About Financial Services
The global financial services market is expected to grow at a slow pace during the forecast period, according to the AMA study. The growing demand from different industries is expected to be one of the major drivers market. However, the market is expected to witness a slight decline in the growth during the next few years but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The vendors in this market are majorly focusing on providing better services in order to cater to the market's demands to remain competitive in the highly fragmented global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Financial Services market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Berkshire Hathway (United States), Ping An Insurance Group (China), Allianz (Germany), AXA (France), JP Morgan Chase (United States), Bank of America (United States), Wells Fargo (United States), HSBC (United Kingdom), Citigroup (United States), Bank of China (China), Royal Bank of Canada (Canada) and American Express (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Financial Services market by Type (Banking, Wealth management, Asset Management, Digital Payments, Insurance, Investment Banking, Advisory & Consulting, Regulatory & Compliance and Others) and Region.
On the basis of geography, the market of Financial Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Service Providers, the sub-segment i.e. Banks will boost the Financial Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End Users, the sub-segment i.e. Households will boost the Financial Services market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Digital Transformation in Financial Sectors and Rapid Growth of Fintech Such as Neobanks and Peer-to-Peer (P2P) Platforms
Market Growth Drivers:
Growing Demand for Wealth Management and Investment Among High Net Worth Individuals and Increasing Demand for Financial Services Due to Growing Expansion of Different Business
Challenges:
Suspended Production for Unexpected Time Across the World
Restraints:
The Outbreak of COVID-19 Pandemic is one of the Major Restraints for the Market as Most of the Industries have been Facing Economic Crisis Across the World
Opportunities:
Opportunities in Asia Pacific Region Owing to Countries Such as China and India and Globalization of Businesses and Increasing Cross Border Transactions
Market Leaders and their expansionary development strategies
In December 2019, AXA Equitable Holdings, Inc. Announced that it has entered into a definitive agreement to sell U.S. Financial Life Insurance Company (USFL) and MONY Life Insurance Company of the Americas Ltd. (MLICA) to Heritage Life Insurance Company (Heritage).
Key Target Audience
New Entrants, Financial Service Providers, Fintech or IT Companies, End Users, Government Bodies, Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.