that act as brokers in selling securities such as equities, bonds, commodities, and derivatives. Securities brokerages represent customers in dealing with securities transactions on the trading floor/online platform of stock exchanges. The securities brokerages might sometimes act as a representative for both buyer and seller. This market excludes the advisory and investment activities of brokerage firms. This market includes transaction charges levied by stock exchanges for trading on its trading floor/online platform to securities brokerages and other fees. It does not include the value of the funds invested in securities. The main types of securities brokerages and stock exchanges are derivatives and commodities brokerage, stock exchanges, bonds brokerage, equities brokerage, and other stock brokerages. A stock exchange is a place where various financial assets, such as shares, commodities, and bonds, are traded. The various types of establishments include exclusive brokers, banks, investment firms, and other types of establishments. The services are provided through online and offline modes. The global securities brokerages and stock exchanges market size is expected to grow from $1,216.59 billion in 2021 to $1,342.08 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The global securities brokerage and stock exchange market size is expected to grow to $1,760.24 billion in 2026 at a CAGR of 7%. Major brokerage firms around the world are offering hybrid solutions to their customers. The development of hybrid solutions by firms is mainly aimed at expanding their services and reaching a wider array of investors. Under the hybrid investing service, brokerage firms offer Do-It-Yourself (DIY) trading and investment with professional guidance. This platform also allows brokerage firms to better serve their investors by addressing their individual preferences. Major players in the securities brokerages and stock exchanges market are Northwestern Mutual, Bank Of America, Ameriprise Financial Inc (AMP), Wells Fargo Advisors (WFC), and Raymond James Financial Inc (RJF). North America was the largest region in the securities brokerages and stock exchanges market in 2021. Asia Pacific was the second-largest region in the global securities brokerages and stock exchanges market. The regions covered in the global securities brokerages and stock exchanges market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the securities brokerages and stock exchanges market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global securities brokerages and stock exchanges market is segmented - 1) By Type: Derivatives and Commodities Brokerage, Stock Exchanges, Bonds Brokerage, Equities Brokerage, Other Stock Brokerage 2) By Mode: Online, Offline 3) By Type of Establishment: Exclusive Brokers, Banks, Investment Firms, Others Subsegments Covered: Derivatives Brokerage, Commodities Brokerage, Clearing and Transaction Services, Listing Services, Market Data

The payments market consists of sales of payments services by entities (organizations, sole traders, and partnerships) that are engaged in facilitating payment transfers between individuals, companies, or both. The payments industry consists of establishments primarily engaged in processing money transfers and payments between various accounts. This includes all institutions involved in payment processing such as banks, non-banking financial institutions, and others. Revenue generated from the payments market includes all the processing and services fees levied by the banks and financial institutions for payment processing. The main types of payments are credit transfer, direct debit, check payment, and cash deposit. Credit transfer refers to the payment method of credit transfer from one account to the other. The various applications include banks, non-banking financial institutions, other applications. These are used by retail, banking and financial service, telecommunication, government, transportation, and other end users. The global payments market size is expected to grow from $511.87 billion in 2021 to $572.06 billion in 2022 at a compound annual growth rate (CAGR) of 11.8%. The global payment market size is then expected to grow to $870.09 billion in 2026 at a CAGR of 11.1%. The outbreak of COVID-19 is expected to drive the growth of the payments market over the forecast period. Contactless payments are becoming a preferred payment method in the current pandemic situation because less human contact is required. Contactless payment systems at the point of services, such as facial recognition, Quick Response (QR) codes, or Near-field Communication (NFCs), will render the virus less likely to spread to others via payment exchanges. In the first quarter of 2020, the credit card giant Mastercard announced a 40% increase in contactless payments as the global pandemic deepened. Therefore, the widespread of coronavirus is expected to propel the contactless payment market growth in the forecast period. The increasing frauds in payments impacted the growth of the payments market. Payment fraud is a form of fraudulent or unlawful transaction carried out by a cybercriminal. Fraudsters use third-party platforms such as e-commerce portals to defraud consumers to pay for products or items that are never shipped. According to Merchant Savvy, global losses of payment fraud have tripled to $32.39 in 2020 and are expected to continue to cost $40.62 billion in 2027 which is 25% higher than in 2020. Therefore, the increase in fraud cases restrains the growth of the payments market. The integration of biometric authentication technology in payments is a key trend gaining popularity in the payments market. Biometric authentication is a specific and significant payment method that integrates and offers accuracy, effectiveness, and protection within a single package. The methods of authentication include fingerprint scanners, facial recognition, iris recognition, pulse tracking, and venous mapping. For example, In Jan 2022, Apple Inc., a company operating in payments based in the United States introduced an iOS 15.4 beta periocular biometrics that allows Face ID to be used with a mask and without an Apple Watch for biometric authentication. In November 2020, Refinitiv, a London-based financial services company acquired GIACT for an undisclosed amount. The acquisition of GIACT’s fraud prevention capabilities brings new offerings to Refinitiv’s customers by enhancing and broadening Refinitiv’s digital identity verification and document proofing solution. GIACT is a USA-based financial services company. Major players in the payments market are PayPal, Square Inc., Apple Inc, Amazon Payments, Flagship Merchant Services, GoCardless, Bitpay, Stripe, Payline Data, FIS., ACI Worldwide, MasterCard, Fiserv. Asia Pacific was the largest region in the payments market in 2021. Western Europe was the second largest region in the global payments market. The regions covered in the global payment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the payments market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global payments market is segmented - 1) By Type: Credit Transfer, Direct Debit, Check Payment, Cash Deposit 2) By Application: Banks, Non-Banking Financial Institutions, Others 3) By End-User Industry: Retail, Banking and Financial Service, Telecommunication, Government, Transportation, Others

The cards market consists of sales of cards services by entities (organizations, sole traders, and partnerships) that are engaged in storing, processing, and transmitting payment card data. This market covers issuing and acquiring banks, card processing, issuing companies, and others. Revenue generated from the cards market includes all processing and service fees levied by banks and financial institutions for processing card-based payments. It excludes interest charged by banks on payment cards. The main types of cards are general-purpose and private labels. The general-purpose cards can be used as debit cards for retail purposes and are used for depositing online payments. The cards are used for general-purpose reloadable cards, government benefit/disbursement cards, payroll cards, and other usages. The cards are used by retail establishments, corporate institutions, government, financial institutions, and other end-users. The global cards market size is expected to grow from $251.33 billion in 2021 to $275.5 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The global card market size is expected to grow to $399.15 billion in 2026 at a CAGR of 9.7%. The rising demand for credit cards is expected to fuel the growth of the cards market in the forecast period. The rise in demand for consumer credit products tends to be very apparent in an economic crisis during COVID-19 outbreak where pay delays and job losses are feasible, and the outstanding credit card balance indicates that individuals are borrowing to cover their daily expenses. According to TransUnion CIBIL Limited, an India-based credit information company, credit card debts, and the number of accounts increased by 40.7% and 29.8% respectively with 44.5 million cards in circulation in 2019. Therefore, the rising demand for credit cards drives the growth of the cards market. The increasing incidences of fraudulent are expected to hamper the growth of the cards market in the coming years. Fraud losses are sustained on all credit, debit, prepaid general-purpose, and private label payment cards distributed around the world by payment card issuers, retailers, purchasers of card purchases at retailers, and acquirers of card transactions at ATMs. For instance, according to the Aite Group, a company that provides insurance services in 2020, 47% of Americans experienced financial theft and found that losses from these identity theft cases cost $502.5 billion in 2019 and increased 42 percent for almost $712.4 billion in 2020 was $721.3 billion in 2021. Therefore, the increasing incidences of fraud restraint the growth of the cards market. The growing technological innovations are gaining popularity in the cards market over recent years. Major corporations are concentrating on offering digital prepaid card services in emerging economies to attract a large consumer base for prepaid credit cards. For example, in June 2020, in collaboration with the Mastercard alliance, Grab Holdings, Inc., a multinational ride-hailing company based in Singapore, launched a new card to facilitate cashless payments in the Philippines. With the card linked to Grab's prepaid wallet, which includes 53 million global merchants that accept Mastercard, users can pay for anything online. In March 2019, Prepaid Financial Services Limited, a London-based financial services company acquired the Physical Prepaid Card Portfolio of Barclaycard in the UK for an undisclosed amount. This acquisition will enable Prepaid Financial Services Limited to offer an enhanced service to existing and future Payroll and Corporate clients. Barclaycard is a credit card brand for credit cards of Barclays PLC, a UK-based financial services company that helps consumers, retailers, and businesses to make and take payments flexibly, and to access short-term credit and point of sale finance. Major players in the cards market are Citibank, Mastercard Incorporated, The American Express Company, Visa Inc., JPMorgan Chase & Co, Kaiku Finance LLC, Mango Financial Inc, Green Dot Corporation, NetSpend Holdings, and PayPal Holdings. Asia Pacific was the largest region in the cards market in 2021. Western Europe was the second largest region in the global cards market. The regions covered in theglobal cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cards market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global cards market is segmented - 1) By Type: General Purpose, Private Label 2) By Usage: General Purpose Re-Loadable Card, Government Benefit/Disbursement Card, Payroll Card, Others 3) By End-User: Retail Establishments, Corporate Institutions, Government, Financial Institutions, Others

The custody services market consists of revenue generated by services provided by a custodian to investors. Custody service is broadly characterized as the safekeeping and servicing of an investor’s assets. The services rendered by a bank custodian include the transaction and settlement, safekeeping, and recording of marketable assets and cash to customers. A relationship of custody is legal, and the facilities rendered for a client varies. The main services of custody services are core custody services, ancillary services, core depository services, and other administrative services. Core custody service providers settle trades, invest cash balances as requested, collect income, execute corporate activities, prices securities positions, and assist with record keeping and reporting. The services are available as equity, fixed income, alternative assets, and other types. The global custody services market size is expected to grow from $35.1 billion in 2021 to $38.17 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The global custody service market size is then expected to grow to $53.27 billion in 2026 at a CAGR of 8.7%. Automation and standardization are key factors driving the growth of the custody services market. The custody services industry is focusing on using technology to improve efficiency. The automation and standardization of core custody services and operations result in higher visibility, enhanced productivity due to operational efficiency, and cost reductions for customers, improve quality of service, and allow the custodian to react quickly to future needs. Due to the automation and standardization of custody services, in the coming years, the asset-centric model is expected to be augmented by a more data-centric, open platform method where the custodian will have access to a variety of available services. For instance, an automated reporting system provides daily reports of exceptions, securities available for loan, securities on loan, valuation of cash collateral, daily mark-to-market information, and margin calls. Therefore, such automation and standardization features are expected to drive the growth of the custody services market. The increasing competition is a key factor hampering the growth of the custody services market. The market for custody services is highly competitive with numerous banks that provide custody services in addition to other banking services, on a global, regional, or local scale. The price competition, especially, is causing enormous pressure on the banks in the global market. Many custodians find it challenging to keep up with high volumes and offer competitive prices. Traditional players in securities services such as multinational custodians, local custodians, and specialists in fund management are experiencing increasing competition from Central Securities Depositories (CSD), Central Counterparty Clearing Houses (CCP), and outsourced service providers. Fund services professionals are increasing competitiveness by considerably building new and aimed offers. Therefore, increasing competition from various areas is expected to hinder the growth of the custody services market. In March 2019, Forge, a company that provides custom liquidity solutions to private companies and their employees, and offers pre-IPO opportunities to institutions and investors, acquired IRA Services, a trusted company that provides custodial services for retirement accounts managed by individuals and mid-to-large sized institutions, for $55 million. By acquiring IRA Services, Forge expanded its support offerings for private market securities, and more importantly, has become a one-stop shop for private market investors who will no longer have to transfer shares acquired with Forge to external custodial trust. Major players in the custody services market are Bank of New York Mellon, Citigroup, JP Morgan Chase, State Street Bank and Trust, BNP Paribas, Northern Trust Corporation, HSBC, Societe Generale Securities Services, Brown Brothers Harriman & Co., and Caisse d'Epargne Investor Services. North America was the largest region in the custody services market in 2021. Western Europe was the second largest market in the global custody services market. The regions covered in the global custody services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the custody services market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global custody service market is segmented - 1) By Service: Core Custody Services, Ancillary Services, Core Depository Services, Other Administrative Services 2) By Type: Equity, Fixed Income, Alternative Asstes, Others

The insurance agencies market consists of sales of insurance policies by entities (organizations, sole traders, and partnerships) that act as agents in selling annuities and insurance policies. The insurance agencies are the agencies that are helpful for the insurance seekers to take insurance. The main types of insurance agencies are life insurance, property and casualty insurance, health and medical insurance, other insurance. Life insurance refers to the contract between the insurer and the insurance policyholder that promises to pay a total sum of money upon the death of an insured person. The services are provided in various modes such as online, offline. These are used by corporates and individuals. The global insurance agencies market size is expected to grow from $116.43 billion in 2021 to $123.92 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The global insurance agency market size is expected to grow to $148.99 billion in 2026 at a CAGR of 4.7%. Increased awareness about the benefits of insurance coverage is expected to drive the insurance agency's market. The pandemic has alerted the public and made them aware of the uncertainty, which led them towards opting for insurance to protect their and their family's lives. For instance, according to the Max Bupa survey on the difference of mindset of people before and after the COVID-19 onset, during pre-COVID times the percentage of buyers and planners for comprehensive plans was 32% and 41%, respectively. The demand for insurance plans has seen a significant increase over the last few months, with the percentage of buyers and people intending to buy rising to 55% and 60%. The insurance agencies help the people in obtaining the best insurance policy as per their needs and budget. Hence, a higher awareness rate among the public on the benefits of insurance coverage aids in the growth of the insurance agencies market. Change in consumers' behavior of approaching the insurance providers directly for availing insurance policies instead of insurance agencies is expected to hinder the market growth. Customers feel empowered to forego agents and brokers as most of the insurance providers are providing online services. According to Capgemini and Efma’s World Insurance Report 2020, people of all ages are now adopting a millennial mentality where they trust their research through a variety of channels, primarily digital channels to gather information and directly purchase insurance products online. Moreover, online term plans offered by life insurance companies are comparatively 20-30% cheaper than offline ones. Thus, changing customer approach towards insurance agencies eliminates the involvement of agencies and brokers in the process of insurance purchase, which in turn is restricting the growth of the insurance agencies market. Introduction to technology-enabled services and platforms is a leading trend in the insurance agencies market. Insurance and technology companies are assisting insurance agencies by developing technology-enabled services and platforms for enhancing smooth customer experience and versatility. For instance, in 2019, Nationwide and Bold Penguin partnered to launch the commercial digital storefront, to deliver an easy-to-use single-entry software that allows agents to reach the best markets in record time, and in July 2020 the companies are now validating an independent agent-facing commercial insurance quoting and sales platform. Furthermore, in April 2020, Aureus Analytics, an artificial intelligence technology company, partnered with HawkSoft to help independent insurance agents understand better how well their agency serves the insured. In March 2020, USI Insurance Services, a USA-based consulting and insurance brokerage firm with expertise in risk management, employee benefit, and retirement plan consulting has acquired Full Service Insurance Agency, Inc. for an undisclosed amount. This acquisition is expected to expand USI Insurance Services' commercial, employee benefit, and personal risk expertise into Tennessee. Full-Service Insurance, Inc., is a US-based insurance agency, concentrating on commercial insurance, employee benefits, and risk solutions for businesses and individuals. Major players in the market are McGriff Insurance Services, Marsh & McLennan Agency LLC, Aon PLC, Brown & Brown Insurance Inc., HUB International Ltd., and USI Insurance Services. North America was the largest region in the insurance agencies accounting for in 2021. Western Europe was the second largest region in global insurance agencies market. The regions covered in the global insurance agencies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the insurance agencies market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA. The global insurance agencies market is segmented - 1) By Insurance: Life Insurance, Property and Casualty Insurance, Health and Medical Insurance, Others 2) By Mode: Online, Offline 3) By End-User: Corporate, Individual